When you are house hunting, especially for the first time, it can be very easy to get caught up in the search and overlook some important things. Here are some that warrant some thought:
- Don’t fall in love with the house. Think rationally: is it an older house that will require extensive repairs in the near future? Is the neighbourhood suitable at different times of day?
- If there is a rental unit, don’t assume it’s legal. Always check with your lawyer, especially if you are counting on the income to qualify for your mortgage.
- Don’t choose your lawyer based on price. This is one of the biggest investments you will ever make, so remember the saying “Penny wise and pound foolish.”
- Don’t skip on searches your lawyer recommends just to save a few dollars.
- Don’t hide your intended use from your lawyer. If you want to run a business out of your house, or put in a pool, you may have restrictions. It’s better to have your lawyer investigate that early on so that you don’t get stuck with a house that won’t work for you.
- Don’t ever skip a home inspection. In Ontario, if you had the option of a home inspection and chose not to, the seller is not responsible for anything a home inspector could have found. It’s not worth the small savings to miss a big issue.
Keep these in mind, and you’ll find the house of your dreams. Happy house hunting this spring!