In my line of work I have the opportunity to observe many real estate transactions and have found what I feel are the top 5 purchasing mistakes made by both novice and experienced home buyers. So far we have covered; not overpaying for the property, not buying the home you can’t afford, not arranging optimum financing and today we will examine part 4:
4. You researched the neighbourhood. Did you research the neighbours?
Finding you the ideal house is the job of your realtor. The community in which it’s located must also be a good fit for your lifestyle, if the house is truly the “ideal home”.
What else is there to consider?
What about the commuting distance from work, daycare, schools, recreational facilities, parks, shopping, etc?
Did you give consideration to the quality of the other properties on your neighbourhood? Are you buying the best home or the worst home on your street? How is your home priced in relation to others recently sold? Is the neighbourhood improving or declining? What is the resell potential?
Your realtor can help you out with all of the above, but one thing that rarely is suggested and should be of upmost importance, is checking out the neighbours in advance of the offer to purchase. Visit the neighbourhood multiple times at different times of the day and week to see what is happening on the street. If you don’t like children walking on your lawn, it is best to find out about the weekend ball hockey games in front of your house before you buy. Did you know your neighbour across the street has his buddies over every evening to drink beer and play music on the front porch? The next door neighbour to your left is a hoarder and collects valuable junk that fills up the backyard in the summer. Your neighbour on the right stays at home and has too much time on his hands. He regularly calls the city bylaw officer to complain about the hoarder, the party neighbour, the ball hockey children and he thinks your air conditioning unit should be on the other side of your home because the hum keeps him awake at night.
Your ideal home could quickly become a nightmare if you do not like the culture of your neighbourhood. The best option to avoiding potential conflicts is to interview your neighbours. Knock on their doors, mention you are seeking to purchase the home for sale and have a chat with them. Ask them about the other neighbours on the street. You will be amazed at the information you will uncover and you will also find out interesting information on the home you wish to purchase. If the basement leaks you can bet one of the neighbours is aware of the problem.
We welcome your comments.
Part 5- Finding the best support team. You deserve the best.
Recent Comments