Advice
RESIDENTIAL PROPERTY
HOME INSPECTION
Buying a home is one of the most important investment decisions you will make in your lifetime. As such, it makes sound financial sense to enlist the services of a qualified home inspection company to ensure your home is as solid and secure on the inside as it is on the outside.
A home inspection will determine the structural and mechanical soundness of your home. Your home inspector will identify existing and potential problem areas, suggest practical low-cost solutions, and provide estimates regarding costs for any work required. Shortly after the inspection has taken place, a report summarizing the findings is generally provided to the potential purchaser.
By commissioning a home inspection prior to purchase, you're protecting both yourself and your investment, as well as buying a little peace-of-mind. Some inspection costs often range according to size, age, and location of the home. Your REAL ESTATE AGENCY sales representative can recommend a reputable home inspection service or arrange for a home inspector to visit your property.
KNOWING THE NEIGHBORHOOD
It is important that the neighbourhood you choose to live in is well suited to you and your family. The following is a list of considerations and possible problem areas:
Environment
The quality of air, water and soil is a top concern as a polluted neighbourhood can be detrimental to both your health and property value. Ask your real estate agent, neighbours and local media about any known environmental issues in the area.
Appearance
The home you are considering may be tidy and attractive inside and out, but how does it compare to the surrounding area? Explore the neighborhood, keeping an eye open for signs of neglect (overgrown lawns, houses in need of paint, trash and junked appliances littering yards). No matter how diligent you are in the upkeep of your property, a run-down neighbourhood can drive your property value down.
Crime rate
Check with the local police department to find out if the home you are considering is in a safe neighbourhood. Police may be able to provide statistics regarding break-ins and other crimes.
Schools
If you have children, the proximity and quality of schools is an important consideration. Talking to neighbours with school age children can be helpful. In some areas schools will provide data (such as average test scores) that can aid you in determining a school's quality.
CLOSING THE DEAL
Closing day is the day you become the official owner of your home. However, the closing process usually takes a few days.
Typically, you visit your lawyer's office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.
Once your mortgage and the deed for the property are officially recorded, you become the official owner of the property and your lawyer will call you to pick up the keys to your new home. Congratulations! You've just bought a home!
COMMERCIAL PROPERTY
If you are buying commercial property:
making sure the seller has a good title to pass onto you; negotiating and obtaining the best contractual terms available for you; carrying out searches to check if there are any problems with the property; satisfying your bankers or other funders; completing your purchase as quickly as possible.
If you are taking a commercial property lease:
checking the terms of the commercial property lease (generally a 30+ page document - predominantly in favour of the landlord!); negotiating to minimise the risks and potential cost to you as tenant; getting you into the building as quickly as possible.
If you are investing in commercial property:
checking the terms of the commercial property leases you are taking over from a landlord's perspective; liaising with your bankers or other funders; completing your acquisition to suit your timetable.
