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Buyer's Guide
Buying a home is probably the largest investment you'll ever make. These are the five most avoidable — yet most common — mistakes buyers make, and how to sidestep each one.
Jason Byun
Broker
Especially for first-time buyers, purchasing a home can feel overwhelming. The key is to stay rational — no matter how personal the purchase feels. Knowing what problems to expect helps you avoid costly errors and buy with confidence.
Pre-approval is essential before placing any offer — or even before you start house-hunting. Most sellers won't accept offers without a pre-approval letter. Be aware: even after approval, your loan can fall through if you alter your credit score, like financing a car purchase.
A home inspection can uncover hidden problems not apparent during a walkthrough. Skipping it to save money or speed up the process can cost far more in the long run. A professional inspector identifies issues with structure, plumbing, electrical, and HVAC systems.
A fixer-upper sounds ideal until you start fixing it. If you're on a tight budget, look for homes with unrealised potential. Consult your agent on which improvements add the most value — don't overestimate what you can handle.
Acting too fast or too slow when placing an offer both carry risk. An experienced real estate agent knows how much above or below asking price properties in an area sell for, and can help you craft an effective, rational offer strategy.
Many buyers take a mortgage with their current bank without comparing options. Using a mortgage broker gives you visibility into multiple lenders. Always get a breakdown of the full cost of each option, including penalties for breaking the mortgage early.