How to Sell Your Condo and Buy a House: HIDDEN DEFECTS
Buying a house can feel like a scary thing at times because unlike buying a condo where you are basically just buying 4 walls and some windows, buying a house means you are buying an entire building with all itâ€™s potential defects. Itâ€™s important to buy smart and protect yourself against potential hidden defects.
Every house will have some hidden defects. They canâ€™t be entirely avoided. Generally speaking, the older the home, the greater the chances of unforeseen issues. Understand that even if a home is brand new you will discover some issues when you move in that you didnâ€™t see during your first visit before you put in your offer to purchase.
A defect can be something serious like a leaky roof or unstable foundation, or it could be something small like a broken dishwasher.
Besides getting a home inspection and doing your normal due diligence on a house, here are some tips for avoiding any surprises after closing day:
Visit the property twice before putting in an offer whenever possible. You always see things differently on your second visit.
If a property has a tenant in it, talk to them. Tenants are often a GREAT resource for learning about a propertyâ€™s issues and will often divulge more than their landlords would probably want them to!
Finally, talk to the neighbours. Knock on their doors and ask them what they think about the street, the neighbourhood, the house itself. Neighbours are often a golden source for information when buying a house!
Recently I had some clients who were looking for a house in the east end. We had been looking for a few months and finally they found the perfect house for them near Pape and Danforth. The house had everything thing they were looking for but while they were just doing a home inspection before finalizing the deal. While doing their inspection they saw a drug deal going down in a walkway directly beside the house. They discovered this walkway was a place where many shady characters passed through and they decided to walk away from the house. A couple weeks later they did end up finding an even better property just a few blocks away.
If youÂ are thinking about selling your condo and buying a house this year, I’dÂ love to help. For more informationÂ contact me.