Things to Be Aware of Before Buying a Home

by Jennifer Los

Introduction

As the saying goes, buying a home will probably be the biggest investment you will ever make. That is why, when looking for houses or apartments to acquire, you must make due diligence and ensure that you don't end up with a property that you regret owning later down the road.

In this presentation, we will give you 6 tips to maximize your chances of finding a house that will delight you for years to come.

Know the Market Prices

Unfortunately for us, many people involved in the real estate industry don’t have our best interests in mind. Scammers are part of the business, but one way we can protect ourselves is to become educated on the general value of a property in the area we intend to buy.

This can be done by browsing through hundreds of listings to get a feel for housing prices, but takes a lot of time and work. A better solution would be to request the assistance of an experienced realtor in your region.

Risk Zone?

One of the elements we often neglect and forget to take into consideration, when we purchase a home, is the area in which the property is located. The streets may look great, the neighbors may all seem like perfect people, but does the zone pose some risk? Is it prone to floodings, earthquakes or other natural disasters?

This information is of utmost importance because in the years to come, should you buy that property, you may have to deal with the consequences of that decision and a special insurance may have to be purchased in addition to your home insurance.

Latent Defects

If you had to take only one tip away from this presentation, this should be it: when visiting a home, always look for latent defects that might turn an otherwise good opportunity into a horror story.

Learn about the most common defects that owners generally try to hide (electrical issues, water damage or a leaky/damaged roof). Better yet, have your new home be inspected by a professional. Even though this might set you back a few hundred dollars, this is an investment that might save you tens of thousands dollars. If there are any additional repairs that need to be done, also include that the

cost in the grand total of the home.

Noise Pollution

Not unlike checking if the property is part of a risk zone, you must also pay attention to any noise that

might become a nuisance in the long term. Are there planes flying low in the area? Are there trains that frequently pass? Is this a busy street?

Noise can really make your life miserable by disturbing your peace as well as your sleep. The

disturbance could happen at any point in the day so it is highly recommended that you visit a location at different moments of the day (and the night).

Investment or Personal Property

For what purpose are you wanting to purchase this house? What makes sense as a home for you and your family does not necessarily translate into a great investment property. The opposite is also true.

For a great rental home, pay attention to the following points :

• Calculate and ensure that the rent you will be able to secure will be enough to cover both your mortgage and the taxes that you will have to pay on the side.

• Look for appreciation potential, which means a property that could – with only a few fixings – command a much higher rent

• How close is the property from general amenities such as schools, public transportation or shops? Such factors will make your property much more valuable.

Emotional VS Rational

Sometimes, buying a home is like falling in love. You see a property and instantly know it is right for you.

Unfortunately, these initial feelings are just your emotions speaking. Before purchasing a home, it is better to take the time to think through the decision before acting.

That pool in the garden might look great, but can you really afford the upkeep? You absolutely loved the mezzanine for your bedroom, but

will you not get tired of having to climb a ladder at night to go to sleep? Think about all those factors before making a

decision.

Conclusion

Finding homes for sale can either be a wonderful or a very unpleasant affair. It all boils down to one factor: your degree of preparedness.

Use the advice we provide in this presentation to assist you in purchasing a home that you will cherish and enjoy for the decades to come.

For more information on how to find the best houses for sale, visit our site at: http://londonontariohomesforsale.com/