Advice and Tips for anyone buying a house

[Boo Radley]

Thought I'd start a thread where everyone can post tips and advice for people buying a house

Everyone Post your tips



Things you should look out for:
- heating system (some consume way more energy than others)
- possibility of installing a central air conditioning (you can't with some old heating systems)

things you need to be aware of:
- how much the house is valued by the government (and how much tax you'll be paying)
- ask for hydro bills to have an idea of hydro

if the house is more than 35 years old:
- insulation (windows)
- roof
- window frames

If the house has a pool keep in mind that opening/closing the pool each year costs about $5000 (very variable)


also have a look at which rooms get hit by sunrise... if the front of the house faces east (sunrise) the house could get very hot in summer and probably needs central AC.

make sure your real estate broker and the broker of the person you're buying the house from are different people to avoid conflict of interest

[travelgeek]

I've been in the market the past year looking to upgrade to a bigger place. Not easy to do with the market so red hot here in Toronto. Today marks my sixth bidding war that I've participated in this year. My tips for handling a bidding war are:

-Prevent yourself from getting emotionally attached to the purchase. Many many people make irrational, illogical decisions once they fall in love with the place. My agent always sends me the final selling price of any place that we've bid on in a bidding war situation, but lost. It boggles the mind just how high it went for, considering that my bids are usually already 5-10-15% above list. Once you decide that a price has reached a point where it makes absolutely no sense, it is much easier to walk away. Don't forget, there are always other properties out there.

-make your offer as firm as possible. If there is high demand for a place you're looking at, many selling agents won't even look at offers that have a "subject to" condition attached to it. It might be worth spending some money by having a home inspector look at the place *before* you make your offer. Similarly, you can do the same with having a lawyer review the status certificate. Make sure all of your financing is in place. This way, your offer will look much better than someone who may have a higher offer, but is subject to financing/home inspection/status certificate.

-have a high deposit. It shows that you are serious about the purchase if it's accepted.... ie. that you have a lot to lose if you walk away.

-if you are flexible, match the closing date requested by the seller.


Feel free to post any questions about this or any aspect of buying a place. If I think of more things, I'll post them.

[harkatsmom]

I would suggest that if you buy where there is a private well and septic field, that you know all of the pertinent info such as drillers, contractors, last time it was drained (septic tank that is), depth of the well (the deeper the better).
Have the water tested, or at least have the seller state on the contract that the water is safe...this way if you find out different, you have recourse.
Know the location of the septic tank, as this can be very frustrating trying to find it.
Finally, sometimes it is a good idea to call the municipality to find out if there are any type of geological or environmental hazards in the immediate area...
Hope this helps someone

[bcteagirl]

corner lot = higher taxes

[bejaap]

I'd suggest watching Homes ON Homes.
He really tells it like it is and shows what even a good house inspection can miss.
We bought our place 6yrs ago and have found scary and amazing things to fix. Still prefer home ownership but wish there had been a show like this when we were looking.
TIP-put a clause in the binding offer that has a penalty (dollar amount per day) if the house does not close on the specified date.
-I bought a house years ago and it took 2+months to close as leans popped up on the day we were to take possession-it was the 3rd title search.
TIP-make sure the wiring is up to code as the insurance company may penalize you until it is done(just had ours done...it was a 10% surcharge 1st year, 25% the next if it wasn't done) all of our paperwork said it was 100 amp.

[mdutka]

when i bought my house the seller didnt have an agent and neither did we. she ended up being a total headcase and we had to deal with problem after problem, my advice: have an agent and do everthing through them, that way you and the seller/buyer dont get personally involved and everything is kept business ie, noone asking for favours and such.

[mtplace]

Talk to the neighbours to see if there were any major renovations done to the house lately. Also, if possible, ask to see photos of the house in winter, if you're shopping in warmer weather. This will tell you what the insulation is like, or if there are any ice-dams to worry about.

[Care&joy]

Visit the street at diferent times of day to see about traffic, unruly neighbours, noise levels.