Finding the perfect home for your family is one of life’s great milestones. When you walk into your dream home, you immediately start picturing yourself there. But not so fast! Letting your heart take over can cloud your judgment in a process that equally needs your head.
Stick to the list: Occasionally a home will have a few great features you weren’t expecting that blow you away, making you forget that some of your ‘must-haves’ are missing. Keep an eye on the best option for your family by developing a checklist and make an inventory of what the home has – and what it’s missing.
Stay firm with your budget: The biggest risk for falling head over heels for a home is a “whatever it takes” mentality. It is important to have a realistic budget based on your financial situation, and to be ready to walk away when your limit is surpassed.
The art of negotiation: It can be dangerous if your dream home is someone else’s dream home too. “Bidding wars can heighten the desire to overpay and make other concessions, such as waiving the financing or home inspection conditions, which could hurt you in the long-term,” says Joe Richer, Registrar of the Real Estate Council of Ontario. “Know your limits and be realistic about what you can give up to close the deal.”
When searching for your dream home, remember to keep a level head and your emotions
in check. For more advice on staying home smart, visit www.reco.on.ca.
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