Ah, the excitement of putting in an offer on a home! You’ve toured the home or seen the floorplans. Your financing is in place. You love the neighbourhood. Now it’s time to put together an offer! Or is it? Before you go ahead, make sure you’ve asked your agent these three things:
What’s planned for the area around my home?
A key thing buyers forget about is that they’re not just buying an interior space, they’re buying space in a neighbourhood. How that neighbourhood shapes itself will be key to long-term value. If there is new development planned, such as new schools or community amenities, that could be a good thing. On the other hand, if a giant condo tower is proposed just feet from your bedroom window, that might be a reason to reconsider
What would a home inspection and/or status certificate determine?
When shelling out for a luxury property, it’s even more important to have a home inspection done, or, if you’re looking at condos, obtaining a status certificate. These are often put in as a condition of the sale. Both will tell you crucial things about the home or building’s health and durability, and, in the case of a condo, details about how much money is in the building’s reserve fund.
What’s the game plan if the offer is rejected?
This is where having a luxury real estate agent that knows your value comes in. In today’s market, it’s not uncommon to be outbid or rejected, or for a seller to give you a chance to increase your offer. Make sure your agent knows just how far you’re willing to increase your offer, and when it’s worth your time to just move on.