A house is probably the biggest purchase you’ll make. So finding out all you can about the home-to-be is essential.
It’s all about the history of your home, and several companies have sprung up across North America to enlighten potential buyers as they begin their home search.
These organizations provide inexpensive reports that include a history of the home dating back years.
This means you can find out about additions and repairs through building permits, and about leaky roofs via insurance claims.
Previous selling prices and even some of the more unsavory aspects of the home, such as its history as a drug lab, are available.
Some firms will also provide names of the companies that made previous additions (such as pools), so you can follow up if you like (or dislike) the workmanship.
In Canada, a comprehensive property history is available from a new company, iVerify (www.iverify.com), or via real estate agents. But if you have the time and energy, you could also conduct searches yourself; virtually all the information is contained in official records, which are available to the public at little or no cost.
History reports such as these can help potential buyers avoid unpleasant surprises at closing time or further down the road.
A track record of problems might make a house a lot more expensive to insure, but if a potential buyer knows about the issues before purchasing, they can decide against buying the home or, at the very least, be prepared for the additional costs.