Buyers can make mistakes in buying an Island Home with a Suite - especially their first Home with a Suite Home. And sometimes these mistakes cannot be fixed and a Buyer may suffer the consequences for a long time. For instance the purchase of a Home may not complete due to one of the following mistakes and the Buyer may end up losing their deposit and be with no Home at all.
Tip # 1: Don't Hesitate to Consult with your REALTOR®
Your Advisor could be a REALTOR® or a Lawyer and sometimes Buyers hold back on information or discussing their concerns with these Advisors for reasons such as:
• the feeling their issues will make them look ignorant
• an ego that suggests they have all the answers and don't need help
• a concern their issues may be unimportant unnecessary to address
• insecurity that creates discomfort in talking with an advisor
An experienced and professional REALTOR® has dealt with a variety of situations and and types of clients. There is nothing you can talk about that they have not heard before. Your REALTOR® is responsible for working in your best interest and to make certain at all times that you understand and agree with any actions they are taking on your behalf. They can't help you if they don't know what any and all of your concerns are. So ask your questions. It's their job to provide you with the answers.
Tip # 2: Your Financial Situation changes prior to Closing
Some Buyers, especially first time Buyers, make the mistake of completing a loan application for their new Island Home with a Suite and then in their excitement they also decide to buy - also on credit - some of the following:
• a new car
• new appliances
• yard and garden equipment like lawn mowers
• new TV's and or computers
• new furniture for their new Home Suite Home
Slight changes in credit ratios could cause a mortgage broker or banker to deny your mortgage. If your preapproved mortgage has expired or been removed, you could forfeit your deposit in addition to losing the Home Suite Home you choose.
Tip # 3: You end up Buying the Wrong Home with a Suite
The first thing Buyers need to do is make a list of what type of Suite Home you want to buy and why. Detail what Home with a Suite Home features are important and list those you can do without. Before you sign an offer on a Home, review this list. Taking the time to ensure your new Suited Home has all the features you were looking for could help you avoid a mistake that could come back to haunt you later.