Oakville Real Estate News

Key Questions To Ask When Purchasing A Home

Blog by Joette Fielding | January 7th, 2014

Key Questions To Ask When Purchasing A HomeThere are many important questions that a buyer should ask about a home before making an offer. The answers will be helpful when negotiating the best deal for the property. The value of a house is dependent on several factors, including location, size and condition, so be sure to consider the following:

What is the history of the home?

  • How old is the house? Older homes usually require a lot more maintenance than newer homes. Focus on the things you can’t see: Plumbing, electrical, heating and structural (floor, ceiling and roof). If any of these features haven’t been updated, you may need to do the work when you buy.
  • How many owners have there been? If there were many owners and they changed frequently (every few years), then it’s possible the house wasn’t maintained as well as it could have been. If the owners had no intention of living in the house for a long period of time, they may not have kept the home and property in prime condition.
  • Were there any pre-purchase inspections done and, if so, what were the results? If a major problem was found, the agent must tell you. You can then either negotiate a better price or walk away.
  • Was the property ever a grow-op or violent crime scene? Aside from physical damage (mold, faulty wiring or plumbing), there is also a stigma attached to these homes.

    In real estate, location is prime. Homes in desirable areas are worth more than similar homes in other neighbourhoods. You should be asking:
  • What are the neighbourhood demographics?
  • Where are the schools in the area? Do they have good reputations?
  • Are there nuisance factors? Traffic from nearby restaurants or stores may be an irritant. Also, highways or train tracks may indicate the possibility of loud noises.

Content courtesy of http://genworthhomeownershipblog.ca/


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