Guideline for Canadians Looking to Buy or Sell a Home
Friday, 31 March 2017, 03:40:00 PM
As stressful as it might be, buying or selling a home is probably the most important undertaking you will ever be involved in. The procedure for selecting a house involves both finance and lifestyle considerations; one needs to choose wisely to avoid regrets in the future. In the Canadian market, one needs to secure a good deal and at the right time. By the basic law of supply and demand, one should buy at a time when many people are not looking for houses. You also need to be aware of the details during contract negotiation, have knowledge on what qualities to look out for, and still keep the mortgage interest as low as possible. Selling on the hand should be done at a suitable time to ensure that you make enough money to secure yourself another home.
There are myriad reasons that may drive you to sell your home. If you find your home’s location unsuitable, then that may be a reason enough to sell it. Location may be unsuitable in relation to work, or if you are retiring and therefore require to move to a place with a low maintenance cost. The size of a house may also drive one to sell. If your family is growing and you cannot get a permit to expand it to add more bedrooms, then perhaps it is the right time to sell. On the other hand, if your kids have all moved to college, it is always a good time to downsize before any of them decides to move back. You may decide to sell for unfortunate reasons, say divorce or at worst death of a family member. This may be crucial in helping you leave bad memories. Financial reasons are a key factor to selling. If you cannot sustain the cost of a house or you need money to pay for something else, relocating is always an option. For a change in lifestyle, especially among young and rich, many people move to more classy homes in reputable cities.
Buying a home should always be done with utmost keenness. One needs to ensure that the previous owner had properly maintained the house. This helps to reduce repair costs when you later discover damages in the house. One needs to check every area of the home from ensuring that roofing is in good condition and has a long lifetime to checking whether the smoke and carbon monoxide detectors are working. For the windows, they should be well sealed and double paned, and the foundation should have no cracks, especially on the outer side. Plumbing and wiring is another important area. One should ensure that knob and tube wiring is not made of aluminum because it is expensive to replace, and that the plumbing is not leaking and the water is adequate. The areas around bathtubs or showers should have no signs of water damage or mold, and all appliances such as fridges should be in good working condition.
Before purchasing a house, it is always important to find out if it is right for you. You need to evaluate your current and future needs. This is very important in determining the size of the house you will buy. If you are in a young family that is looking to having children soon, you should buy a home that has several rooms. If you are looking to fit in into a group of rich friends, then you will require buying a good house with additional features such as a pool. There are extra things to check such as house maintenance and energy efficiency if you need a mortgage home loan.
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