Low interest rates and a hot housing market have seen the price of Newmarket homes skyrocket, with the average selling price of area homes jumping 20 per cent in the last year.
According to current Newmarket MLS® stats for May, the average house sells for nearly $1.1-million.
With tougher funding regulations set to come in, it’s more important than ever to make sure the house you’re about to bid on is worth the money.
Your main concern is how you will finance your home purchase. Certified Mortgage Brokers advise to put as much down payment as possible to qualify for better mortgage conditions such as a lower rate. This is easier if you don’t need to keep money back to deal with any major repairs right after purchase.
Look out for the following problems to avoid expensive repairs right after moving:
Roof and eavestroughs
A roof is one of the major household expenses. A home inspector won’t fully inspect the full health of the roof and could miss crucial warning signs that could potentially cost you a lot of money — anywhere from $5,000 to $30,000. A roof inspection by a professional such as Trades by Jack can give a sense of what kind of condition the roof is in.
And don’t forget the eavestroughs. They’re a small thing that can be easily overlooked, but damage from flooding caused by eaves that don’t function properly could set you back in the thousands.
Basement
Look for signs of a leaky basement: water puddles, stains, odour, mould, or cracking on the floors or wall. Waterproofing can be costly. It's always a great idea to get insight from a professional before making any decision. Direct Waterproofing is an award-winning basement waterproofing company that can help with all your waterproofing needs.
HVAC systems
It’s highly recommended to check your house to ascertain if your ducts are leaky or inadequately connected, and whether your furnace or air conditioner could require costly repairs or replacements. AirMakers has a team of experts who specialize in air conditioning repair.
Kitchen and bathrooms
Does the layout work for you? What’s the overall condition of the cabinetry? Is there enough storage? If you’re thinking of doing a bathroom reno, make sure to factor it into your selling price. The pros at Easy Renovation can make it simple for you.
Your home is one of the biggest purchases of your life. Make sure to check all of these elements before putting in an offer. Sometimes it’s better to pass on a home than to face costly, necessary repairs.
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