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Ask Questions When Buying a House

Posted by S. Kotliar on October 8, 2021
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According to the Canadian Real Estate Association, low mortgage rates and an abundance of millennial buyers are causing a housing boom in Canada. While employers and schools remain remote, the COVID-19 pandemic has caused consumers to spend more time at home than ever before. As a result, more Canadians are considering renovating their living quarters.

Whether or not there is a pandemic, buying a home is a significant investment, and it pays to be financially prepared. Here are some questions to consider when you begin the home-buying process.

What is my total budget?

When it comes to determining which property is suitable for you, the amount of money you have available is the most crucial issue. You should get pre-approved for a mortgage before looking for a home to buy. Waiting for permission when you’re ready to make an offer could result in someone else snatching your dream house from beneath your feet.

Why is the seller leaving home?

Discovering why the seller is relocating – whether it’s due to downsizing, a job relocation, or a major life event – can help you determine how motivated they are during the negotiation process. A smart buyer’s agent will strive to find out this information for you and determine how flexible the seller is during the bargaining process.

How old is the roof?

Roofs are both necessary and costly. If a home’s roof has reached the end of its useful life and you have to repair it soon after moving in, you’ll be out thousands of dollars. If there is existing damage to the roof, your lender may require that it be repaired before your loan can be approved. To put it another way, if the roof’s age isn’t listed in the listing description, find out as soon as possible to avoid a costly problem later.

How much have homes sold for in the neighbourhood

Considering the current local market will assist you in determining whether a seller’s asking price is reasonable – or excessive. As a basis for comparison, your realtor can gather comparable listing data for similar houses that are currently on the market and have sold in the recent six months or so.

Are there any health or safety hazards?

Lead paint, radon and other severe risks can be expensive to fix and delay your loan approval. If there have been previous concerns, request paperwork from the vendor and learn exactly what was done to remedy them. You may have to pay extra for specialized services if you detect hazardous concerns or if a home inspector recommends additional testing.

 

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