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Thinking of Making an Offer on a Home? Here’s What to Check First
Making an offer on a home is one of the biggest financial decisions you'll ever make—there’s no sugar-coating it. Between the long-term commitment and the emotional investment, it’s easy to overlook some important details. That’s where having a solid pre-offer checklist can really help. Think of it as your playbook for making smart, confident decisions before signing on the dotted line.
✅ Do Your Homework on Permits
Before you fall in love with that charming sunroom or the bonus rental suite, take a moment to check the permits. Were those renovations done legally and up to code? If not, it could be a red flag.
Unpermitted work could lead to costly repairs or even legal headaches down the road—not to mention it might throw a wrench into your mortgage approval if the appraiser can’t count that extra space in the valuation. Bottom line: always confirm the home’s history with the city or municipality. It tells you a lot about the seller’s transparency, too.
💰 Factor in the Property Taxes
Property taxes might not be top of mind during your house hunt, but they should be. Unlike one-time costs like a down payment or closing fees, taxes are ongoing—and they can go up over time.
Check the current rates, but also leave some room in your budget in case those numbers climb. A bit of extra cushion now can save you stress later.
💡 Understand the Fees
If you're looking at a condo or a home in a strata or HOA-managed community, make sure you’re clear on the monthly fees. How much are they? What do they cover? Are there any upcoming special assessments for repairs or upgrades?
Some fees are worth every penny if they include services you’ll actually use, like a pool, gym, or landscaping. But paying for amenities you don’t need? That adds up. Knowing what you’re paying for gives you a clearer picture—and can even be a point of negotiation.
🛡️ Look Into Insurance Costs
Ask the seller about their current insurance premiums—it gives you a helpful benchmark. But don’t stop there. Shop around and get your own quotes, especially if the home has an older roof, dated plumbing, or an electrical system that might raise red flags.
These details can affect both your premiums and your bargaining power. If you’ll need to make upgrades, it’s better to know now than after you move in.
🔧 Review Utilities & Maintenance
Beyond the mortgage, don’t forget to factor in the month-to-month costs of running the home. Things like hydro bills, heating, yard care, and upkeep on older systems can add up.
Ask for past utility bills and consider whether the property requires professional maintenance. If you're eyeing a larger yard or pool, will you be hiring help or DIYing? A home inspection will give you clarity here and help uncover any immediate repair needs—ideal for setting expectations (and your offer price).
🏡 Think Beyond the Four Walls
Finally, think lifestyle. How’s the commute? Are schools nearby (a plus for resale, even if you don’t have kids)? What’s the feel of the neighbourhood? Are there parks, walking trails, shops, or gyms close by?
Every home has a vibe—and it should match your day-to-day needs. A little research now can save you from buyer’s remorse later.
Let’s Make Smart Moves Together
Buying or selling in this fast-moving market, whether buying or selling, let's talk strategy. My team and I are here to guide you every step of the way, helping you avoid costly surprises and stay confident in your decisions. Reach out anytime—we’re ready when you are.
