The three things you should absolutely know before buying a home
What do you wish you’d known the last time you bought a home?
Every real estate transaction is unique, so I decided to ask a few acquaintances to find out what they learned when they bought their home. But first, I’ll tell you about an issue that I faced. Understand what’s included: If you read this column, it might seem like I’ve got all the answers. But when I bought my home over 10 years ago I wasn’t working at RECO, and in many ways I was a typical homebuyer.
Something that sticks in my mind are the light fixtures — items that were on the walls during the open house, but very, very gone by the time we moved in. I’ll never forget all those empty electrical boxes in our new home.
You can often negotiate with the seller if there’s something you’d really like to keep. If the seller insists on excluding an item from the sale, you might consider asking them to include a replacement item with the sale. In our case, the seller had let us know that they planned to take the light fixtures and we had agreed to it. I wish we’d asked them to install replacements, because it was a big to-do after we moved in. We were living with bare light bulbs for a few months.
My experience also emphasizes how important it is to understand what’s included when you buy a new home. A registered real estate professional can include terms in your offer that clearly indicate what’s included.
But enough about me. Here’s what I heard from two of the people I spoke with: Don’t hire the first salesperson you meet: “I had an acquaintance who worked as a real estate professional, so when I decided to buy my first home, I agreed to work with him. As we went through the process of viewing homes and making offers, it became clear that our personalities clashed. Ultimately, it worked out OK, but our working relationship was definitely strained.
“I wish I’d taken my time when I chose a salesperson to work with. If I had to do it over again, I would interview a few candidates and make sure I chose someone who ‘clicked’ with my personality.” Understand what you’re signing: “When it came time to sign a buyer representation agreement, I rushed through the document and signed it right away. I remember thinking that it was a lot of legalese that didn’t really matter.
“I didn’t stop to consider if I was willing to commit to a six-month agreement with my representative. I wish I’d taken the time to read, understand and consider what I was signing. I didn’t take it seriously enough, but I was signing a binding contract.
“Next time I buy a home, I’ll make a point of reading all the contracts thoroughly. And if there’s something I have questions about, I’ll ask my representative, or, if necessary, consult with a lawyer.”
Next week I’ll devote the whole column to one person’s recent experience. Joseph Richer is registrar of the Real Estate Council of Ontario (RECO). He oversees and enforces all rules governing real estate professionals in Ontario. Email questions to askjoe@reco.on.ca. Find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/RECOhelps.