When it comes to real estate and moving there are a lot of things to take into consideration. And you don’t know what you don’t know. That’s why we’re here to give you the rundown on what to watch out for and what to consider when jumping into the real estate world. Doing a little bit of homework now is going to help you avoid common real estate mistakes and leave you feeling confident for your next move. 

Prepare for the Sneaky Costs

 Number one thing to avoid going into your move is being naive about the numbers. Preparing and budgeting for your expected costs and allocating money towards unexpected costs will go a long way. We recommend taking some time to do your due diligence and research all the associated costs with moving and take into account which ones will apply to you. Things to take into consideration can include the money it will cost to pack up and move your belongings, closing costs, service fees to set up utilities in your new place, and potential condo fees.

It can definitely feel overwhelming when you start to add up and look at all these numbers associated with moving but in the long run you will be able to go into your move confident knowing exactly where your money is going. It will feel good knowing that you won’t be blindsided at those unexpected costs that are guaranteed to come up somewhere along the way. The good news is that there are many online budgeting calculators and apps that can help you budget accordingly. Or, if you’re super into it, there is always a good old fashioned excel spreadsheet. Regardless of how you decide to go about it, preparing for those extra little costs that come with moving is going to come in extremely handy. Be prepared and go into your move knowing all the costs associated. 

Negotiation Strategies 

The financial transaction of selling and purchasing a home is likely one of the biggest you’ll ever make. And if that’s the case, don’t you want to set yourself up to win? Of course, you do! They say failing to plan is planning to fail. So, plan! And it doesn’t have to be overly complicated, but having a little strategy involved is going to create ease and give you more confidence in the process. When it comes to creating a strategy, having a realtor in your corner can be a massive benefit. Whether it’s with selling and helping you get multiple offers or if it’s buying and helping you lock in your offer, realtors are the experts in this. Literally, it’s their job. 

Know that going into this process there is room for negotiation and that the whole point is that both the seller and the buyer walk away happy. Remember, there is more than just the price of the house itself that can be negotiated. Ownership of various responsibilities for seller and buyer, closing dates, and other terms of sale are all things that can be negotiated. Spend some time seeing what other properties/condos are selling for in the area and how long they’ve been on the market for. Use this data to your benefit and implement it into your strategy when listing and buying.

Know your Mortgage Options 

 A mortgage isn’t a one size fits all situation. Looking around at different mortgage options is going to help you avoid falling into one that isn’t actually benefiting you. Many people make the mistake of going with the first option presented to them, which is often from a bank. And fair enough, it’s right there and easy. However, what that might mean is more (unnecessary) money out of your pocket. Many banks offer mortgage options, and just because they offer them, doesn’t mean you need to take them. We recommend looking into finding a broker who can help you with your mortgage. A broker versus a bank is going to go and actively seek out the best fit for you and your personal financial situation. The little extra effort and time you spend now looking for a broker that is going to get you the best mortgage option is going to save you money in the long run. If possible, avoid rushing this process, because the payoff of finding the best option for you is definitely worth it. 

Location 

Don’t make the mistake of just looking at the home and failing to look at the neighbourhood. When buying a new place, you are also buying into the neighbourhood. Doing the legwork ahead of time and researching the neighbourhood you’ll be living in is one of the most important pieces of homework you can do before any move. Don’t be afraid to spend time in the neighbourhood and get a sense of what it would actually be like to live there before making the move. Check out all the neighbourhood has to offer. Get curious with yourself about what’s important to you and keep that in mind when looking at places. 

If you are making the move to a condo, take into consideration the location of the condo and how that is going to impact your overall lifestyle as well. Are you moving from out of town to a condo in the middle of the city? Are you hoping to still have lots of parks around now that you’re in the city? These are the types of questions to ask yourself to be sure you’re choosing the right location for you. Because the home or condo you buy and the location of it go hand in hand. If you love your place but aren’t overall very happy about the location (or vice versa) your overall living satisfaction is going to be lower. Set yourself up for success and avoid making the mistake of not putting emphasis on the location of your new home.