Top Frequently Asked Questions from Home Buyers
Posted Sep 5th 2022
As a Realtor in Bowmanville, we have encountered many questions from our clients as they are looking to purchase a home. Before you begin your search for a new home, make sure you know all of the answers to the most commonly asked questions.
The process of buying a home with your trusted Bowmanville Real Estate Agent begins long before you set foot in a real estate office. It continues right through the final walk-through. To stay focused and organized during the entire process, ask yourself these questions before you set foot inside your new home. The answers to these questions may surprise you.
What are the downsides of buying a home in a flood zone?
A property in a flood zone can pose a significant risk for its future value. Floods often cause the destruction of homes, so you may be better off considering mitigation measures before making the purchase. Flood insurance is a common way to cover your mortgage in such cases. You should also check to see if you can get a grant to help you with the costs.
What does it mean to buy a home in a high-risk neighbourhood?
Buying a home in a high-risk neighbourhood can pose significant challenges. Homes located near the lakes are more vulnerable to inclement weather and flooding, and some areas may have additional restrictions on flood insurance. Other areas are more likely to experience forest fires, so be sure to talk to an experienced real estate agent about these concerns. Similarly, crime is something that you should be vetting the local region for when considering moving to a new neighbourhood.
Can I buy a home using a virtual tour?
Buying a home is an important transaction that should be done in person. Using a virtual tour is a great way to get a feel for the space, and it can be a good way to inspire buyers to visit the real thing. It can also serve as a refresher for people who have already seen the place. As with all real estate transactions, it’s important to use this tool as an additional tool rather than the primary one.
Should I be getting a professional home inspection?
One of the most common questions that first-time home buyers ask is whether they should get a professional inspection. The results of a home inspection can give you the information you need to make an informed decision on the home you want to buy. A home inspector can also give you an inside look into the condition of the home’s systems. The inspector will also test all appliances included in the sale. They may turn on the dishwasher and run a cycle of the washing machine to make sure everything is working. They will also test the oven and refrigerator, in addition to the smoke and fire alarms.
More importantly, a home inspection will examine the plumbing systems, electrical, structural integrity of the roof, the home’s foundation & much more. Once a professional home inspection has been completed, and all elements are up to standard, you can then finalize the purchase.
How do I save for a down payment?
One of the top questions home buyers ask is, “How do I save for a down payment?” It is crucial to understand how much money you can afford to spend on a down payment. You may be surprised to learn that your down payment can be much smaller than you think, and the amount you need to save for a down payment is different from the down payment required by most lenders. To save for a down payment, you need to make monthly deductions from your paycheck and research mortgage programs available to low-income buyers.
Top Realtors in Bowmanville
If you’re searching for real estate professionals in the Bowmanville region, the Baird Team has years of proven expertise and can help you find your new dream home. Our expert team also includes a Realtor in Oshawa if you are interested in purchasing a new home. Regardless of whether you are searching for homes for sale in Bowmanville, Oshawa, or Courtice Real Estate Agent expertise that you can trust is only a phone call away! Get in touch with our team at 905-242-2716.