5 ways to avoid buying the wrong house
Lawyer, author and speaker to the real estate industry, Mark Weisleder wrote an article outlining five important ways to avoid buying the wrong house. See below for a summary of his great tips.
- Understand bidding war rules: Overpaying during bidding wars is common due to the feeling of panic and pressure that is associated with these heated events. Before you enter into a bidding war situation, make sure that you do your research. Find out what a fair market price is and what the house should sell for. Try not to give your offer in too early on the day so that you ensure that the pressure is on the seller, and not you.
- Ask the seller hard questions: Be sure to ask probing questions to the seller and his or her agent. Find out important details about the home’s condition and the major factors, such as roofing etc… Ask specific and pointed questions directly to the seller if possible. Even if they will not sign a property disclosure statement, they are required to answer truthfully if they are asked directly.
- Basement apartments must be legal: If you are purchasing a home with a basement apartment, be sure to investigate the legality of it. It should comply with local zoning and fire code by-laws. If it doesn’t and you move in, you are at risk to lose the right to rent it out
- Check about your insurance premium early: Try to get an early advantage by getting an insurance quote on the home. This can provide you with background information about the neighbourhood and can be pertinent information for you.
- Look into after sale warranty protection: Consider obtaining after sale warranty protection on your furnace, air condition, electrical, plumbing and major appliances. As the seller will not warrant these items after closing, this can help you should you have any issues after moving in.
SOURCE: Mark Weisleder, http://www.markweisleder.com/11torontostararticle1007.pdf
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