Despite the economic slump caused by COVID-19, the Barrie housing market is hotter than ever, with houses being snatched off the market in just over a week.
With the fourth highest rent in Canada, the city is appealing to both families and investors looking for homes.
According to the Barrie & District Association of REALTORS® Inc.,the average price of a single family home increased 24 per cent over the past year.
With housing prices skyrocketing and limited inventory, it’s more important than ever to make a well-informed purchase.
Financing your mortgage should be a top concern. Does it make more sense to make a smaller down payment to spend some money on home improvement? Brokers such as Certified Mortgage Brokers advise to put as much down payment as possible to qualify for better mortgage conditions.
Finding a house in the best condition possible will help avoid costly repairs right after purchase. When looking for a home, watch out for the following:
Roof and eavestroughs
How old is the roof and is it leaking? A home inspector won’t fully inspect the full health of the roof and could miss crucial warning signs that could potentially cost you a lot of money — anywhere from $5,000 to $30,000. A roof inspection by a professional such as Trades by Jack can give a sense of what kind of condition the roof is in.
Eavestroughs can be easily overlooked, but damage from flooding caused by eaves that don’t function properly could set you back in the thousands.
Basement
Basement waterproofing can be extremely costly and you should think twice about bidding on any home that may require mould removal. It's always a great idea to get insight from a professional before making any decision. Direct Waterproofing is an award-winning basement waterproofing company that can help with all your waterproofing needs.
HVAC systems
An HVAC inspection will give you an action plan for optimizing indoor comfort, energy efficiency, and safety. AirMakers has a team of experts who specialize in air conditioning repair.
Kitchen and bathrooms
Are the appliances in good condition? Is the plumbing and electrical up to snuff? If you’re thinking of doing a kitchen or bathroom reno, make sure to factor it into your selling price. The pros at Easy Renovation can make it simple for you.
Don’t get carried away in a hot market. Make sure you’re going into your home purchase with a full picture of all your costs.
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