Avoid Potential Home Buying Hiccups

The spring real estate market is fast approaching and this may be your year to buy a new home.  

Read on for some useful tips on how to prepare for this exciting event and avoid some potential home buying hiccups. 

Is your financing in order?

Your financing has been pre-approved, however, there are always more conditions to satisfy for the lender. You may require income verification, proof of down payment and a satisfactory appraisal to make sure there is sound value in the property and you didn't overpay. It is important that all the lender's requirements have been met before you waive any finance condition. You certainly don't want any headaches or delays because of incomplete information or issues with the home's appraisal. 

Walk the neighbourhood

No seller will tell you about neighbourhood drama or problems with other homes on the street. When you are doing your home inspection,  talk to your potential new neighbours and ask them directly how they like living in the area and a bit about others living on the street.  Your real estate agent will be able to inform you on anything that would prove to be unsavory as well.

Carefully choose a home inspector 

The home inspection is a critical part of the process.  Ensure the company you pick is registered before retaining them. The Ontario Association of Home Inspectors is a self-regulating body that grants the designation (RHI), Registered Home Inspector, to qualified practitioners in Ontario. It is good practice to have your Realtor give you names of inspectors that he has worked with and recommends. Remember that home inspectors cannot see behind walls. In older homes especially, it is worth considering paying extra to check for moisture behind the walls, drainage or electrical issues.

Look into new developments

Ask your agent or visit your local building department and find out if any new developments are planned especially in a newer neighbourhoods. New development may increase property values but also increase traffic. You can also find out how many owners have applied for minor variances, to build homes or additions. This is a good indication of the future for the area.

If you expect to receive it on closing, include it in the offer

Clearly state everything you expect to receive on closing, including appliances, window coverings, light fixtures, mirrors, closet organizers, TV brackets & garage door openers.  If you have made special arrangements for any furniture or backyard shed items, include them as well.

About your insurance 
Contact an insurance agent right away and if possible see what it will cost to obtain insurance before you waive the home insurance condition.  An insurance agent should be able to check the history of claims in the neighbourhood and can let you know about claims for sewage back-ups. 

If it has old knob and tube wiring, or the place used to be a grow house, you will have difficulty arranging insurance. 

Be aware of basement apartments

If the home contains a basement apartment and the income is important to you, make sure that it legally complies with zoning and the fire code by-laws. All it takes is one complaint from a neighbour, to the proper authority, that may force you to spend thousands of dollars to make it comply.

We, as knowledgeable real estate agents,  will assist you every step of the way to make your home buying experience as smooth as possible!

Call us anytime.

Richard Thyssen, Broker of Record

Colleen Thyssen, Sales Representative

Direct: 519-495-1541

Office: 519-438-8000

Email: richardthyssen@kw.com

www.thyssengroup.com