You’ve finally found a house you love and are ready to make the offer to make it your own. As simple as that statement is, it’s a little more complicated than signing on the dotted line and making a cheque out for your deposit. Although it’s easy to get wrapped up in all the excitement there are a few things that need to happen before that new dream home is truly yours. You’ll need to work out the final deal with the buyer along with a getting mortgage lender in place to secure the financing you need to pay for it, you might also need to have an appraisal done and YES you’ll want to get a home inspection so make sure your offer includes a clause allowing you to have a thorough inspection done.
Why get a home inspection?
Because there could be something very wrong with the home you’re investing in and without one, you’ll be on the hook to fix any potential issues yourself — which also means you might quickly drain your savings almost as soon as you set down your first moving box. Though it might sound extreme, home inspectors could tell you story after story about the issues they have found in homes they’ve inspected and some of the time the current home owner had no idea the issue was there at all.
But what if the home inspector doesn’t find anything and I’ve paid for something I didn’t really need?
Well, that’s really what you want to have happen. When you are looking to make one of the largest investments of your life you want to make sure it’s a sound one and that the amount you are paying for the home is worth every penny. Think of it this way, imagine buying a home in the heart of downtown Barrie, perhaps even a beautiful century home, with stunning character. You love it so much in fact, that you place a firm offer to make sure you’ve got the best deal on the table… Then after the deal is sealed and you’ve moved into your new home, you find that the roof leaks like crazy, there’s asbestos in all the walls and the attic and when you go to knock out that wall to install those beautiful French doors to the patio you find you have a very nice family of mice living in the exterior wall and possibly every other wall in the house too!
These kinds of discoveries after you own the home can be heart-wrenching and a massive drain on your bank account. However, if you’ve had an inspection done and find out about the issues in the home ahead finalizing the deal, you might decide not to buy it at it all or you could ask for a reduction in price, or for the issues to be fixed as part of the final agreement.
Having an expert in your corner when it comes to taking a look at your home is worth every penny when you’re buying a new home, whether it be your first of your fifth investment in real estate. Working with a knowledgeable mortgage broker in your corner also helps to ensure your rates and options are the best that they can be for you specifically. If you have any questions about the buying process, mortgages or anything in between I’m always happy to help you in any way possible so please don’t hesitate to give me a call at 705-315-0516. If you’re a first time home buyer and new to the real estate game you might also find this blog of interest which talks about 4 other mistakes first home buyers should avoid.