There's a lot that goes into buying a piece of real estate property. Be it a Toronto condo, an oceanfront cottage in PEI or a Markham home. You have to hire a real estate agent, go to home showings, decide on a spending limit, read as many Markham or North York real estate listings as possible and pick out the right home inspector, just to name a few. There's a lot of work that goes into the home buying process and we only listed a few things.
If you're a first time home buyer and aren't aware of everything that goes into the process of buying a home, you need to prepare yourself. There are some dream homes in Richmond Hill or Markham that turn out to be nightmares. Which is why you should look out for as many warning signs as possible when it comes to a home you see and stay away from them. You just can't read reviews of homes online or in papers like you would for the newest R&B hip hop music releases. There isn't a database like that. It's something you have to see first hand or just have a gut feeling about.
We would like to start you on the right track and point out some potential warnings signs that should alert you to finding out more about a particular property you are interested in buying. Not everything is as it seems and sometimes you have to dig deeper. It also helps if you are house hunting with a real estate agent, be it for your first home or UWO off campus housing. There are just some things that stick out when it comes to real estate properties that you need to be aware of.
Such as a for sale sign on a lawn that has a 'reduced' sticker slapped right across it. Looking at a home that has been reduced in price is a major warning sign. There has to be a reason why that home you are looking at has been reduced in price. Ask the realtor in charge of selling the home why it has been reduced. Sometimes it can be an acceptable reason. Like the owners bought a new property and just want to be rid of their home, no matter the cost. Other times it could be that the home is in a bad location or needs a lot of work done. You don't want to be stuck buying a home that needs a lot of repairs or renovations just because it was cheap. You'll end up paying for it in the long run.
Another warning sign is a house that has been on the market for too long. A lot of the times the main reason a home stays on the market for too long is that the asking price is too high. However, other times there might be a problem with the home that is keeping it on the market for longer than average. Get your real estate agent to do some digging around to see if it's a good investment or one to stay away from. Try not to buy a home that has a warning sign. You'll thank us later. |