Over the years the following seem to create frustration for buyers when they're focussed on listing information readily available before they see a property:
1. Central Air Conditioning-"yes". Older homes with boilers (water heated) often have a wall mounted a/c unit in the house (or 2). This often get ticked off as "central air conditioning" though it's not really a central air conditioner. FYI...a house with a water boiler cannot run a central air conditioner. If the owners have upgraded and spent a good amount of money, there may be what is known as a "space pac" which is an air conditioning method that begins in the attic and runs thru piping from room to room.
2. Mutual driveway listing with 1 detached garage. Note, in most older homes, the mutual drives are so tight that most of today's autos won't fit. So the garage is nothing more then a storage facility---which is fine so long as you go in knowing that it's not going to house your car.
3. Pad parking spots-MLS rules are becoming stricter around agent's disclosing that the parking spot in front of the house is "not" legal. Often there will be a badge displayed on site that shows that the spot is registered with the city.
4. Transferance of pad parking--this requires the new Buyer to actually reapply for the pad park. Another means for the city to form revenue. Note, this must be done.
5. Number of bedrooms--a house is noted as a 3 plus 1. Often this means that there are 3 bedrooms on the upper floor(s) of the home and an additional room in the basement. Sometimes the room in the basement has neither a window nor a closet. It's a glorified closet.
6. Partly finished basement--most of the time you can assume this means an unfinished basement and budget to do the whole basement. Sometimes the basement is completely unfinished and in the back there is a laundry area or maybe a couch with an ikea rug on top of the poured concrete (we see this in newer homes quite a bit as the owners wait the year plus for the foundation to level before finishing).
7. No mention of asbestos. Asbestos is no where near as scary as it has been made out to be. It's often used above boilers to wrap the piping to insulate the water and keep it warmed. So long as the asbestos is not disturbed or "encapsulated" (looks like a white bandage around pipe). Sellers to date do not have to disclose the existance of asbestos. As a prospective home buyer it's of use for you to know that it exists, espectially if you were planning major renos, you'd want certified people to handle the matter.
8. Property Tax quoted on MLS. It may seem low. If the house has had a recent addition done the city may not be aware of it and is assessing house off the existing structure from 2008 assessment date. Be sure to know. Also taxes are increasing until 2012 each year by the difference of the 2008 assessed value and the prior one.
9. Pets permitted in condos---you'll want to make sure if you have a pet that you get your agent to do some digging here for sure. Some agents will say "yes" under the condo listing and it may turn out to be a "no" OR the corporation of the condo may have restrictions as to what size pets permitted. Also, be sure to verify what is included under the monthly maintenance fee. Some times agent's tick off the wrong boxes and this will most certainly affect your monthly budgeting (especially first time buyers).
10. GST/HST when buying a new home. The agreement should always read that GST/HST is in addition to the purchase price. But, often the HST will be buried in the price you pay. You'll want to know for potential rebate purposes. I will defer to the accountants and lawyers here. Just bringing up the issue.
There are countless other areas of confusion for Buyers. As I continually say in these blogs...stay informed and hire someone who truly has your best interests covered.
Thanks-
http://www.TheSmithsBuyAHouse.com
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