How to Sell Your Condo and Buy a House: ELECTRICAL
Electrical wiring is one of the things you probably take for granted in your condo. And there’s probably a good chance your electrical panel in your condo is covered up with a picture you got at IKEA, however, when you’re buying a house you need to have a good understanding of its electrical system.
This is one of several videos in my series about “How to Sell Your Condo and Buy a House“. Check out my Youtube Channel for the entire series.
There are 2 basic components in an electrical system of a house: the wires and the panel. The panel is usually located in the basement and is where the power from the street come in before it is fed throughout the entire house. There are various types of wiring that you may encounter, and of course the newer the wiring the better!
The good news is you don’t have to be an electrician to know the basics of what to look for when you’re buying a house. Knob and tube wiring is the biggest thing to watch out for when inspecting the electrical system of a house.
Most insurance companies will not insure your house if it contains knob and tube wiring, however, they usually allow you a few weeks after you take possession of your house to change any outdated wiring. Re-wiring a whole 2-storey house can cost you up to around $10K.
I’m here in a house that is around 90 years old but the electrical has all been updated. I wanted to show you an example of an electrical panel and show you a few things to look for.
-First of all, notice the panel itself is an updated, modern panel that is 100AMPS.
-Second, notice the wires coming out of the panel are nice and neat. This is usually a sign that a professional installed the wiring. If it look like a bowl of spaghetti, watch out! might be a sign of a hack-job.
-Finally, notice that in this particular house, the hydro meter is actually on the inside of the house, and it is not a smart meter. Every home in Ontario will eventually have one, but this home does not yet.
If you are thinking about selling your condo and buying a house this year, I’d love to help. For more information contact me.
