One of the biggest mistakes a first time buyer, or any buyer for that matter, can make when purchasing a home, is to get too emotionally involved in the home before proper research has been conducted on the property and surrounding area. Here is a checklist of items to be considered before you put pen to paper on an agreement of purchase and sale.
1) Houses older than 40 years may have aluminum, or even worse, knob and tube, wiring. Insurance companies may not insure homes that contain certain types of wiring. If you really love the house, be sure to have an electrician come in to determine the amount of aluminum or knob and tube wiring. Often aluminum wiring issues can be remdied for minimal expense.
2) Musty smells in the basement could be a sign of leaks, mould or even a former grow op!
3) Look for reasonably priced homes in up and coming areas. The value will sure to increase!
4) It is always wise to look at homes where you can add value to the property. Small improvements can greatly increase the value of your home.
5) Look at your potential neighbours to see how they keep their homes. People that have pride in their home, have pride in their neighbourhood….and that’s where you want to be living!
6) Look at the furnace, roof, air conditioner and appliances (if included). If these need to be replaced, you could be looking at a lot of extra expense you may not be able to afford.
7) How close are you to schools? Do the kids have to take a bus to school or can they walk home for lunch? It is wise to call the local school board, give them the address of the home you want to buy and then have them tell you where your children will be going to school.
8) How accessible is public transportation? It is a nice feature to be close to transport and it will help with the resale value.
9) What are the traffic patterns around the house? Will you be close to a busy street? Will you here traffic while you lay in bed?
10) What are the demographics of your area? Have your realtor look into who your neighbours will be.
For more information on buying or selling real estate in Burlington, Hamilton or Oakville, Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit the Sean Kavanagh Real Estate Resource Centre at www.seansells.ca, or at www.seankavanagh.ca I’d be happy to answer any questions to accommodate all of your real estate needs. You can also contact me at 905-220-9198 or at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
I look forward to hearing from you!
Sean Kavanagh