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3 Red Flags to Watch Out For When Making an Offer for Purchase
Finding a new home can be a daunting experience, but it is also one of the most exciting experiences at the same time. You may be overwhelmed at the different plans you might be running in your head, like how you’ll decorate your new home and which rooms to pick for the kids.
However, before you sign the closing deal, there are still a lot to think about. Even when your offer to purchase has been placed, there are actually a lot of red flags that you should look out for. If you think they are just gut feelings, don’t think of them as such and act on them before it is too late.
This article summarizes the red flags that you should watch out for before signing the deal with your home broker:
When the Home Has a Poor Status Certificate
If you are looking for an apartment or a condo unit, make sure that you are making a purchase different from that of a home. Note that purchasing a condo unit means that you are also paying for governance and for the maintenance of the entire building. Make sure to review the status certificate of the condo first before signing the deal. The certificate states a lot about the condo’s entire physical and financial state.
When You Find Yourself Engaged in Bidding Wars
It’s more common to hear about bidding wars these days due to the overwhelming demand in housing, especially in the Ottawa real estate market. Bidding wars can be stressful, and this might only lead you to place offers that are way beyond the budget you first set.
Instead of giving in to the temptation, being patient might be the best thing to do. This is especially true if your opponents are high-bidding investors such as real estate agents or companies.
When Problems Turn Up at Home Inspection
When looking for home deals, you’ll often find that most offers cannot be made unless a home inspection is made. Home inspections reveal a home’s real condition. They should be done carefully and taking into consideration the safety of the people who are to live in it. If you are buying an older home, then you have more reasons to go for a home inspection before signing the deal.
If, for example, issues such as roof damages, asbestos, instability of the foundation, leaky plumbing come out, you might want to reconsider before buying that particular home. Although you can opt to renovate, it is just not worth the deal if the amount of damage found will force you to spend extra.
Imagining closing a deal and buying your first home can cause whirlwinds of excitement, but it is often more important to look out for the three red flags enumerated to make sure you are getting yourself a good deal. After all, a home is an investment, and you deserve to get only the best out of your money. Acknowledge those gut feelings and listen those intuitions, and you might just save yourself from a wrong decision.
