The best real estate-buying tips
With so many moving guides and loan calculators out there, one might think that purchasing a home is easy. Well, it’s easy in the sense that you can overpay or purchase bad property without knowing. Read this article for some of the best real estate-buying tips around. Approach real estate through information.
When you are buying a home you should always try to make sure that there hasn’t been any work done that didn’t have a permit. Things like a extra room or a kitchen update need a permit, and if there wasn’t one you may be the party that has to bring it up to code if it isn’t. When buying, remember that some day you will be selling and the market may not be favourable to you then. Even if you can live with it, you may someday be forced to fix someone else’s mistakes.
Purchasing a home in a manufactured home park can seem like a money saving idea. Keep in mind that these parks often times carry large fees for new owners, as well as fees if you ever want to remove the home from the park. Read any and all materials on or about the park before you agree to a purchase.
Also, Southwestern Ontario is in a hurricane zone. You may want to consider something a little more substantial.
Get the inspection
When submitting an offer to purchase a home, always try to include a home inspection clause. This clause will allow you to have a qualified inspector check the home out and gives you the option of backing out of the offer if extensive problems are found. Hiring a qualified inspector is important, and can save you thousands of dollars.
Cosmetic issues are ok
Don’t let the decor or minor cosmetic issues keep you from buying what would otherwise be your dream home. Simple home improvements like repainting, changing (or just shampooing) carpeting, or upgrading fittings and tiling, could turn something you find ugly, into something that feels like it was a custom built home just for you.
Look to the future
To make the best purchase decision when buying real estate you must consider what it will be like to live there for 10 or more years. Look at where the trend of the neighbourhood is going and is the house laid out to hold a larger family if yours expands during that time.
Live for free
Keep your mortgage payment low or non existent by buying a multiple family property. A duplex or larger will allow you to live on site and own your own home, while also collecting rent from tenants and paying most of or even all of your mortgage costs. You could live in your new home for free!
Never be a victim of overpriced or shoddy property. The tips you just read in the article above will help you avoid falling into the same trap that has snagged so many new homebuyers. If you can use this information, you can come out ahead on any real estate deal.