Our advice for new homeowners
Buying a home is an important step and a big financial move! Thus, being well informed is paramount. Here are a few things to keep in mind while house or condo shopping.
Inspecting the building
It’s very important to carefully assess the condition of the property you are considering to buy, whether it is a detached home or a co-property.
When you visit, you can look at important elements before the official inspection. Here are a few:
- Foundations
- Exterior cladding
- Roof
- Signs of water infiltration
- Condition of doors and windows
- Age and condition of the electrical system and the plumbing
- Levelling of floors and door frames
- ...etc!
Above all, have the property inspected by a professional before going ahead with the purchase. That way you’ll get an accurate picture of the home you’re thinking of buying. For more information about home evaluation in general, don't hesitate to read our article with the Appraisal Institute of Canada.
Fireplace, chimney and hot-water heater
If there is a fireplace or woodstove, make sure up to code and safe, along with the chimney (WETT certified).
If the hot-water tank is 14 years old or older, it is advisable to replace it, so you should take that into account in planning your budget.
Insurance premiums
Many factors can influence your insurance premium, such as the type of property you buy, how old it is, where it is located, whether it’s equipped with an alarm system and smoke detector linked to a central monitoring station, and even how far it is from a fire hydrant or a fire station. Take a walk around the neighbourhood after visiting the property!
Buying a co-property
When buying a co-property, there are several additional things you need to look into. First of all, you need to make sure the co-owners’ association has an adequate contingency fund. You don’t want the unpleasant surprise of having to spend out of pocket to recover the roof, say, because there’s a cash shortfall. You should also read over the minutes of the co-owners’ meetings. They will give you a good indication whether the co-property is managed in a way that suits you.
Also, be sure to find out what kind of insurance policy the co-owners’ association holds. If they don’t have one, ask yourself some serious questions!
But whatever type of property you are buying, or if you have any questions, do not hesitate to call us. A belairdirect agent will be able to guide you, and help you in this process!
