Buying your first home is a journey, an exciting one certainly but also very trying. Mistakes are too easy to make but with an experienced realtor by your side, you’ll enjoy the whole process. As a first-time home buyer, your biggest responsibility is asking your realtor questions and educating yourself through research. The right real estate agent in Brampton has in-depth and updated knowledge of the market, neighbourhoods you’re interested in, and can provide you with contacts of lawyers, appraisers, and home inspectors.
Here are 6 questions to ask your realtor as a first-time home buyer:
1. What should I consider when picking a neighbourhood?
While picking a neighbourhood is a complicated process, you can use this list to help you out:
- Time to commute to work
- Quality of schools (doesn’t matter whether you have kids or not)
- Distance to restaurants, local shops, and bars
- Road noise including traffic and construction
- Proximity of public transit
- Closeness to grocery stores, banks, and department stores
2. What should I look for when touring a house or condo?
Focus on finding what’s wrong with the house rather than what’s right. As a first-time buyer in Brampton, you can get easily distracted by stainless steel appliances, trendy wallpaper, and a manicured front yard.
Check for mould, insect damage, uneven or swollen flooring, sagging or cracked ceilings, and water damage. All these are expensive to fix and as a first home buyer, you don’t need the extra work.
3. Why is the owner selling the house? How many years did they live there?
Knowing the answer to these two questions will help you figure out whether the house’s a good fit for you or not. If the seller’s moving into another house or country, they are more likely to negotiate and give you a better offer.
4. How often has the property been sold since it was built?
If you find out that the house or condo in Brampton’s been sold multiple times, especially during the past three years, know that there’s something wrong with the property. It could be the house, location, or neighbourhood. Ask your realtor the reason behind it getting sold so many times and if the answers don’t satisfy you, move on to the next house.
5. Is this house or condo priced appropriately?
Canada has a closed bidding system, which means you wouldn’t know how much above the asking price people have bid. This also means you’re likely to overpay for the house. Ask your real estate agent in Brampton to send you selling prices of houses or condos similar to the one you’re interested in.
6. What’s the resale value of any neighbourhood you’re interested in?
Most first homes aren’t forever homes and like anyone else, you want a return on your investment. Your realtor should be able to give you a rough estimate on the year-on-year returns and help you decide if the house is a good investment.
Looking for an experienced real estate agent in Brampton? Reach out to Catherine Nacar today.