Important Questions to Ask When House Hunting
Important questions to ask when house hunting is key because buying a house is probably the biggest investment you will make in your life. So you want to make sure that you are get your money’s worth now and into the future. You can never ask too many questions when you are buying and, in fact, you may regret if you don’t ask them. Here are some things that you will want to ask about monthly and long-term costs that can really affect your decision:
What’s included in the price?
Don’t be bamboozled by fine furnishings, expensive window treatments and top-of-the-line appliances unless they are part of the price. Many times a listing is just for the home and the permanent buildings on the property, so be sure. If you are sweet on the property, you might be able to bargain with the sellers and have them throw in the items you want. It is often a win-win situation as the seller doesn’t really want to move these things. They would like to close the sale. As a buyer, you save time and money as the things are already in place and you don’t have to go out and find things that fit the home.
What are the monthly costs?
You might love that cute early 20th century house in an up-and-coming neighbourhood. But be sure to find out how much the utilities cost. Old homes without upgrades are energy guzzlers with old windows and doors, no insulation and antiquated heating systems. Find out how the home is heated and whether any energy-saving features have been added.
Has the home had any major repairs?
Find out if these repairs were done to improve the home or were they to fix an ongoing problem with the property. Check how long ago they were done and if it was a structural or environmental problem. Also, were there guarantees that went along with the work? This is very important if there were water issues in the home such as a leaky roof or basement.
Why is the owner selling?
There are certainly legitimate reasons for selling a home and an honest vendor shouldn’t have a problem telling you why they want to leave. If they are stand-offish about their reasons, dig a little deeper. Talk to the neighbours and get information about what is going on the area. Find out if there are good schools and access to major services such as water, sewage, electricity and fuel. Don’t forget the crime rate in the area and if emergency services are nearby.
How much are the taxes?
Look at the last assessment and check if there is an expected increase in the area. Calculate your land transfer taxes too. Some municipalities charge a fee on top of the provincial tax.
What about the strata or co-op?
More buyers are moving towards condos and co-operatives due to their attractive price tags. Be sure to talk to other people in the complex to find out how effective the Board is at getting things done. Ask to see the minutes of the community meetings to make sure there are no hidden agendas or difficult residents that could make your life difficult.
As you can see, there are many important questions to ask when house hunting. This is why it is so imperative to have someone on your side who knows the business and what to look out for. Enlist the services of a licensed real estate professional. The seller pays their commission, not you. They will likely insist that you get a property inspection on any place you are thinking about buying. The cost is minimal and it can save you many thousands of dollars and many headaches.
Have questions about getting pre-approved for a mortgage before you start your house hunting adventure? Contact us today and speak to one of you mortgage professionals today. We hope you enjoyed this article about the important questions to ask when house hunting.