As we have said many times, purchasing a home is one of the most important purchases you will ever make.  With it being such a huge investment, it is vital that you know exactly what you are getting.  Knowing the ins and outs of your new house is a necessity, which is why home inspections are a routine step in the home buying process.  Whether you are further along in the process and hiring a professional inspector or you are doing a walk through of a home during an open house, here are some things to keep in mind:

• Plumbing

Keep an eye open for any water stains, specifically on walls and ceilings.  Water stains typically mean there is a leaky pipe which could result in hefty maintenance fees down the road.  Though you typically may not do this during an open house, be sure to check to water pressure and drainage and ensure all taps, toilets, showers are in working condition prior to purchasing.

• Foundation

Shifting foundation is something that needs attention and regularly requires professional help.  You can do a preliminary check of the house by looking for gaps around doors and windows.  It is also worth keeping an eye out for cracks in the foundation, specifically if they are both horizontal and vertical.

• Exterior

Beyond the aesthetic features that may have appealed you to the home, be sure that everything is practical and in good condition.  Necessities including roofing, windows, garage doors, doors, and patios are among the most expensive to replace.  Though it is unrealistic to expect all of these to last for the entire duration you live in the home, you definitely do not want to be replacing them right away.  Therefore, ask when they were last done, and if they are still under warranty.  If they do need to be replaced, this should reflect in the asking price of the home.

• Electrical

Another simple thing to look for when touring the home is electrical outlets.  Ensure that there are enough and that they are in working order.  Take a look at the ceilings, especially in foyers, dining rooms, and living rooms where you may want to hang chandeliers.  Can they be easily hooked up without incurring unnecessary electrician fees?

These are just a few factors that could save you money down the road.  Be sure to visit your new home as much as you can before signing, as you could notice something you didn’t prior.  Bring your parents, a friend, your children if you have them, the more people you involve the more likely you are to catch any problems that may need to be addressed.

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.