By Adelle Youssef
Too many people fall victim to easily avoidable hazards of buying and selling property.It is worth the effort to learn about the home buying and selling process; doing so can save you time, stress and money. Think about hiring the right sales person. It is a good idea to meet with a few different representatives before you decide on which to hire. It is important that you feel comfortable and confident that this is the right person for the job of helping you to find or sell a home. Working with a real estate professional is a partnership. Make sure you communicate your expectations clearly. It is important that you have a mutual understanding of what you are looking for, what elements are deal-breakers and what services the Brokerage is responsible for. Take the time to read and understand the forms you are signing. Nobody likes to read the fine print, but taking the time to understand what you are signing can avoid many problems later on. Make sure all the blanks in the forms are filled in and you get a copy of everything you’ve signed. Don’t let emotions overtake your common sense when you fall in love with a property. Stick with your budget and be aware of the risk of not having a home inspection, just to win a bidding war. There may be underlying problems which a qualified inspector can identify and save you costly problems in the end. Don’t assume everything is included. The seller may want to take all the appliances with them. The hot water tank or heating system may be rentals that you have to take over. Make sure all the items you expect to be included are detailed as chattels. You can also include a clause asking the seller to pay out any outstanding rental contracts. This is the best way to protect yourself from any surprises in the end. Don’t forget about what is inside and outside the walls. Ask your real estate professional to look into the age of the wiring, plumbing, and heating systems. Ask about extensive renovations and if permits were issued. Spend some time exploring the neighborhood and researching location of schools and amenities. A simple internet search can be very helpful or asking neighbors when you’re concerned about a home with a troubled past. Don’t rely on a verbal agreement. Putting everything in writing forces all parties to be clear about their expectations and can prevent disputes later. It is important not to underestimate closing costs. Land Transfer taxes, title insurance, home inspections and lawyer costs can all add up. You may want to touch up some things such as paint, window coverings, or new appliances. All these things can take a big chunk out of your budget. These tips will certainly help, but the most important advice is to work with a registered real estate professional. They can provide a great deal of knowledge and expertise about the buying and selling process, as well as specific knowledge about neighborhoods and local issues. To help avoid hazards like these, talk to a registered real estate professional.
Adele Youssef, ASA
Real estate sales representative
Manor Windsor Realty Ltd. Brokerage
519-250-8800 / 519-566-6514