Spring can be a time for foolish behaviour.
We can foolishly fall in love. We can foolishly root for one of our Canadian based hockey teams to make it into the second round of the NHL playoffs. And, we can foolishly buy a home.
Time will soften a heartbreak, and even though the nights and hours invested in watching your team crash during the playoffs essentially forfeited your viewing of “Game of Thrones” finale season, the re-runs will still be pretty good. But, invest in a home that soon proves to be nothing more than a money pit?
Well, not only will you experience continued heartbreak, and time wasted searching for home remedies, but you’ll likely come face to face with financial disaster, successfully completing the foolish behaviour trifecta.
There are many factors and emotions that can sway people into buying a home, making it almost impossible to compile a list of do’s and don’ts regarding what makes for a good home, or a solid investment. Basically, the bottom line is, “know what you’re getting into”. This can only be accomplished by gathering information.
If your search for home details reveal a basement that floods every March 21st, plumbing that flows well enough in June, but not so good in January, and a roof that only leaks when the rains blow in from the east, but you’re still sold on the joint because the pond in the backyard reminds you of summers spent feeding the ducks at Gramma’s house, then your signing was at least based on the fact you were well informed.
Basically, ‘location’ is what most often drives the value of a home, almost regardless of the home’s condition. So, if you had to follow one real estate ‘safety net’ rule of thumb that would limit your financial risk, you can rarely go wrong buying the worst house on the best street.
Any deviation from this general rule and all bets are off. First and foremost, if there’s a home that’s of interest to you, be sure to either have it checked by a certified home inspector or be sure to specify in the home buyer’s contract that agreeing to purchase the home will be dependent on the home inspection meeting your expectations as the buyer.
Home inspections may vary in price due to the size of the home, but whatever the cost, it’ll be far less than the surprise investment of remedying moisture issues and mold in your child’s bedroom, or a crack in the sunroom’s concrete floor, that all went unnoticed until three months into your purchase.
Regardless of a home inspectors experience and familiarity with the home construction biz, all they can judge and comment on is what is visible. Unfortunately, home inspectors aren’t permitted to pull back the carpet to verify for rot or remove a piece of window casing to confirm the existence of foam insulation around the frame. So, as the buyer, your third or fourth set of eyes will be key to gathering intelligence.
First, know the age of the home your buying, or if it’s been renovated, the age of the components. Walking into a time-warp of a house that contains a different colour of carpet in every room, and re-runs of the Brady Bunch playing on the 26” Sony Trinitron, could be a sign that nothing much has changed in 25-30 years. In this case, the home’s cabinetry, light fixtures, as well as the furnace and cooling systems, will all be due for replacement. Next, ask for an ownership history of the house.
If the home has had several 1-3 year tenants, this could be a sign that this home has several issues. So, inspect this place thoroughly.
Finally, if there have been renovations, where are the work permits? People complain about the permit process, but I tell ya, there’s no better, or more powerful proof that you’ve renovated your place right, than by showing a potential buyer you’ve followed the building code.
Good home shopping.