Getting Ready for the Final Walkthrough – 8 Things to Look for Before Buying a Property
In the modern age of online real estate listings and virtual property tours, there are plenty of finer details that can go unseen by potential buyers.
When you are viewing a property, it is essential that you have a firm understanding of every area of concern that a property may hold. After all, no matter what your plans may be, no one likes unpleasant surprises such as leaky plumbing or rats in the basement.
This is why the final walkthrough is one of the most important steps of the buying process – and why you should almost never buy a property that you have not seen yourself. So, in order to help you put your best foot forward during the final walkthrough, here are eight things you should look for before buying a property.
But first, before you do your final walkthrough, you should make sure you are aware of any problems your lender needs to learn more about. Sometimes a lender will refuse to provide financing on a property until everything has passed their tests. To learn more about what to look for, click the link below for a free strategy call.
Evidence of Pests
No one wants to live in a home with an active pest problem. So, as the buyer you need to remain aware of signs that may indicate an infestation somewhere in the home. After all, noticeable signs of an infestation usually only take a few days to appear, so if you can spot these signs, things may already be out-of-hand:
- Bugs in the Home
- Holes in Walls and Baseboards
- Sagging Floors
- Pesticides or Traps Through the Home
If you spot any of these during a final walkthrough, you should contact the seller immediately to ensure there are plans in place to remove the pests prior to the sale being completed.
Broken Appliances and Features
Often when you are buying a home, some of the appliances will be included with the property. Typically, because they are very large and difficult to move, so people would much rather worry about them after selling their current property.
However, despite the common practice of leaving appliances behind, you should still take the time to inspect the appliances and ensure they are in working order during your final walkthrough. While many people simply do not want the hassle of moving a washing machine or a dishwasher, others may be leaving them behind because they are not operational to begin with.
If the seller is trying to unload their broken appliances with their property, you may want to inquire about having them repaired or removed before you take over the property, so the hassle is not passed along to you.
Warranties and Repair Information
Even if all of the appliances are in working order. You should inquire about any warranties or essential repair information that you should know during your final walkthrough. Sometimes, by assuming ownership of an appliance, you may be adopting its warranty and will need to know the terms and conditions of that policy. Other times, you may be assuming ownership and receiving zero protection for the appliance. This is most common with water heaters and heating/cooling systems.
Leaks and Water Pressure
While you are doing a final walkthrough, ask if you can run the taps and check on both the hot and cold water throughout the home. While you are doing this, keep an eye for any signs of leaks in any of the taps and make sure the water pressure is sufficient.
If there are leaks you should ask about having them repaired before buying the property. Otherwise, you may wish to handle them immediately to avoid losing money on your water bill each month. Leaks can also lead to further damages and complications that you should be aware of.
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Mold and Mildew
If there are leaks or obvious signs of water damage, you may also have a mold and mildew problem in the home you are viewing. This can be very troublesome because not only will you need to cut away and replace the damaged surfaces in most cases, but there are plenty of health concerns that can arise from leaving mold untreated.
During your final walkthrough try to check if you can see or smell any growth.
Broken Outlets and Electrical Problems
Sometimes, older homes have electrical problems that go unmentioned by sellers. This can either be due to them not wanting to disclose the information, or they may have grown used to avoiding them and do not think to mention it. Either way, when you are viewing a property, it may be worth your time to inquire about the state of the home’s electrical system.
When you are doing your final walkthrough, flip some of the light switches as you go to check the lights, or bring a small light to test the outlets.
In some cases, you may find that there are outlets no longer in working order or worn-out fuses that blow out if you turn on too many appliances at one time. Both of these can be repaired relatively easy, but you should still remain aware.
HVAC Issues
During your final walkthrough, check if the heating and cooling systems are on, if they are not asking if you can check them for a minute. During the hot summer months and cool winter, your heating and cooling system can be incredibly important, and you do not want to find out they do not work when it is too late.
Doorbells and Home Security
One final thing you may want to check out during your final walkthrough are the doorbell and any other home security elements. If the doorbell does not work, you may not be able to hear if visitors or delivery workers are at the door while you are home which can become a hassle.
In regard to security, make sure all of the doors and locks are operational. This includes making sure that your windows cannot be opened from the outside. If the home comes with a security system you may also wish to ask about how it functions and how they can go about accessing any data it provides, although this is uncommon, and you may not get definitive answers until the purchase is complete for safety reasons.
Are You Ready to Invest?
If you are ready to dive headfirst into the world of real estate investment, the time is now. Go ahead and call one of our agents here at LendCity and we will gladly get you started with a pre-approval from an experienced lender to make sure you get the best financing available for your next purchase. You can call us at 519-960-0370 or visit us online at LendCity.ca Alternatively, click the link below to book a free strategy call with our team at LendCity.