Any experienced real estate agent in Canada will tell you that home-buying can be exciting and nerve-wracking. It’s easy to get swept up in the charm of a potential new home, but it’s crucial to stay vigilant and look out for potential pitfalls. There are many steps in buying investment properties in Real Estate Canada, and gathering as much information as possible is wise.
If you are a first-time home buyer looking for suitable houses for sale in Kitchener or inspecting a house for sale in Mississauga, we suggest you pay close attention to these potential concerns in the inspection.
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Suspiciously Low Pricing
If a house is priced significantly lower than other homes in the area, it’s worth asking why. The low pricing could be due to various reasons, from the owners needing to relocate urgently to hidden issues with the house. Do your research on the local real estate market so that you are aware of the prevailing prices.
Pro tip: Always inquire about the reason for the low pricing. You might discover some valuable information about the property.
Brief Ownership Span
When researching a property’s history, you may find that the current owners haven’t lived there for long. Frequent turnover of ownership could indicate undisclosed issues with the property.
Pro tip: Use online real estate marketplaces or the best real estate websites Canada to find out about a property’s past owners and how long they lived there. If the property has changed hands frequently, it’s worth digging deeper to discover why.
Dual Representation
If your realtor also represents the seller, this could be a potential conflict of interest. They might prioritize the seller’s interests over yours.
Pro tip: Consider hiring a buyer’s agent to represent your interests in the transaction.
Too Few Photos
A listing with only a few pictures or missing images of specific rooms is a potential red flag. The seller might be trying to hide something.
Pro tip: Ask your realtor for more photos or a virtual tour of the home.
Unfavourable Location
Homes near busy roads or highways might have noise, pollution, and resale value issues. You must decide whether you are okay with these potential problems.
Pro tip: Use Google Maps to check the property’s location before visiting.
Staggered or Repeated Renovations
If the home has been renovated in stages by different owners, the changes might not be uniform or even be unauthorized. Too many renovations may be hiding an underlying problem.
Pro tip: Check if the renovations were permitted and meet current building regulations.
Multiple Listings on the Same Street
A street with many homes for sale could indicate a problem with the neighbourhood.
Pro tip: Ask the neighbours or your realtor about the reason for the mass listings.
Flipped Property
If the house was recently bought, renovated, and returned to the market, the renovations might be cosmetic, with more significant issues unaddressed.
Pro tip: Find out who renovated the house and ensure all renovations were done correctly and with the necessary permits.
Back on the Market After Being Under Contract
If a house was under contract and is suddenly back on the market, this could indicate issues discovered during the home inspection.
Pro tip: Inquire about why the previous contract fell through.
Unpleasant Odors
Bad smells in a home could indicate various problems, from mould and water damage to pest infestations. Some owners may try to cover the smell with strong air fresheners or other diversionary tactics.
Pro tip: Trust your senses. If something smells off, it probably is.
Stay Alert!
In conclusion, while the home-buying process in real estate in Canada can be thrilling, staying vigilant and informed is crucial. This is not an exhaustive list of potential problems in a property, but keeping these points in mind is worthwhile.
Remember these potential signs of alarm when looking at Toronto houses for sale to ensure you’re making a worthwhile investment. As always, we advise you to consult professionals whenever necessary to avoid pitfalls or losses.
