5 ways to make sure that you are buying the right home
Finding a home and getting a deal signed, sealed and delivered is one of the biggest and most emotionally-charged decisions that people ever make.
In fact, a recent Bank of Montreal report found that 80 per cent of prospective homebuyers know if a house is “the one” the moment they step inside.
According to Phil Dorner, president of the Ontario Real Estate Association, while that initial feeling is important, buyers should keep in mind that there are several other factors to consider before making a final decision
“Although your initial feeling about a property is a powerful force, make sure to follow these five steps to help ensure that you aren't going to be faced with unwelcome surprises,” says Dorner.
Here are five important steps for prospective buyers to take before making any decisions:
• Talk to the neighbours: The best way to get an idea of what it would be like to live in a particular neighbourhood is to talk to someone who already lives there. Chat with neighbours about the community, schools, commute and any potential surprises that you should know about.
• Work with a local Realtor: Look for a Realtor who works in the area and knows the ins and outs of the community. Asking friends, family and colleagues for references is a great place to start.
• Get a home inspection: In Ontario, a home inspection reports on the condition of the roof, structure, foundation, drainage, heating, cooling, plumbing, insulation, walls, doors and electrical system. The cost of a home inspection can vary so do your research and make sure to choose a qualified home inspector who will also inform you of the scope and limitations of the inspection.
• Check with the city: Visit your local building department and find out if any new developments are planned. Check to see how many owners have applied to build homes or additions that are larger than the by-law permits – this gives an indication of the neighbourhood's future.
When it comes to making a home buying decision, do your homework and be sure to enlist a real estate professional to guide you through the process.