Visit a property before buying it: obviously! However, once back home, do you have all the elements in your possession to make the right decision and make an offer to purchase? Sutton Quebec gives you some good procedures to make your visit a success.
Visiting a property for sale: asking yourself the right questions
When you visit a property, you can quickly be overwhelmed by a crush and not pay attention to details. Usually, you will become more expert as you visit. However, there is no point in stringing them because the house or apartment of your dreams may be in the first 3 you visit. So… Better to not miss it ;)
In today's environment, where demand is greater than supply, sales are happening quickly. It is therefore necessary to be reactive and to have all the elements necessary for your decision-making.
Here are some things to check before buying a property, whether it's a house or an apartment.
1. Check the neighborhood and the environment
One of the # 1 criteria that characterizes a good purchase is the location of the property. If you are moving to a new location, find out where the house or apartment you are going to visit is located.
The current environment
Are there any shops nearby? Schools ? Is the neighborhood well served by public transport? Everything will also depend on your purchasing criteria and your needs, but these are assets that will be very useful for resale. Yes, before buying, you should already think about reselling even if it is not in your plans. Why ? It is simply a matter of building up your wealth and maintaining or even increasing its value.
Tip: with the Walk score application developed by Google, you can easily assess the proximity of shops with a score established from 0 to 100, 100 being the optimal score. On each of the Sutton Quebec listings of our properties for sale is the Walk score logo.
The future environment
If there is none of these in the neighborhood, you need to know about future projects. A neighborhood in the making can turn out to be a very good investment in time. On the other hand, it can be disturbing by long noisy works and a landscape punctuated by construction cranes.
How to check the environment of a neighborhood?
The advice we can give you: go ahead of your visit, come 20 minutes before to walk around the neighborhood, chat with local merchants. Make your own way. Do not hesitate to come back at a different time, for example in the evening if you have visited in the morning and vice versa.
Keep in mind that your real estate broker is on hand to answer all of these questions!
2. Check the condition of the property and its facilities
When we arrive at the front door, we are in a hurry to discover the property in its entirety, its layout, its equipment and we have already made our little list in our heads of the pros and cons. Rest assured, this behavior is adopted by all of us. It would be a mistake to stop at this point.
Step 1: let yourself be guided
Our advice is to start naturally with this behavior. Discover the rooms one after the other, make yourself feel comfortable, project yourself, project your furniture and your ideas for improvement.
Step 2: it's your turn!
Then, redo this visit entirely by being more down to earth. Leave your emotions behind and focus on the general condition of the property and its facilities.
Inside, look at the condition of the walls, floors and ceilings? Also ask about the condition of equipment such as heating, electricity and plumbing. Are the kitchen and bathroom to be redone? These are jobs where a budget is to be expected and not negligible. Outside the building, pay attention to the roof and facades. Also ask what the possible works are.
3. Check your ability to finance this property over time
At the end of your visit, take the time to review all financial aspects with your real estate broker. There are two types of fees to be aware of:
- those which will be linked to the transaction and therefore payable only once
- those linked to the status of owner and therefore recurring
Costs related to the transaction
This is of course the selling price, but remember to also ask:
- notary fees
- taxes to be added: the transfer tax knows as “the welcome tax”
- moving expenses
If you would like to know more about the welcome tax, we invite you to discover this explanatory article from the PANQ (Professional Association of Notaries of Quebec) : Real estate transfer taxes, welcome tax.
Costs related to owner status
Evaluate your ability to finance recurring extra costs outside of your monthly bank loan payments.
- Property tax and utility tax
- Condo fees if undivided or divided co-ownership
- Energy consumption
After the visit?
Once the visit is over, you can then assess whether the property meets your purchasing criteria and, if applicable, assess the concessions you are prepared to make. If you are ready to make an offer, express your interest to your real estate broker and ask him for the additional documents he has in his file. For example, you can ask for documents relating to a co-ownership or a condo or even the seller's declaration which includes all the aspects relating to the property (years of renovations, roofing, death of a person, etc.).
If you have any doubts, a follow-up can help you make a final decision.
You are now ready to make visits like an expert so start looking for your future home: suttonquebec.com
Find all our advice in the Soon at Home section.