9 Real Estate Mistakes for Mississauga Condos
1. Buying a Condo Based On Its Interior/Décor – When you are purchasing a Mississauga condo, you are not buying what is inside the unit but the unit itself. You need to look past the furniture, wall colours and décor and focus on square footage, as well as measuring the unit to make sure that your possessions fit how you envision your unit to look like at the end.
2. Waiting Until Spring To Sell Your Condo – Sure, spring is a very busy season in real estate, however, your condo will sell for its value the rest of the 365 days. It is simply a myth that it will sell quicker in the spring time. People purchase all year round. Just ask yourself – Do people move to Mississauga in the winter? Of course.
3. Not Having A Real Estate Agent – A real estate agent will make sure that your property is listed on MLS. Otherwise, other agents will not know that you are selling your property. At the same time, a realtor can explain everything to you and ensure that you get a fair value for your property. I often see Square One condos listed for sale privately for long periods of time without success. Not surprisingly, the moment the seller lists their condo with an agent, the property ends up selling quick.
4. Purchasing What You Want, And Not What You Need – Before you purchase your next Mississauga condo, you should ask yourself – “What do I need?” This could be, for example, a bigger closet, a larger master bedroom, maybe a balcony etc. It is a good idea to write some options down and tell your real estate agent what you are looking for.
5. Looking At The Perfect Kitchen/But Forgetting Your Finances – Sometimes, we like a property and it’s perfect. Perfect kitchen, big balcony and a spacious master bedroom. Yet, what we should really do first is get pre-approved for a mortgage. Keeping in mind how much we can spend, we can hunt for the perfect property that fits the budget.
6. Believing That Your First Offer Will Get Accepted – The Square One condo market is hot and you cannot expect to make an offer and immediately get the property. This should not discourage you.
7. Being Indecisive – It’s the first property, you like it, but you do not put on an offer because you believe you will find something even better. This way of thinking will make you lose your dream home. It’s never going to be perfect, a 100%. If you like everything but the kitchen cabinets, then you should definitely go for the unit. The cabinets can be upgraded.
8. Trying To Time The Market – Waiting for the best prices in order to buy, or sell. One may be able to predict the market at the minute, or a few months down the road but not in the future. If a financial crisis hits the country or a tornado hits, anything can happen. If the market was predictable a lot of us would be millionaires.
9. We Have To See The Condo To Buy It – This applies to Mississauga pre-construction condos. Developers sell units before the project is complete. Some people say that they cannot use their imagination when looking at floor plans, and that they would rather wait until the condo is built and ready to move in. However, one should keep in mind that prices of units are higher once the condo is complete and ready to move in, as opposed to, when it’s in its first stages.
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