When you find a realtor who’s philosophy aligns with the goals you want to achieve when buying your dream home, you’ll feel confident in finding the right house and making your offer. A Real estate agent is your local expert and industry expert who can help cut through the noise and get to the bottom of what you really need to know before you commit to purchasing. Knowing the right questions to ask your realtor will put you in the position to make the most informed decisions to save you money, time and stress.
Here are 10 questions to ask a realtor when buying a home:
1. What’s happening in this neighbourhood that may affect my future home?
A great real estate agent is well versed in the neighbourhoods and communities they do business in. They will be able to inform you on the things happening in and around your potential new home that could affect it’s worth and your experience. You should have an idea if the housing prices in the neighbourhood are rising or falling on average. You should know the future developments coming up in the neighborhood so you can have a good understanding of how the area is developing. Is there new amenities being built around the community such as shopping, public transportation and parks? Not only does this type of growth give you and idea of the home’s worth, it gives you an idea of how your experience living there may change and improve over time.
2. How long has the property been on the market?
The length of time a particular home has been listed on the market can have a direct impact on the seller’s motivation to make the sale. Knowing a house has been on the market for quite some time may give you leverage to be able to offer a lower price they may accept. It could also be an indication that the home is masking something other interested buyers have found on further inspection. If a home has had a prolonged presence on the market, take the time with your agent to find out why this may be, especially if the reason is not just that it’s overpriced.
3. What are monthly utility costs and property taxes?
Owning your new home will cost more than just your mortgage payment. Your new budget should include the costs to maintain the home as well. Doing a bit of digging to find out on average what the utilities bills will be will give you peace of mind. Knowing the peak months for utility bills can also be helpful. A realtor can help you with further important information about the home that can tell you how energy efficient the home is. Perhaps the owners have installed double-paned windows and energy efficient appliances. Furthermore, property taxes can be helpful to know as you will be making decisions on how you pay these taxes when you set up your new mortgage.
4. How old is the property?
Older homes can offer you a stylish and affordable place to call home. Choosing an older home is sometimes a great way to afford a house in the city. Knowing the age of the house you’re interested in can help you make an informed decision. The age of a home can give you an idea of potential problems you may face in the near future. It can also alert you to look at things such as electrical wiring which can be expensive to rewire if needed and the age of the roof which could possibly need replacing if it hasn’t been done recently. Though there are some potential expenses you may incur by purchasing an older home, knowing what you’re getting into is important and may be offset by the reduction of transportation costs if the location is ideal.
5. How do the schools rank nearby?
Even if you don’t have young children, how schools in a neighbourhood rank can mean a lot about the community. As well, if you sell in the future, the next potential buyers may have children and it’s good to know what your assets are. If you do have children, find out what school district the home is in as this can impact your choices for where your children attend. School and public bus routes may be valuable to look at as well as if the neighbourhood is pedestrian friendly.
6. What is included in the sale?
To avoid any disappointment or confusion, it’s important to have, in writing, everything that is included in the sale. Never assume things will automatically come with the home. Washing machines, dish washers and other appliances can all be taken with the seller if they choose to, unless otherwise documented. Pay attention to features that made you love the home such as sheds, wall-mounted systems and outdoor play equipment as the owners may plan to take these with them. Of course, if you really want something you see in the home, you can choose to negotiate with the seller. What seems to be built-in shelving may not be a permanent fixture in the home, so if you have any questions about what’s included in the sale, be sure to ask.
7. What major repairs and renovations have been done?
Finding out if the current owners did major remodelling or maintenance repairs is important when buying a home. Knowing that work done was completed to code and legal standards is important as you could be held liable if it wasn’t. Knowing if the work done was by a licensed contracted or was a DIY project can alert you to possible shortcomings and having a contact of the contractor who did the work will be helpful if follow-up work is required. Some systems put in place could still be under warranty so be sure to ask for paperwork where applicable. You can even request details on paint used throughout the home as it can be valuable should you need to do touch-ups.
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If you are seeking advice on buying a home in the Ottawa area, or have more questions for us, we are happy to provide you with helpful guidance and support. Email us at info@buyandsellottawa.ca or call us at 613-590-3036.