1st CALL Home Inspections Inc.

 TARION – Your New Home Warranty Program Coverage  

SPECIAL OFFER:  25% off the cost of your New Home Construction Inspection ( a $95 discount ); have your home inspected before the 12th month of ownership.

In your purchase offer, consider including the right to re-inspect the home just prior to closing.  There can be situations where the original home owner may have moved out earlier and turned off or reduced the temperature of the heating system;  subsequently, pipes may have frozen and burst.   There could have been hidden areas where furniture was placed that had damage and was not disclosed by the home owner.   In times of Winter, perhaps leakage into the home has occurred after the professional home inspection has been done and was not present at the time of the inspection.

Without that last review prior to closing the deal and transferring your monies, you may not be aware of any difficult conditions.   Your insurance company will state that it was a pre-existing condition and not their problem…you will be left with the full cost of repairs.

Ask your Real estate agent whether you should consider a final review prior to closing;  make sure your Lawyer is aware of your intent and is waiting for your confirmation prior to transfer of monies.

1.  Get pre-approved before you go shopping:  getting pre-approved for a mortgage means that you will be ready to make that offer when the time comes.  It also signals your real estate agent that you are a serious buyer and you know exactly what you can afford. Dont worry about the interest rate on the mortgage:  It is not about rates; it is about the mortgage that makes sense for you.   Too many people buy because rates are low instead of when they are ready for home ownership.  The cost of the house, the type of mortgage, the amortization period and payment options often have more of a bearing on costs than interest rates.

2.  Talk with a professional Home Inspector before you go shopping.  A professional home inspector can provide you with examples of what to watch out for in a home, especially if it is quite a few years of age.   With knowledge you are able to ask specific questions about the home you may be considering;  once you have made the decision to purchase, then have a professional home inspection performed.

3.  Find yourself a Real Estate agent with whom you are comfortable and you feel will be working for you and your best interests.  Perhaps ask for some references and even talk with more than one real estate agent. 

4.  Don’t skip the home inspection:  Some first time buyers skip the home inspection because they are in a rush to buy and want to close the deal.   You need to protect yourself from issues which may haunt you after your purchase.  You probably do not have the finances when making your purchase to take care of a major cost related to the home;  perhaps the roof requires new shingles; the furnace is beyond it’s life expectancy.  The cost of a home inspection is approx 0.15 % of the cost of your home purchase.  It will probably be the best money that you will spend in the whole process.

5.  Budget for the unexpected and closing costs:  Your finance coach will go through all of the costs you will incurr as a home owner.  Assume another 1.5 – 2.0 % of the costs of the home for closing costs.  these will normally include properlty taxes, insurance, utility costs, legal fees, and moving fees.