Keep These Factors in Mind before Buying a New House
Tuesday, May 21, 2013
As has been evidenced by recent housing data, many people are in the market for buying a new house, as the Calgary area has been flooded with inquiries into properties that have recently been put up for sale. Eager to take advantage of today's affordable lending rates, prospective homeowners take all the necessary measures in order to secure a mortgage, such as by securing a Calgary home insurance policy and supplying lenders with credit information.
But in homeowners' haste to purchase a property as soon as they're approved for a loan, they often fail to account for crucial aspects of a home that could make or break whether buying a particular residence is worth it.
To help homeowners decide on whether to purchase what may be their life's biggest investment, the Canada Mortgage Housing Corporation offers some suggestions of what to pay particularly close attention to.
Is the roof in good shape?
When buying a new house one of the major factors is the overall quality of the roof. Of course, the roof is what keeps homeowners shielded from Mother Nature whether the sun are rain drops are beating down, but how effective it is in doing this largely depends on its age. Indications that the roof may be in need of a replacement is if there are multiple missing shingles, leaks or water stains are apparent near the chimney or if there's discoloration on the ceilings.
Another area in the upper portion of the home that deserves attention is the chimney. CMHC notes that a key characteristic of how well-built a residence may be are its chimney and whether it’s falling apart or crumbling. If chipping or powdery build-up is apparent around the base of the chimney or on the bricks themselves, other portions of the house may be in rough shape as well.
What about the floors and plumbing?
Consider the condition of the floors when buying a new house. Hardwood floors are a key selling point, as the aesthetic appeal is more attractive than floors made up of linoleum, but hardwood floors may require extra work if wood appears dilapidated or rotting. CMHC says it's important for prospective homeowners to maintain a discerning eye in each room of a home to see if a floor replacement may be in order.
Something else to weigh before buying a home and securing home insurance in Alberta is how the plumbing system is set up. Of course, plumbing is what enables the toilet to be flushed, showers to work and faucets to run but what the pipes are made up of has an impact on its overall quality. CMHC says that the plumbing system ought to be made out of copper, copper soldering or PVC piping. Lead piping is more likely to require maintenance.
A home's plumbing system is among the factors home insurance providers often take into consideration when assessing rates.
Check the electrical system when buying a new house
A residence's electrical system is also an issue for insurers to consider, thus naturally one that a soon-to-be homeowner should be aware of. CMHC says that if a home's electrical panel is 60 or 100 amps, it may be in need of an upgrade, which homeowners will have to take care of eventually should they decide to purchase a home.
It appears that for the most part, buyers have liked what's been available for Calgary real estate. According to the latest numbers from the Calgary Real Estate Board, there were approximately 1,600 single-family sales in April, up 2 percent when contrasted with the same period last year. Western Canada housing experts say that purchase activity likely would have been higher, but limited inventory has stifled sales.