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If you’re thinking of purchasing a home, you’ve probably already started looking. You may have seen quite a few homes and the details are starting to become somewhat hazy and jumbled.

Do you remember which one had the ensuite bath and which one had the walk-out basement? How much storage space did the first choice on your list have? Were appliances included in all of the homes you viewed? And what about property taxes and maintenance costs associated with each home? Can you remember how close the home was to local amenities like stores, schools, parks and the hospital? Which one had the landscaping you liked best?

 

Compiling a house-hunting checklist, as you go through the homes is an excellent way of keeping track of features and drawbacks of each home.

 

 

Develop a form for yourself that includes space for all the standard questions like location, asking price, annual property taxes, mortgage terms and any applicable zoning restrictions and includes a checklist of other items that are important to you and your family. Your buyer’s agent can help you with this.

 

Here is a general checklist when viewing the interior and exterior of a home:

 

YOUR CHECKLIST SHOULD INCLUDE:

  • What size and shape is the lot? Is it fully serviced with sewage, water, gas and electrical lines?
  • How many square feet of living space are there? How many rooms?
  • What is the condition and age of the roof and are there any leaks or recent repairs?
  • Are there proper roof gutters and adequate downspouts which are properly connected to storm drains?
  • Are the interior walls and ceilings solid? Is there any evidence of leaks or cracks? Is there any evidence of dry rot or termites?
  • Are floors firm and level? What type of floors are beneath the carpeting?
  • Are the room sizes adequate for your needs, including storage areas and closet space?
  • Is ventilating equipment satisfactory? Are there exhaust fans in the kitchen and bathrooms?
  • What kind of heat system is it? What kind of fuel is used? How much does it cost to heat the house year-round?
  • Is there sufficient electrical wiring? Are there adequate outlets in the home?
 
  • What is the condition of the basement and foundation? Are there severe cracks in or excessive or uneven settlement of the foundation? Is the basement floor dry?
  • What about the attic or crawl space? Is there evidence of leaks? Is there proper insulation/ventilation?
  • What is the condition of caulking on windows and doors? Do they open and close easily?
  • Is the kitchen suitable? Are there enough outlets and space for appliances?
  • What is included in the sale – appliances, etc.?
  • Is there sufficient parking? How large is the garage?
  • Is a property disclosure statement available? This form provides information about the state of the property to all potential buyers.
  • Are there any restrictive covenants, i.e., specific limitations on such things as use, occupancy, exterior finish?
  • What is the zoning on the property, and on surrounding properties? What changes to the immediate vicinity can be expected? Are there any easements, i.e., rights or privileges one party may have to use the land for a special purpose?
Information courtesy of Fraser Valley Board
 
 
Lucky Gill
www.luckygill.com
lucky@yourluckyrealtor.com
604-767-7274
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Many people would like to start building equity in their own home, but are held back by concerns about cost. Media reports of housing prices can give a misleading impression about the cost of home-ownership. The media typically reports median or average prices without explaining the distribution of home prices behind those figures.

 

A median price is the price at which half the homes sold for more while half sold for less. That means that there are just as many homes that sold at a price lower than the median than those that sold at prices higher than the median price. The median price doesn’t give any indication of the spread of these prices. Many properties are sold at much lower – and higher, of course – prices than the median price.

 

An average price is the total dollar volume of homes sold for a particular period, divided by the number of units sold. Average prices are typically reported for the sales activity in a given area for a given month, quarter or year, and provide a snapshot of past activity. Average prices of properties sold in the past give only a limited indication of what housing inventory for sale is priced at today. An understanding of the housing in a particular community is needed to put average prices into perspective. For example, sales of a new sub-division or townhouse project of larger, upscale homes at higher prices will bring the overall average price up, giving the impression that all housing prices have risen, when in reality, prices for the other housing units in the community have not changed, or they may have even dropped.

 

The Fraser Valley Real Estate Board was the first real estate board in Canada to offer a housing price index (HPI) which tracks the price of a typical, or benchmark property. HPI statistics can often provide a new depth of interpretation to average and median statistics.

Low mortgage rates combined with affordability and selection have made Fraser Valley communities increasingly popular for buyers. A REALTOR® with experience in the community in which you’re interested in buying can provide a knowledgeable market analysis and show you what is available within your budget.

 

Ask a Fraser Valley REALTOR® for details. You may well find that you can afford that dream of home ownership, after all.

 

Information courtesy of Fraser Valely Real Estate Board.

 

Lucky Gill

604-767-7274

www.luckygill.com

lucky@yourluckyrealtor.com

 

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