A great deal of time was invested with buyers viewing real estate in Sherwood Park. The buyers were a mix of first time buyers, investors, empty nesters along with buyers who were in the market of real estate for other reasons. What was found, were three common mistakes that buyers all across the board seemed to make?
Once you are aware of these three common mistakes and have a plan in order to avoid them, most of the hassles and stress can be cut down to a bare minimum— giving you the luxury of enjoying the process of viewing real estate in the Strathcona County region.
Mistake #1: The idea of lasting forever. In theory staying in one home for life seems quaint— some may say that is the whole reason to buy a home instead of rent— no worries or desires to move. The fact is, life is unpredictable and you may find that you outgrow your beloved home, or you are given a great promotion, however have to relocate to accommodate the new position.
The truth is, statistically speaking— most homeowners live in their home for a period of 5-7 years. Buyers fall on the lower end of that scale, and will tend to stay in a home for about 5 years. What is important to keep in mind here is when looking at a property, project out into the future for about 5 years.
Mistake #2: Going above and beyond to find the ideal home. We do not live in a perfect world so the odds of finding the perfect home are slim to none. A good rule of thumb is the 80/20 rule. This means that 80% of the house is just what you want and the other 20% is all the stuff you are not crazy about.
I know this may seem a little cold to first time buyers, however even people who build their own homes and have the resources to add every creature comfort imaginable, still will say the house is not perfect— there is always something that could have been better. Remember there is no such thing as a perfect home, only perfect compromise. Once you are ready to find the middle ground in some areas, then you will surely find a home you truly love— imperfections and all.
Mistake #3: Can't make a decision. This sounds more dangerous than intended and simply refers to buyers who view a lot of properties and still never put an offer in. This usually occurs with first time buyers but can happen with even experienced buyers. The first reason this can happen is due to fear of having a very large mortgage. The second reason some don’t pull the trigger is the mentality of trying to find the perfect home.
The average buyer will look at approximately 10-20 properties and decide to buy one. If on the other hand you have viewed over 20 homes and still feel apprehensive about making an offer, it’s time to do some soul searching and see if there is an underlying reason why you haven’t found a property you are willing to even make an offer on. It is okay to be a little nervous and perhaps a bit apprehensive, however, if you use the 80/20 rule the right home for you will happen.