A checklist for prospective home buyers

A home is the single largest investment for most people, and buyers need to ask the right questions and take time to do the appropriate research if they're to make the best purchasing decisions. To that end, the Homeowner Protection Office has come up with a checklist of items prospective buyers should consider.

Among the points in the guide - it's called Buying a Home in British Columbia: A Consumer Protection Guide - that the HPO suggests buyers should do, are the following:

1. Do you want a ready-to-move-into home or do you want to design every detail?

2. No matter which type of new home you are buying – a brand new custom built home or a spec home – be sure that you have a written contract that lists exactly what work will be done and when, what you are buying, what you will be charged and when you will pay. Ensure that the contract includes coverage for new home warranty insurance. Review the contract with a lawyer.

3. Make a list of the household's needs and wants to guide the search for a home.

4. Make a realistic budget for the home purchase, including the down payment, mortgage, closing costs and moving costs.

5. Check out the builder, including licensing, past references and professional organization affiliations.

6. Consider the option of having the home inspected by a home inspector or engineer.

7. When reviewing the meeting minutes for a strata lot you are considering buying, look for the minutes pertaining to all of these types of meetings:

• strata council meetings
• annual general meetings
• special general meetings, and
• any additional meetings such as information meetings.

8. And always use a qualified Realtor who is experienced in the type of home you are considering buying.

If you would like advice on your specific requirements, I would be happy to assist you.