With the active and competitive market that we’ve been having, it can certainly be tough and challenging for buyers to navigate through the buying process. Aside from hiring a real estate sales representative to help guide you (of course), here’s a checklist of 12 things to consider during your purchasing journey:
- Visit at various times of day: If at all possible… you want to see both the home and neighbourhood during the day and night – you may catch or notice different things (i.e. the kind or level of activity in the area, or see some property issues when it’s brighter during the day)
- Do an internet search for the property’s history: Just in case! You never know if the house has ever been on the news. It’s not a bad idea to do a quick search. If nothing of interest comes up, it’s probably a good sign.
- Talk to the neighbours: Not as feasible during the pandemic because you want to maintain safe distances, though if you happen to see someone walk past with their dog, it’s very likely that they live in that area. Give them a friendly shout and see if they are willing to converse with you to give you an idea as to what the neighbours are like, and what the pros and cons of living in the area is.
- Get a home inspection (and review with your realtor): If the seller and their agent was smart and proactive, they would have a home inspection ready for any potential buyers to review. Make sure you read through it and ask your realtor if there is anything you don’t understand or that you should be aware of that could potentially be problematic down the road.
- Get detailed records on past improvements: Always ask to see if there have been any additions, renovations, or remodelling done to the house, that way you have all the details so you know exactly what has been done to the home before you buy it.
- Don’t just assume remodelling will be a snap: If you have plans of renovations or remodelling a potential home, speak with not only your realtor who can provide you with some insight to the process, but also try and consult a contractor to get a sense of whether your ideas are possible and how much it could potentially cost you.
- Consider the view: Having a river run right behind your home might be beautiful, but what is the grading like and will there be any risks of flooding? You might be a few floors up in a condominium and can see far and wide at the moment, but are there any constructions sites nearby or signs for development proposals?
- Ask for utility bills and any utility rental contracts: Having a general idea as to what the roughly utility costs are like is important. On top of your mortgage payments and condominium fees (if you’re in a building), factor in other expenses that will dig into your cash liquidity.
- Pay close attention to taxes: Depending on where you are purchasing in Ontario, you may or may not have more taxes to pay (i.e. the Toronto Municipal Land Transfer Tax). Also, knowing how much your property taxes ahead of time is important, in order to factor in your annual costs of carrying a home.
- Ask for a survey: While you can successfully purchase and close on a property without a survey, always ask for one just in case the seller does have one they can provide you with. A survey plan is an accurate graphical representation of the size and extent of the property that shows the location of the house and other structures. It will reveal most title or boundary-related issues on the property that have the potential to become problems in the future, or may reveal any additional structures that the seller has added in that was not there before.
- Reconsider the bells and whistles: This is a general statement that can be delegated to many aspects of looking at the home; the main point is – try to look through the aesthetics of the home and pay more attention to the bones of the property. Sure, the home is nicely staged, but is it trying to hide something?
- Explore the surrounding area: This falls under your responsibility as a buyer. Ultimately, no one can know what you like except you. Is this area right for you in terms of amenities, transit, entertainment, schools, and the proximity to all of it? Can you see yourself living here for the next 5-10 years? Will this work for you and your family’s lifestyle? Take a day to explore what’s in store for you.+
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My friend Samantha would like to buy a residential house this year, which is why she’s currently looking for a real estate agent that may help her out. Well, we share the same opinion about the importance of asking the realtor about the complex terms in the contract. I’ll also keep in mind to tell her that she should ask them if they did any renovations and remodeling in the said property.