Home ownership myths
Home ownership is a lifelong dream for millions and one that comes with its own unique set of pleasures and challenges. But for all the true benefits of homeownership, there is an equal number of myths about what it’s like to own and maintain property.
Home inspectors will find every problem
A home inspection is a vital step in the homebuying process. Unfortunately, a commonly unstated myth about home inspections is that they are fully comprehensive. In reality, even the best home inspector can’t examine every square centimetre of your home. The solution? Supplement the inspection with your own observations. Inspect the home on your own during a walk through, then be sure to be present when the home inspection takes place. Walk the property with the inspector, and be sure to point out/question the items you noticed previously. Any issues you noticed will carry more weight in negotiations when it comes from a third party.
If you already own your home, you might be thinking this tip doesn’t apply to you. But in fact, a home inspection can be conducted at any time. If you’ve been in your home for a decade or more, consider having an inspector review the home. He or she may point out issues that you’ve come to consider normal, or haven’t noticed because of their slow development.
All home improvements add value
It’s no secret that improving your home has the potential to boost its market value. But not every dollar you spend impacts your home’s value. If your roof leaks, for example, a replacement will simply bring it up to the minimum standard expected by most buyers. Similarly, if you decide to build an elaborate home gym that takes up most of the second floor, you may find that buyers may view that as an imperfection, rather than a selling point. Much of what makes for smart spending will vary with your specific neighbourhood, but there are a few improvements that are traditionally safe bets.