Buying a home is one of the biggest—and most exciting—purchases you’ll ever make. But with so many moving parts, it’s easy to make mistakes that could cost you time, money, or even your dream home. Whether you’re a first-time buyer or it’s just been a while since you last purchased property, understanding the common pitfalls can save you a lot of stress.
In this post, we’re breaking down the most common mistakes buyers make—and more importantly, how to avoid them.
1. Not Getting Pre-Approved Early
The Mistake:
Starting the home search without knowing what you can actually afford.
Why It’s a Problem:
You risk falling in love with homes out of budget, and your offer may not be taken seriously.
How to Avoid It:
Meet with a lender before you start shopping. A pre-approval helps you shop with confidence and shows sellers you’re serious.
2. Making Big Financial Changes Before Possession Day
The Mistake:
Buying a car, switching jobs, or opening new credit lines after mortgage approval.
Why It’s a Problem:
Lenders re-check your finances before final funding, and changes can jeopardize your deal.
How to Avoid It:
Keep your finances stable until the keys are in your hand!
3. Focusing Only on the House (and Not the Neighbourhood)
The Mistake:
Getting swept away by new countertops and flooring and forgetting to explore the area.
Why It’s a Problem:
You might love the home but hate your daily commute or lack of amenities.
How to Avoid It:
Visit the neighbourhood at different times of day, test the commute, and think long-term about lifestyle fit.
4. Underestimating Closing Costs
The Mistake:
Budgeting only for the down payment.
Why It’s a Problem:
Closing costs add up fast!
How to Avoid It:
Calculate and set aside funds for additional costs like Property Transfer Tax, GST (if applicable), legal fees, home inspections, moving expenses, and potential mortgage discharge fees—so there are no surprises on closing day!
5. Skipping the Home Inspection
The Mistake:
Waiving the inspection to “win” in a competitive market.
Why It’s a Problem:
You may end up with expensive surprises like foundation issues, leaky roofs, or unsafe wiring.
How to Avoid It:
In a competitive market, consider arranging a pre-inspection before writing your offer. This allows you to write with fewer conditions, helping you present a stronger, more appealing offer to the seller.
6. Letting Emotions Drive the Purchase
The Mistake:
Falling in love too fast and ignoring red flags.
Why It’s a Problem:
It can cloud judgment, leading to overpaying or settling for a poor fit.
How to Avoid It:
Stay grounded with a checklist of “must-haves” vs. “nice-to-haves.” If something feels off, sleep on it.
7. Trying to Time the Market
The Mistake:
Waiting for the “perfect” time to buy.
Why It’s a Problem:
You could miss out on a great home while trying to predict the unpredictable.
How to Avoid It:
Focus on your personal timing, not the market’s. If you’re financially and emotionally ready, that’s the right time.
Mistakes happen—but they don’t have to happen to you! With the right knowledge (and the right agents!), your buying journey can be smooth and exciting. Thinking about making a move in Metro Vancouver? Let’s chat!
