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How to avoid making a mistake when buying an older home

“Always pick your yard based on your Summer lifetstyle.”

~ KARL

May 17, 2018 - Karl Yeh

Considering buying an older or resale home? What should you know before making a purchase? In this episode, we discuss key factors home buyers must know when buying an older home such as budget, home condition and location. We also explore if/when to use a home inspector and the importance of a home tour with family members.

 

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Transcription:

Karl Yeh:

Hi everyone and welcome to another edition of Homebuyer's School.

Today I'm joined by Eddy D'Ambrosio, a real estate agent with RE/MAX Elite, and today the question we're going to answer is,

What are things I should know when buying a resale home?

[00:00:30] So Eddy, what are some of the key things that you'd look for when buying a resale home?

Eddy D'Ambrosio:           

So when you're buying a resale home I think obviously at this point you've:

  1. sat down with a mortgage broker,
  2. you've determined your budget for that home, and
  3. you've given thought to the location that you'd like to live in.

Maybe some communities, and driven out to those communities, and maybe had a little bit of a drive around.

And so now you've picked out some properties and [00:01:00] you get out looking at them.

You know the first thing is take your time with each showing.

Start from the outside, really determine how does that home look from the outside, what does the surrounding area look like.

Are you in a cul-de-sac? Maybe if you have kids being in a nice private cul-de-sac may be important to you.

Karl Yeh:                              Yeah.

Eddy D'Ambrosio:           

And then take the opportunity to walk around the outside of that home and just ... to inspect that a little bit and determine if it ... You know, does it look [00:01:30] good to you?

Does it look like it's pretty condition? And well cared for? That's a good a idea before you head on in.

Karl Yeh:                             

How important is using a home inspector to really gauge that the house is livable?

Eddy D'Ambrosio:           

Yeah, I mean it's so important because they are just .. the fact is that real estate agents and the every day clients, we're just not trained to be able to see the things that a trained home inspector is [00:02:00] able to see and able to find.

So it's invaluable.

Hire a home inspector, once you've found a property that kind of meets all of your needs and that you're ready to, or you should have at this point should have moved forward with an offer to purchase.

And that's actually, that kind of brings up the topic of as a client is going through a home, and as you view more properties, you don't always have to feel that with each property you need to be the home inspector.

Some [00:02:30] clients really love to get down and look at those details but a good successful first visit at a property really looks like a tour.

A relaxed tour of that property, and really just feel it out, and kind of assess if the, does the home size work for you?

They layout, bedroom sizes? And then you can kind of move forward with more of the details like that property inspection.

Karl Yeh:                             

How important is it to get your [00:03:00] family members to actually take the tour with you?

Eddy D'Ambrosio:           

For some people that family opinion can mean the world. So for those that have families that are very opinionated it can be kind of both, it can be such a good help to have your family validate your interest in a property.

It can sometimes get a bit confusing to now throw a whole bunch more opinions into the [00:03:30] mix.

Anytime that you have anyone that you rely on for an opinion or for some advice bringing them in to that process and having them to bounce ideas off of I think is a really great idea.

Karl Yeh:                             

Well thank you very much Eddy, thank you very much everyone for joining us. And we'll catch you next time.

Recommended Watch

So of our other videos that you may be interested in watching related to this topic are:

What home buyers ought to know when visiting a showhome (and what to specifically look for)?

What are the pros and cons of buying a fixer-upper home?

How to choose the location of your home  (so you find the right place when buying)

 

Your turn:

Let us know if you have additional home buying questions that we can answer by submitting them in the comments section below. 

Homebuyer's School publishes new content weekly so subscribe or check back regularly for the latest information, strategies and tips from homebuying experts. 

About Eddy D'Ambrosio:

My experience in the real estate industry started in 2010 selling homes for one of  Edmonton's largest new home builders. With over 150 homes sold, I learned what it takes to sell homes in both a busy and a slow market. In all of my years selling homes I was a top producer and in 2014 I received the A.C Westman Award for both Top Sales and Customer Service Ranking which is the highest honour. The skills I learned working in the New home Industry transfer over to general real estate in a big way and make me a huge asset to have on both the selling side of a transaction and the buyers side.

My message to those looking to sell a home today is that my experience and expertise is in understanding the people I'm selling for and the people I'm selling to, understanding the product or property that I'm working with, and developing a creative and effective strategy that will get us top dollar for your home. I enjoy the unique challenge and opportunity that comes with each individual property and I don't work with a one size fits all approach so contact me when you are ready to meet and work together to put together the best strategy for you and your home.

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