4 Mistakes to Avoid When Shopping for a New Home

A home is likely the most costly asset you will ever own, and it’s not a decision to be taken lightly. The dream of homeownership can quickly turn into a nightmare, leaving you with a lifetime of financial regrets.


Don’t let the home-buying process make a financial fool out of you. Here are four of the biggest home shopping mistakes to avoid:


  1. Treating a home solely as an income generating investment

A house should first and foremost be for living in. Rental income is never a sure thing, so the home should be able to serve you if you fall short of the returns you expected. Buying a home in order to use it as rental or guesthouse is not always financially wise, and often yields undesirable results.


  1. Comparing your rent to a mortgage payment

Just because you pay a certain amount in rent does not mean you can afford the same amount as a mortgage payment. There are multiple costs associated with purchasing and owning a home that should be taken into consideration.


  1. Maxing out your loan

Life can be unpredictable, and it is easy to find yourself suddenly living in a house you can no longer afford. Skip the large mortgage payment and decide on security instead. You can’t put a price on knowing you can stay in your home even if you face a financial crisis or life change.


  1. Taking too long to make a decision

Don’t let cosmetic issues like paint colors or outdated décor keep you from putting an offer in on a home. You can take your time later to upgrade the physical imperfections. If a house is priced well, structurally sound, in your desired location, is the right size and has a great layout make an offer.

This blog is written by our experts on various topics within the construction industry. The idea is for the blog to be an informational tool to our readers and customers alike. We appreciate continuous feedback and this allows us to continually improve our products and services.

rachel frampton
My home is located near a factory which is quite prone to fire accidents; that's...
Hi Bernard, the photo featured in this article is from our Barbadine house plan. You...
Bernard Hurtault
Am interested in a plan. What is the name of the plan shown here in...