Purchasing a new home is an exciting moment, but the process is far from straightforward. It can quickly turn into a nightmare if you don’t do your homework. Consider the possibility of water and/or heating problems!
Investing in a home inspection might help you prevent costly repairs. Condo documents must be reviewed by condo owners. The expense of hiring a home inspector is less than the cost of repairing problems afterward.
The Importance of Home Inspections:
Homebuyer due diligence is essential in Alberta real estate transactions. Before making an offer, buyers must understand the condition of the possible house or apartment. Though it is not legally necessary, a competent agent will advise making a conditional offer. “Subject to house inspection” is one of the key requirements. This implies that if the house inspection isn’t suitable, the buyer can pull out of the deal.
Here are three important considerations to keep in mind while buying a new home:
1. Hire an Experienced Home Inspector – It is critical to hire a qualified home inspector. If they’re members of the Alberta Association of Certified Home Inspectors, that’s even better. Before beginning the inspection, an expert house inspector will explain the procedure. They should also specify what they will and will not examine for purchasers. The inspector should point out any flaws as they move around the house. An in-depth house examination should take around two hours. Buyers may be able to haggle pricing after receiving the house inspection report.
2. Go through condo documents with a fine-tooth comb – Condo documents are crucial to go over with a fine-tooth comb. For a potential buyer, these documents build a picture. They give an overview of the condo board’s financial status as well as its efficacy. Complete financial accounts, meeting minutes, by-laws, and the owner’s responsibility may also be included. Pay careful attention to any previous special assessments. Inquire about any substantial structural repairs that have occurred in the past.
3. Take the time to make sure your new home is well worth the investment – It’s like being a child in a candy store when you’re looking for a new home. You want it and you want it now! But home buyer due diligence is the most essential aspect of the process. A trustworthy and knowledgeable real estate agent will advise their customers on the best course of action. They will never advise you to cut corners. They will also not advise you to save money by not hiring a house inspection or not reading condo documents. If they do, it’s a red signal to be on the lookout for.
Are you unsure where to go for a qualified house inspector? Request references from your real estate agent or friends. When in doubt, check the home inspector’s reviews or call your local province or state’s Association of Certified Home Inspectors.