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Know the Don’ts for Purchasing Mississauga Ontario Real Estate

 


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It could be a difficult decision determining whether to sell your home and embark on the journey of inspecting Mississauga homes to find what you are looking for in your next dream house. Depending on the circumstances, perhaps you are downsizing, expanding, or simply in need of a change. Regardless of the reasons for moving, home buyers in Mississauga should be cautious of five major mistakes they could make when setting out to find their ideal home.

It has recently been reported by RBC that the amount of homes available for purchase in Ontario is rising and the affordability is steady. This can have a strong impact on Mississauga, Ontario real estate. Mississauga houses, Mississauga townhouses, and especially luxury homes in Mississauga will soon be enticing home buyers into making swift decisions which may result in critical errors made during the buying process.

Experts from the Ontario Real Estate Association (OREA) and Mississauga real estate agents want to help these consumers avoid making the following blunders:

1. When consumers are lacking awareness of what they can afford, their mistakes can affect their wallet and their lifestyle. Some home buyers estimate what is affordable and overlook key purchasing factors such as land transfer tax, closing costs, moving costs, and leave no room for unexpected costs when their sights are set on a dream home.

The President of OREA and a Realtor® herself, Barbara Sakkau, uses a formula called the Gross Debt Service Ratio to calculate what one can afford. The formula consists of taking your gross income and multiplying the sum by 32%. That product is the total monthly housing payments that are affordable. This calculation takes into account mortgage costs, property taxes, heating costs, insurance, and condo fees.

2. Lack of preparing your finances or not getting pre-approved can make acquiring your choice of Mississauga homes more difficult. Pre-approval can give you that extra advantage you may need to conquer competing bids.

3. Not preparing a list of must-haves leads to uncertainty and makes finding the perfect home among the numerous homes for sale in Mississauga a more daunting task. Home buyers should always consider amenities around the neighbourhood of interest such as schools, grocery stores, and subway access. Create a list of your day-to-day operations and discover what is most important to have within driving or walking distance from your residence.

4. Choosing not to get a home inspection prior to purchasing a house can lead to many unforeseen costs in the future. Even if the seller provides the results of their inspection, Phil Dorner, OREA board member, advises buyers to always have their own home inspection done.

5. Allowing your emotions to get the better of you can lead to poor negotiations. It is advised to keep your emotions out of the picture to make the best decisions for purchasing Mississauga houses and other Ontario real estate.

Out of many Mississauga real estate agents, Shafi Khan has set himself apart with his honesty, impeccable service, and continuous attention to what is important to his clients. His specialty in luxury homes in Mississauga, power of sale in Mississauga, townhouses, and condominiums, also reach out to areas in Brampton, Etobicoke, Milton, and Toronto. Discover the excellent negotiator and helpful real estate agent in Shafi Khan and visit www.shaficanhelp.com for access to listings and other enlightening information.

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