Brampton real estate – Know how

Importance of Home Inspections

When you are buying a home you want to know how you can save in the process of embarking on a huge financial investment. A Brampton home inspection done by a professional home inspector will help you make informed decisions which could mean big savings.

At first glance home inspections may be viewed as an “extra” or even “hidden” cost by the home buyer. But that is not the case when you examine the advantages of getting a Brampton home inspection. When the deal is all sealed and done you will see that the benefits will far outweigh its cost.

Knowing the structural problems of the property gives the home buyer the leverage to negotiate for a lower price. It also protects you from buying a property that would need huge sums of money for repairs.

Home repairs associated with construction problems are costly, and buyers need to identify these problems before purchasing a home to avoid getting trapped into absorbing these expenses.  Home inspections will also point out safety issues in the property and recommend steps on how these need to be addressed.

Home inspections will cover the following areas: drainage and water problems, foundation and structure, roof, kitchen, bathrooms, interior structures, electrical, plumbing, insulation and furnace. It will cover inside and outside the property. The home inspection report made after the inspection will outline areas that need to be addressed immediately, as well as those which may be problematic in the future. Consult your Brampton real estate agent for tips.

Home buyers can undertake the repairs themselves or seek the help of a contractor who can do the work for the lowest prices Your real estate agent should then be informed of the costs of repairs which can be used to lower the buying price of the property. Ask your real estate agent for his recommendations or a list of certified home inspectors that he highly recommends. You can trust your agent to help you with this aspect.

However, the home owner may opt to undertake the repairs himself so that the decrease won’t be as big as expected.

In summary the benefits of a home inspection would include: structural and home safety evaluation; and assessment of repair costs.

Since you are looking at these benefits you should be certain that you hire a professional home inspector who has several years of experience. He should be someone you can rely on. Remember that you will have to trust the expertise of this person on what could be your next home. To dispel your apprehensions you can interview the home inspector and ask him questions about his background as an inspector, including his affiliations to any national associations; what would the inspection include?; how long will the job take to finish?; how much is the cost of inspection?; and can you come during the inspection?  If the inspector doesn’t want you to witness the inspection this is a big warning sign- so don’t hire this person. Don’t forget to ask how soon he can make the report after he finishes the job.

There are home inspection checklists available online which you could use as a guide when interviewing the home inspector.  Check out these lists as well to ensure that you only hire a qualified person for the job.  Home inspections can save home buyers money, but it would all depend on how good a job the inspector you hire does.

Hiring an agent who charges low real estate commissions can also save you a great deal of money. Why take the risk of diving blindly into real estate when you can get the services of a professional agent at a very competitive price. You might end up spending more when you attempt to buy a home on your own, or get so stressed out by the whole exercise. Looking for a certified home inspector who can be trusted can prove to be a daunting task. But an agent can help you out with this, and with all the details of the purchase.*

For Brampton real estate questions contact me anytime. I offer low commissions AND full service. 1% commission only to listing broker.

Mere postings on the MLS. Good or bad?

Will the Mere Posting service adversely impact real estate brokers and agents? It’s too early to tell after all it’s only been two months since the consent agreement was inked by the Canadian Real Estate Association and the Competition Tribunal.

Over time pertinent questions would include: did the stand alone service benefit private sellers as envisioned in the spirit of fair competition and were issues accompanying mere posting efficiently addressed? Savings is the primary reason why sellers would only go for this service rather than get the full service of a real estate brokers and its agents.

This service is for homeowners who don’t want to pay the average 3 – 6 percent commission fee charged by agents. In the pursuit of savings, however, homeowners have to realize that there is so much homework they need to do regarding marketing, financial and legal paper work, closing the sale, etc… and it could be quite overwhelming especially for the novice seller to sell the property on his or her own.

The consent agreement outlines the obligations of CREA to its members who only wish to provide Mere Postings to sellers on MLS, and requires CREA not to discriminate against discount real estate agents who only want to offer Mere Postings services for a an agreed flat fee. By allowing its member agents to offer this stand alone service CREA would be promoting innovation in the market and giving consumers more choices.

The agreement defines “Mere Posting” as the “listing on a Member Board’s MLS System in respect of which the Member has chosen or agreed not to provide services to the seller other than submitting the listing for posting on a Member Board’s MLS® System.” The MLS platform, owned and operated by CREA, lists about 90% of Canadian properties bought and sold, and can only be accessed by real estate brokers and their agents.

Before the consent agreement homeowners who want to post their properties on MLS need to get the full service of member agents. This means having to shell out between 3-10 percent for real estate commissions. However, since the agreement took effect in October, last year, private sellers or FSBO avoiding pay outs have the option of listing their properties for a flat fee without getting the full service. Although it’s still too early to assess its impact on brokerages, it’s been foreseen that private selling may enjoy a 15% increase. The estimate appears so minimal to have any huge impact on brokerages.

While some real estate agents don’t see any problems in offering this lone service, there are those who feel that Mere Posting shortchanges the customers because the service is not maximized. There are also views aired that Mere Posting will only benefit the “in the know” and savvy sellers, but would do little for the average private seller.

The contention is that there is just so much involved to selling a property than merely posting it on the web for sale. There is marketing involved, legal contracts, financial agreements, among other things. Charting the impact of this agreement for certain time frames will lend credibility to any opinions offered on the subject later on regarding its effectiveness in promoting fair competition and market innovation.*