20 questions to ask if you want to be a happy homeowner
Before purchasing a home, here are a few things to consider. Think of it as a sort of game: you don’t need to have positive answers for everyone. But a majority helps!
- What is the neighborhood (and your neighbors) like . . .are there certain features in the area that would affect the value of this property in the future?
- What are the realty taxes on the home?
- What are the utility costs, especially hydro if the home is electrically heated?
- What home repairs have been made in the past two years?
- How far do I have to travel for schools, public transit and shopping?
- What major repair expenses do I have to look forward to within the next two years?
- What is the traffic flow in front of or near the property, any main roads, bus routes or railway tracks?
- Are there any utility easements or encroachments over the property?
- Is there a fairly recent survey that shows all the buildings and additions on the property?
- Has the property had a Home Inspection done when the present owners bought that you could check to see what minor and major problems there were? Ask the vendor for a list of those problems that were fixed!
- Has the homeowner signed a Disclosure document? (they are mandatory)
- How much are the closing costs…and is there a better time in the month to close to minimize them?
- Who has the best rates and service in the mortgage field.. bankers or mortgage brokers?
- How do you select the best lender to work with?
- What are the other comparable homes in the area selling for? You don’t want to overpay or get carried away by snazzy finishing touches in a home which may be priced higher than other neighborhood homes.
- How flexible are vendors usually on their asking price? At what price do we start with when we go to put in an offer?
- How is my financing approval determined? Is there any beneficial existing financing on the property that I can assume?
- What does the yard look like when it isn’t covered with snow? Are there any problems with drainage or runoff after a heavy rain or in the spring.
- Does the basement show any signs of moisture…can it be fixed simply by cleaning/repairing the evestrough or is it a more serious problem?
- What can I have included in the sale? Are there any exclusions?
