The Canadian real estate market has been booming for more than a decade, and it shows no signs of slowing down. Bidding wars happen all the time and houses that are considered fixer-uppers are hitting the seven figure price range. However with all this activity and competition, a number of myths have surfaced in the industry.
1. You should just sign the paperwork since the contracts are standardized.
The fact of the matter is that each real estate contract is unique. You have to read the fine print and be sure that you understand what is included in every agreement. A qualified real estate agent is your best ally in this process.
2. Your deposit will be returned automatically if the deal falls through.
If you make an offer and the conditions are accepted, you will pay a deposit, which is then held in a brokerage trust account. When conditions are not met or not waived by you, then the deal will fall through. However, you should not automatically assume you will get your money back. It has to be agreed by the buyer and seller that the money will be released. If this agreement is not reached, a court order will have to be obtained for recouping your money.
3. Minor repairs can be avoided.
Even small repairs can have a major impact on the price of the home and how potential buyers see your home. Fixing minor repairs can actually get you a larger asking price.
4. There is no point in getting a home inspection.
While you may believe that you have found “the one,” you need to ensure you have all the facts prior to diving in. Having a home inspection will ensure that you know all the details of the home prior to making a purchase.
5. You’re better off selling your home on your own.
While you will save some money by not having to pay a real estate agent, in the long run you will actually end up spending more to sell your home. Time is money and when you have to do things like take time off of work to show your home to a potential buyer that lost time adds up.
For more information about buying or selling a home in Vaughan, ON, contact Schuren Sriskandarajah today: 416.333.9393.