Spending Too Much

It’s important to be realistic about what you can afford. The final sale

price isn’t the only cost to take into account when owning a home.

Houses come with plenty of bills like heating and property taxes, future

renovations and occasional unforeseen costs like burst pipes or city

trees needing to be trimmed

Look closely at what developments

or infrastructure is planned around

the area.

Not Doing Your Research

Blindly buying a home can be a big mistake. Whether you’re

paying too much attention to your realtor and family “who just

LOVE the place!” or are feeling the pressure to make a quick buy,

moving into a house that hasn’t been thoroughly vetted can be a

big, expensive, regretful mistake

Grab a coffee or a meal in your

‘new’ suburb. Pretend you

already live there to get the feel.

Buying With Your Heart

Sure the house is gorgeous, fully renovated and painted your favourite

shade of cream and has an ensuite bathroom for every bedroom. But it’s

on a busy road and you have three young kids and two cats who like to run

outside.

Be smart! Visit the house at least twice (you’d be surprised at how your

opinion can change on a second and third visit) and think critically. Go

through every aspect of the house, every room, every floor, its location

and neighbourhood and really try to picture yourselves in the house for

years down the road.

Spending Too Little

Yes, this can also be a mistake! If you spend too little on a home that you’ll

outgrow quickly, you’ll incur the expense of moving (which can be quite

pricey) perhaps before you need to.

What you can do about it: Think ahead. Are you planning on starting a family

soon? Will you outgrow the house? Perhaps stretching your money a little bit

to stay in a house for longer is a more sound financial decision