5 Home Buying Tips Everyone Should Know
Buying a home is an exciting proposition that signals the beginning of a new phase in your life. It’s also the most expensive purchase you will likely ever make, so make sure you do it right.
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1. Survey the Property
It is very important to survey your property before making a purchase, so you know exactly what is yours. Knowing your property lines may save you from a future dispute with your new neighbours.
2. Inspect the Home
Before purchasing a home, you must hire a home inspector. The inspector will search the home with you in order to find any issues or defects. Home defects can compromise the structural integrity of the home and put the safety of you and your family at risk.
3. Familiarize yourself with the neighbourhood
You have to be sure the location you are moving to will be right for you. Check and see how far essential amenities like grocery stores, hospitals and schools are from the home. You may also want to drive through the neighbourhood at night to determine noise levels and whether there are any other potential disturbances.
4. Leave your emotions at the door
Do not let your emotions guide you in a home purchase. Do not forgo a home inspection. Realtors will often try to convince you that competing offers exist and that your offer would be more attractive if an inspection was not required. Do not fall for this sales tactic. Have the home inspected thoroughly, including:
A. the use of moisture meters on interior walls and ceilings and thermal imaging cameras on interior and exterior walls (including the roof).
B. Make certain the home inspector gets up on to the roof to inspect it, as opposed to visually inspecting it from the street using binoculars.
C. Snow should be removed from exterior foundation walls to rule out any indications of structural issues.
We would also suggest that you find your own home inspector and that you not use the inspector recommended by your realtor. Similarly, we would suggest that you engage your own real-estate agent to assist you in completing the purchase, as opposed to using the same agent as the seller.
5. Seller Property Information Statement
You must ask the seller to provide you with an SPIS (Seller Property Information Statement). The SPIS must be attached to the Agreement of Purchase and Sale, where it is listed as a Schedule. This last point is crucial and we would advise that you seek legal advice in relation to it because, if done improperly, you may be left with little recourse if the property contains a serious defect.
If you have any questions, or require further information regarding home buying tips, don’t hesitate to contact us: (613) 670-5736, www.mullowney.com
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