Buyers Tips

• Before you start looking for your new home, it is best to develop a list of your wants and needs. You will then be able to communicate these to your real estate agent so he has a clear picture of what your looking for, this will avoid wasting time looking at houses you are clearly not interested in. It will also give the agent the opportunity to review with you the approximate cost of houses of that type and in what neighbourhoods
  
  
• Some buyers avoid using the services of an experienced realtor, preferring to negotiate a deal with the seller or sellers agent themselves. This can be a mistake, an experienced realtor can use their information network sources and the Multiple Listing Service and is generally more knowledgeable of market conditions and opportunities and may be better able to determine and negotiate a fair market price for the home all at no charge to you.
  
  
• Choose your real estate agent wisely before you even start going to look at houses. It is important that you are comfortable with him/her and that you feel you can trust them to act in your best interests. If you don't know an agent then ask a friend, family member or business associate to recommend one. The agent you choose can also take you around to open houses and then you know they are acting in your interest and not the sellers. They make good money in commissions on the house you decide to buy, so you should expect good service from a knowledgeable agent. The buyer does not pay Real Estate fees for their agent, the seller is responsible for the fees.
  
  
• Do I need my own agent when buying a new home, or can I just use the builders? A builders agent will be working for the builder. You are better with a independent agent who will be looking after your best interests and who will also be aware of past dealings with the builder, and if there are any problems or areas that should be looked at closely.
  
  
• From the list of wants and needs that you have completed for the type of house you will be looking for - develop a checklist or amend the one I have provided for you on the download page, print off a few copies. Take the list with you when looking at houses and it will help you remember all the key features of the home. Also ask the agent to provide you with a photocopy of the MLS listing that provides a picture, description and details of the properties that you are going to view. After looking at a few houses it can get confusing which features were in which house, and these tools will assist you when it comes time to decide if you want to place an offer.
  
  
• Buyers market or sellers market, what is the difference and when is the best time to be looking at houses? In a sellers market, there are less homes available to meet the demand of the people looking for houses, and often the prices will be inflated. So the best time to look is in a buyers market, there will be more houses available and you are in a position to negotiate a better price. If your not sure what the present market conditions are ask your lender, he will be able to give you an independent opinion.
  
  
• When viewing houses look at the neighbourhood, are there aspects that might affect the value of the home in the future? Is the house you are viewing in keeping with the value of the rest of the homes in the neighbourhood? Are there signs of recent construction or plans for constructions of commercial properties or roads that might affect your resale value.
  
  
• Location, consider proximity to schools, shopping, places of worship, buses, parks, recreation facilities, availability of parking and and distance to your employment. Traffic, is it located in a high traffic area that could be noisy or present a danger to young children.
  
  
• Look at the overall condition of the house, is regular maintenance up to date? If you notice any deficiencies there may be more that you haven't noticed. This may cost you more in repairs in the future.
  
  
• Ask the reason the vendor is selling, this will tell you if they are in a hurry to sell and be an indicator that you might be able to negotiate a better price.
  
  
• If you are looking at condominiums, determine who does Condominium Management and find out what is their experience and track record. What are the monthly condominiums fees and how are they allocated and compare these to other projects you have viewed or that been around for a year or more. How much money is in the reserve fund and is it adequate to cover for future maintenance and upgrades.
  
  
• Many buyers think that the way to achieve the best purchase price is to initially offer low, this can be a mistake it can offend the vendor and lead to inflexibility in negotiating a fair price and even stonewall negotiations.
  
  
• Consider the type of heating/cooling system used and determine your overall heating and cooling costs. What type of electrical system, is it 100 amp or better. Is the plumbing system new or old, is it copper or lead pipes. All these things could affect future expensive upgrades if not up to date.
  
  
• Ask the vendor for copies of the last years utility bills, this will help determine efficiency and most vendors will have been asked this before and have them easily accessible for you.
  
  
• Determine what fixtures are included in the asking price? Appliances, lighting fixtures, window treatments, air conditioning units, shelving etc.
  
  
• Does the home have adequate lighting, closets, shelving and storage?
  
  
• Consider taking a Polaroid, or digital camera with you and take pictures of key features. This will assist you in your decision making process by providing you with a clearer picture of the details and features.