? Cheap But Worthwhile Home Improvement Tips | Home
By Barrie Home Inspector | April 9, 2012
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Once you?ve identified the ideal house, you need to match that with your budget and the types of locations that fit what you?re looking for. Depending on your budget, you may have to make compromises in location, size or features, and you will also have to determine whether the perfect house is even available on the market. Many homeowners prefer to have a house built new so that they can customize it the way they want, although this normally comes at a premium and can often incur additional taxes that wouldn?t apply to a used house. Buying a house is 90% logistics and 10% negotiations.
Whether you are buying a new house or a used house, you must keep in mind that everything is negotiable in life, and you should be negotiating at every single step of the way, because you?ll find on closing day just how many people have their hands in your pocket. Don?t ever feel guilty or foolish for asking for a discount from anyone of these people, they have no problem asking for money from you. Most important of all, do not buy a house without having an inspection performed.
For many home buyers, the choice between a resale home and a brand new home is easy: new homes offer a whole range of advantages that are not available in a resale property. Here are some of the reasons that have convinced others to buy new. With a new home, there are no surprises when you move in. You know how the house was built and what went into it-what you can see and what is hidden behind the walls. You also know exactly how to operate and maintain your home?s systems and equipment. If you have questions later, your builder will be there to give you a helpful and accurate answer. The technology of home building has improved tremendously over the past few decades and new homes are built better than ever before. They are solidly constructed and well designed for today?s lifestyles. They are highly energy efficient, with excellent indoor air quality. From heating systems to roofing shingles and windows, today?s building products work better, last longer and often look better. The result is a brand new home that is far more comfortable and healthier, easier to maintain and more enjoyable to live in.
Closing costs are usually itemized and paid through your lawyer. In all the commotion it can be easy to forget budgeting for closing costs. These are fees owed on, or by, closing day that must be paid for your house purchase to be complete. Most of these fees are in addition to, and separate from, your mortgage loan (although some closing costs can be tacked onto your mortgage). Closing costs can amount to a significant expense. Experts recommend budgeting at least 1.5% of the purchase price toward closing costs. Most provinces levy a one-time tax when you buy a home (subject to change). The tax is based on a percentage of the purchase price of the property, and varies from province to province. In Ontario, for example, the rate is % on the first $55,000 of the purchase price, 1% on the next $195,000, 1.5% on the next $150,000 and 2% on the remainder.
One of the conditions that are normally required to be met prior to finalizing your offer is proof of insurance. You are required by the mortgage lender to have fire insurance effective at the time you legally take possession of your new home. Some insurance companies may demand proof of a home inspection or may not insure certain types of dwellings. Make sure that you enlist your insurance agent early. If you are buying an older home with aluminum wiring or galvanized plumbing there are some insurance companies that will not insure you. We typically recommend you contact the insuring company for a policy.
Having your new home inspected by a qualified home inspector is very important as you probably have not budgeted for un-expected repairs or system replacements. A professional home inspector will visually inspect all your systems and the exterior and interior of your home. Although a home inspection can not guarantee that there will be no problems in the future it is better than just bllindly going where angels fear to tread. The experience and knowledge of your home inspector will directly affect the quality of the report you receive. Trusting your Realtor to choose an un-biased home inspector is sometimes not a good idea, the Realtor?s ultimate goal is to close the deal and get his commission cheque. Savvy home buyers will take the time to search and talk to some home inspectors prior to making a decision.
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