Canada provides an ideal environment to prospective home buyers with its affordable housing expenses. The availability of innumerable housing options in the market makes buyers more competitive. They literally rush to conclude their purchase contracts and agreements. Such situations can lead to expensive blunders as apprehensive home buyers make uninformed and abrupt decisions.

Following are some common mistakes that a great majority of home buyers make.

1. Not Being Pre-Qualified For A Mortgage: Before even starting to shop around for a home, you should get pre-qualified by either the mortgage broker or bank you select. It provides you an appropriate price range to search a home. Pre-qualifying gives you an assurance that you can qualify for financing. It helps you organize your search criteria.

2. Not Knowing Your Financial Budget: Mistakes that you make during the home buying process can have prolonged effects on your lifestyle and financial conditions. It is extremely important to evaluate all the relevant costs including closing costs, moving charges, land transfer tax, and other unexpected fees. You may jeopardize your finances by not making a financial budget for down payment, insurance, monthly mortgage payments, and property taxes.

3. Not Shopping Around for the Best Mortgage Rates: Banking institutions will be more interested in your business if you have a good credit score. But, you should take your time to shop around for the best available mortgage rates. In this aspect, you need to obtain different competitive quotes. In addition, gather information about appraisal fees, portability, penalties, and payment options. You are likely to pay thousands of extra dollars if you do not make the effort to find the best rate.

4. Not Utilizing a Team of Experts: If you do not conduct professional home inspections, you may later find out various defects. Make sure you acquire a home inspection where it is necessary. You are in a better position to negotiate the home price if the inspection indicates any deficiency.

5. Not Employing a Qualified Real Estate Agent: You need to utilize the services of a professional agent because he/she is someone who can negotiate on your behalf. While ensuring that you pay the price not more than the market value, he/she offers valuable advice about the residential area, terms and conditions, and negotiation strategy. After all, they are qualified to understand your housing requirements.

Mistakes involved in the home ownership decision-making process cannot be typically reversed. If buyers get it wrong and make an error, they may have to bear its consequences in the long run. In the worst case scenario, their deal may not close at all.