Ten Costly Mistakes to Avoid!

1. Survey's
Is there one? How old is it? If it's older is the vendor willing to complete a declaration confirming there have been no additions or changes to the house since the date of the survey?

2. Home Inspections
Get one. Consider it an investment in piece of mind. For between $200 and $300 you can get a qualified inspector to give you a detailed report on the current condition of the house you are considering buying. A home inspector can also let you know what upcoming maintenance concerns you may have in the years to come.

3. Other Real Estate "Experts"
While mom and dad did a fine job of raising you, if they haven't bought a home in twenty years, you are much better off relying on qualified data for pricing advice. Steve Wiggett has sold hundreds and hundreds of homes since 1986 and has access to all the relevant information you need to make an informed decision.

4. Dated Décor
Don't make the mistake of avoiding a house that has older décor and might need painting. By taking the initiative and redecorating you will usually get a good deal when you buy and can often recoup more than the overhaul costs when you go to sell. Most people want to buy a house, move in and put their feet up. If you're willing to have some short term pain your reward is often long term gain.

5. Pools
A nice upgrade to be sure. But be aware, many people have no interest in a pool and this will affect the number of buyers who will consider your house when you go to sell. You shouldn't attach any value to a pool when buying unless it is almost brand spanking new.

6. Electric Heat
The kiss of death for resale. Electric heat is one of the biggest objections from potential purchasers. Even if you get a discount when buying a home heated with electric heat purchasers will expect the same when you go to resell. And the number of buyers willing to even look at electric heat as an option is very small. Having said that, electric heat is okay for smaller condos but if there are two similar properties, one with and one without, the one without electric heat will always sell first and for more money.

7. Mutual Drives
Another big objection. The same rational applies here as with electric heat. It can be less of an objection if it's common in the neighbourhood (ie Old South) you are considering or if there is a good parking setup despite the mutual drive.

8. Non Conforming Properties
You love this house because it's kind of different….well, okay, it has a sort of weird layout. You can live with the fact that it doesn't have a basement because there's loads of storage space. Houses that don't conform to the others in the neighbourhood are often harder to sell. It may seem "neat" when you are looking at it but when you try to resell it will probably be a hindrance to a smooth sale.

9. Resale History
Has this home taken ten months to sell every time it has been on the market? Why is that? This is a potential tip off for you as a buyer. Will this trend of being difficult to sell continue when you go to sell it? Resale is the name of the game in real estate.

10. Financing
While you may think financing won't be a problem - getting pre-approved is absolutely essential. Being pre-approved gives you a 90 day guaranteed rate with most financial institutions, so if interest rates suddenly go up a notch or two, you get the benefit of the lower rate you got approved at. Having your sales representative be able to tell the sellers that you are pre-approved also strengthens your offer.

Contact Steve Wiggett
Ph: (519) 661-0380    Cell: (519) 852-5257    Toll Free: (866) 339-0033
Fax:(519) 661-0998    Email: steve@londonroyallepage.com
Royal LePage Triland Realty 235 North Centre Road, London, ON N5X 437