Hi, Guest
09-11-2006, 02:33 PM
(This post was last modified: 09-11-2006, 03:56 PM by OAC_Sparky.)
My advice, I've owned both brand new and used (like 50 year old used)
Used houses:
1) Get a house inspection. DO NOT get an inspection from an inspector that is "recommended" by a realtor (yours or theirs). They are only interested in getting the "next" referral. So if they see/recommend something that'll kill the deal, they might not get the next gig. You buy a house maybe once or maybe every 10 years, but a house inspector can inspect 4 or 5 houses a day at $400 a pop, realtors are their bread and butter.
2) Don't sweat the small stuff like landscaping, decks and fences. Ditto with paint schemes and carpet. These are fairly simple to replace/fix. Also, don't be overly impressed with new kitchen cabinets or a bathroom reno. These are done to drive up eye appeal (especially with the women). These things are also what sellers use to draw attention away from more pressing issues.
3) DO sweat the stuff like the roof, the electrical (avoid aluminum, knob & tube), the heating system (if it's not FA, remember you can't get CA later), oil tank (ilf it's oil), insulation type (if it's insulated at all), foundation/basement (look for water damage), plumbing (avoid galvanized). These things can run into big money, especially when you talk about retrofitting.
4) Check for easements. Understand what they mean and what limitations they will put on your future plans.
5) Ask to see some copies of the utility bills. A couple of winter ones (gas/oil/hydro), and if there's central air, a couple of summer ones (hydro). So you have an idea of what you'll be paying. I actually use less to heat my 2500 square foot new house than I did to heat my 1000 square foot bungalow because of the difference in insulation.
New:
1) Check the builder. Don't be shy to actually ask neighbours about how the builder handles warranty issues, if they're satisfied.
2) Be a little wary if this is the only house of the builder in that area to have an independant Real Estate Agent. Most builders have a partnership with one company if they don't sell it themselves.
3) Always allot a bunch of money, about $20G, for stuff like: fences, driveways, decks, window coverings, appliances, etc.
4) Check for easements. Understand what they mean and what limitations they will put on your future plans. MAKE SURE THE LAWYER CHECKS FOR THEM BEFORE YOU SIGN THE PURCHASE PAPERS.(Got burned by this one!)
That's all I can think of for now.
Used houses:
1) Get a house inspection. DO NOT get an inspection from an inspector that is "recommended" by a realtor (yours or theirs). They are only interested in getting the "next" referral. So if they see/recommend something that'll kill the deal, they might not get the next gig. You buy a house maybe once or maybe every 10 years, but a house inspector can inspect 4 or 5 houses a day at $400 a pop, realtors are their bread and butter.
2) Don't sweat the small stuff like landscaping, decks and fences. Ditto with paint schemes and carpet. These are fairly simple to replace/fix. Also, don't be overly impressed with new kitchen cabinets or a bathroom reno. These are done to drive up eye appeal (especially with the women). These things are also what sellers use to draw attention away from more pressing issues.
3) DO sweat the stuff like the roof, the electrical (avoid aluminum, knob & tube), the heating system (if it's not FA, remember you can't get CA later), oil tank (ilf it's oil), insulation type (if it's insulated at all), foundation/basement (look for water damage), plumbing (avoid galvanized). These things can run into big money, especially when you talk about retrofitting.
4) Check for easements. Understand what they mean and what limitations they will put on your future plans.
5) Ask to see some copies of the utility bills. A couple of winter ones (gas/oil/hydro), and if there's central air, a couple of summer ones (hydro). So you have an idea of what you'll be paying. I actually use less to heat my 2500 square foot new house than I did to heat my 1000 square foot bungalow because of the difference in insulation.
New:
1) Check the builder. Don't be shy to actually ask neighbours about how the builder handles warranty issues, if they're satisfied.
2) Be a little wary if this is the only house of the builder in that area to have an independant Real Estate Agent. Most builders have a partnership with one company if they don't sell it themselves.
3) Always allot a bunch of money, about $20G, for stuff like: fences, driveways, decks, window coverings, appliances, etc.
4) Check for easements. Understand what they mean and what limitations they will put on your future plans. MAKE SURE THE LAWYER CHECKS FOR THEM BEFORE YOU SIGN THE PURCHASE PAPERS.(Got burned by this one!)
That's all I can think of for now.
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