5 mistakes to avoid when buying real estate

You decided to take the leap and become a homeowner. Congratulations! Below is a list of the main mistakes to avoid in your property search.

1. Not preparing your real estate project

Before starting on your real estate purchase adventure, you should ask yourself the right questions about your project. Think about the desired setting, its location, shops, schools, transport or the liveliness of the neighborhood. The choice of neighborhood is an important element to start your search.

The next step is to establish a simple list of criteria for your research such as the desired budget, the number of bedrooms, if you want an outdoor space or a garage, etc.

2. Not negotiating your mortgage

The mortgage process is usually an important part of the real estate project. Do not hesitate to talk to different banks and let them compete against each other to get the best financing conditions. You can also reach out to mortgage brokers and let them do the work for you.

3. Settle for a single visit to the property

Visiting is an essential part in the property search process. It is important to imagine yourself living in the property, but also in the neighborhood. Take site visits at several times of the day and week. You’ll be able to have a good feeling of the liveliness of the neighborhood.

4. Forgetting to check the status of the co-ownership

In the event that you buy in a co-ownership, ask to see the bylaws as well as the recent minutes of the general assembly. You can also request the latest charges statement of the co-ownership.

5. Rushing to buy real estate

The market is dynamic and many buyers are looking for their ideal property. However, a real estate purchase is a large and long-term purchase. Think with a rested head, master and analyze the elements of the file and then decide to go for it.