Posted 11.19.14 @ 14:48
Buying a new house is always an exciting and sometimes stressful time for buyers. There is always the possibility of getting swayed into impulsively committing to purchase a house by some fresh coat of paint or a carefully crafted sales pitch, but wait! No matter how tempted you are about closing a house deal right then and there, you should consider some of what house sellers try to hide from prospective buyers. After all, a new house is a new beginning and you would surely not want what looks like a great property deal to turn out as an absolute nightmare. Read on below to find out what house sellers try to hide from buyers like you so you can be better equipped in navigating the pitfalls of house hunting.
Age of Systems
Perhaps the best trick in the arsenal of some unethical real estate agents is to utter the words “don’t know” when prospective buyers ask them about the age of systems used in the house. This can either be a trick or a half truth, but a good seller or a good agent would at least make the effort to do some research about this before entertaining buyers. If the agent utters those words and you really would want to buy the house, it is highly important to make it a clause in your agreement that these data should be provided to you before sealing the deal.
Emotional or Psychological Issues
Although some people may not be bothered about buying a house where someone has been murdered or where someone has committed suicide, sellers should be professional enough to mention details like this to possible buyers even if it is not required in the local laws to do so.
A leaky faucet is not a huge problem but if a leak is something that can affect the structural integrity of the house or the safety and health of the next owners, then it should be disclosed to prospective buyers. Even a small radiator leak or roof leak can become a huge problem if not addressed early on. If the owner or the real estate agent informs you of even a very minor problem like a dripping faucet, it means that they really do care about the property and their reputation, always a huge sales point! In fact, listings which mention house issues like these can even be sold faster, just like in the experience of Jennifer Breu, an NYC-based real estate agent who listed a home with a less than perfect ceiling. Her transparency seemed to increase the value of the property she’s selling.
Everyone loves hardwood floors and it is always a great selling point for any home. However, if those floors are being eaten by termites, they would cease to be an asset, not to mention the fact that it can endanger the house’s structural integrity. Local laws may vary and some areas may not have disclosure laws about pests but lying is always considered wrong anywhere the house is located. Simply make sure to directly ask the real estate agent or house seller about issues with pests to avoid this house-hunting pitfall.
Sure you can get a stunning house at rock bottom price but if the reason it’s being marked down is because it has issues with the roof or the foundation, you should be aware that the costs of repairs could reach 6 digits depending on the size of the house and the extent of the damage. It won’t hurt to be thorough in inspecting the house prior to committing to buy. It is even better to hire a professional house inspector as a third party assessor prior to whipping out your pen for signing house sale documents. Remember, a house is a real commitment no matter if you’re just planning it to be a starter home or want it to be a forever home. You would surely want the best value and make sound decisions for you not to regret the purchase later.
Hunting for a luxury home in Oakville? Let us help you with your search! Our team is composed of the most highly-esteemed professional real estate agents in Canada who won’t try to trick you just to make a sale. Contact us to see available beautiful homes in both South Oakville and North Oakville from our listings.