In Canada, buying a home can seem expensive, especially if you’re a first-time purchaser. It’s common to think about what elements are crucial and where you might be able to cut corners (do you really need that main floor powder room or those high-end condo amenities?). There are some things, however, that just aren’t worth skimping on. The hassle—and expense—could cost you in the long run, and it just isn’t worth it.
Whether you’re buying a new-build or a heritage home, make sure the electrical system is up to inspection. You rely on electricity on a daily basis and faulty wiring is frustrating at best and dangerous at worst. If you’re buying an older home, don’t forget that it might need to be upgraded to support things that didn’t even exist when the home was built, such as a washing machine.
The Home Inspection
Many people wonder if they can forgo a home inspection, especially in a competitive bidding market. Many of those same people also regret it deeply when they do. A home inspection is a comprehensive process performed by specialists who are trained to see things you can’t or that the listing agent might be hesitant to tell you. Not only can this save you money and headaches down the road, but it might uncover something that could be crucial to your bargaining power, like a roof that will need to be replaced.
A Location You Don’t Love
Many Canadian buyers feel that to afford the kind of home they want, they need to move out of a neighbourhood they love. Whether this is due to the price of homes or the selection available, it’s something to take into consideration. But buying a home in a neighbourhood you don’t love coming home to, that has a high crime rate or increases your commute to the point where it cuts into your leisure time, is a big mistake. You can’t get that time or sanity back.