If you are looking to purchase your first home, it can be an overwhelming process as there are many different things to look out for and factor in. You may think you need to figure everything out on your own, but that’s not the case!
I am always here to help my clients, so I thought I’d dedicate this post to giving some helpful tips to prospective first-time buyers, in order to give you confidence when making this important life decision.
Before you start your home search, ensure you are pre-approved when it comes to financing! You and your realtor need to be working with a realistic budget!
1) Don’t skip the inspection process! Whether it’s a 100-year-old heritage home or a brand-new condominium, you should never purchase any home without having a thorough inspection done first. It doesn’t matter how new or old a building or home is, we find issues with buildings of all ages, so don’t be fooled by a shiny new place and just assume everything is working/finished as it should. In some situations (especially in a competitive market), you may also be pressured into going ahead with a purchase without an inspection. This is a major red flag and you should insist on having an inspection done no matter what. It will save you valuable time and money down the road.
2) Become familiar with what warranties are in place with your home. A new home is covered by the 2-5-10 warranty, which means certain elements are covered for up to 10 years. If you purchase a home that’s six years old, that means the 2-5-10 warranty is only in place for another four years. The coverage is attached to the building and not the owner, so it doesn’t reset under a new purchase. To learn more about the different deadlines and key dates that come with 2-5-10 warranties, click here.
3) If you’ve hired contractors to do work on your home, make sure to have a quality control check performed to ensure the work is done to proper standards, before you pay. Quality control covers a number of areas and is a very useful way to make sure you are getting your money’s worth when paying for services. Click here to learn more about what a quality-control check can do to ease your mind.
4) Make sure to keep up with the necessary maintenance of your home. Constant upkeep is required with any home in order to ensure everything keeps working properly and efficiently. This includes seasonal maintenance that, if you follow through with, can save you time and money by avoiding unnecessary expenses and repairs, which may arise due to neglect.
6) Keep your emotions in check. Don’t become overwhelmed by views or other distractions and lose sight of what you’re getting into.
If you are anyone else is looking to buy your first home, make sure to give me a call on 604.725.1607
Thanks to Glen Duxbury for this great info!