WHAT BUYERS SHOULD KNOW WHEN SEARCHING FOR A PROPERTY

1.Price and Value

• Is the price fair? Buyers want to know if the asking price aligns with comparable properties in the area (comps).
• What are the property taxes? Buyers need to understand annual property taxes and if there are any assessments or upcoming increases.

2. Condition of the Home

• Are there any major repairs or issues? Buyers want to know if there are structural or system issues (roof, foundation, HVAC, plumbing, electrical, etc.).
• What’s the age of the home and major appliances? Buyers are particularly interested in the age of major systems (HVAC, water heater, roof, etc.) and when they may need replacement.
• Is the home energy-efficient? Energy-efficient homes can be a big selling point, and buyers may want to know about insulation, windows, and appliances.

3. Neighborhood and Location

• What’s the neighborhood like? Buyers want information on the safety, schools, amenities, and overall vibe of the neighborhood. They might also inquire about local crime rates.
• How’s the commute? Proximity to work, public transportation, and main roads is often a major concern, especially in urban areas.
• What’s nearby? Buyers want to know about nearby schools, parks, transit, shopping centres, and restaurants, as well as long-term development plans for the area.

4. Maintenance Fees/Homeowner’s Association (HOA)

• Are there Maintenance fees? If the home/condo is in an HOA-controlled area, buyers will want to know about the fees, rules, by-laws and restrictions.
• What do the Maintenance fees cover? It’s important to understand what the fees include, such as maintenance, landscaping, or community amenities like a pool.

5. Insurance and Risk

• What’s the insurance cost? Buyers want to know if the home is in a floodplain, hurricane zone, or any area that could increase homeowners’ insurance premiums.
• Are there any environmental concerns? Issues like lead paint, asbestos, radon, or mold can be red flags, and buyers want clarity on whether these are present or have been mitigated.

6. Property History

• Has the property had previous owners? Buyers may want to know how long the property has been on the market, why the seller is moving, or if there have been any past issues (e.g., flooding, damage, repairs).
• What’s the home’s resale potential? Buyers want to know if the property will be easy to sell later, should their circumstances change. Watch for Stigmas that may impact future resale value: T-Intersection, proximity to Hydro Field or transformer, on Busy Street or or Retail/Industrial Plaza, undesirable neighbourhood or poorly maintained neighbouring properties.

7. Home Inspection Results

• What did the home inspection reveal? If a home inspection has already been done, buyers will want to know about any problems or needed repairs that could affect the value or safety of the home.
• Can the seller make repairs before closing? Buyers might ask if the seller is willing to make any necessary repairs or offer credits toward repairs.

8. Utility and Maintenance Costs

• What are the monthly utility costs? Buyers want to know about the average costs of heating, cooling, electricity, water, and trash removal.
• What’s the maintenance history? Buyers may inquire about the upkeep of systems like plumbing, electrical, or HVAC to anticipate future maintenance costs.

9. Financing and Closing Costs

• What are the closing costs? Buyers want a breakdown of additional costs beyond the purchase price, including title insurance, legal, and inspection costs.
• What financing options are available? Some buyers may need information on whether the home qualifies for certain types of loans or a conventional mortgage.

10. Current Market Conditions

• Is the market trending up or down? Buyers often want to know if the market is favourable for buyers or if they are entering a competitive seller’s market.
• How long has the home been on the market? If the home has been listed for a long time, buyers may wonder if there’s something wrong with it or if they can negotiate a better price.