Real Estate Red Alert: Don't Be Sucked in by 'Spring Seduction'

Five Potential Money Pits That Could Cost You $175,000 +

TORONTO, April 29, 2019 /CNW/ - As Toronto's red-hot housing market gears up for another busy spring, thousands of homes and condos have hit the market. TREB data supports that spring (financially) is the best time to sell, but is it the best time to buy? Toronto REALTOR® Claude Boiron says it can be, but "proceed with caution."

We all get sucked into spring …

"It's quintessentially Canadian to embrace spring, start wearing short sleeves and pretend it's almost summer as soon as the snow melts," said Toronto Real Estate Broker, Author, and University Instructor, Claude Boiron, of the Royal LePage Terrequity Realty - Boiron Group. "But when it comes to buying a home, you need to be savvier. You better consider what that property that seems perfect in spring is going to be like in -20 degree January winter weather"

Get real with your REALTOR® …

Boiron says while you are falling in love with a property during the sweet, sweet sunshine of spring, make sure you press your agent on the realities of that property in ALL seasons. "The spring is an ideal time to get access to the places and potential problems that you can't inspect in the dead of winter," added Boiron. "You just have to be proactive, play a bit of worst-case scenario and stay focused on the big picture."

Some key concerns:

Game of Drains: Is there a storm drain at the base of your driveway to properly drain water overflow from rain or melting snow? Is it difficult to keep it free of leaves and debris to avoid a flood?

Optimistic Costs	Realistic Costs	Worst Case Costs
Water Penetration issues $5,000 – $10,000	$10,000 – $20,000	$100,000

Attack from the attic: In an older house, the insulation levels could be from the 1950's, which are less than half of what is required by modern building code standards – welcome to cold nights and high heating bills!

Optimistic Costs	Realistic Costs	Worst Case Costs
Low insulation issues $2,000	$5,000	$20,000

Snow Patrol: What's the snow removal plan? Do the streets get regularly plowed? Are you likely to be blocked in by the snow removal process? Is the property you're considering buying even on a municipal road, or is it a private, condominium road, which you need to regularly contribute financially to have plowed?

Optimistic Costs	Realistic Costs	Worst Case Costs
Lack of street access $1,000	$2,000	Priceless (in frustration costs)

Manicured Manipulations: Landscaping looks great? That's easy when you just cut back most of the vegetation and sprinkle wood chips all over the place. Wood chips hold moisture close to your foundation and are a favourite nesting area for rodents like mice and rats! Make sure you don't just appreciate the landscaping at a distance, get up close and personal to see what you are really dealing with.

Optimistic Costs	Realistic Costs	Worst Case Costs
Foundation cracks and rodent infestations $5,000	$10,000 - $15,000	$30,000

Appraise the roof: Roof looks good from the driveway? Bad news: The shingles could have less than a year of life in them if your roof becomes soggy and mould starts growing in your attic. Good News: Many inspectors won't risk a roof inspection in the dead of winter, so the spring is an ideal time to take a serious look.

Optimistic Costs	Realistic Costs	Worst Case Costs
Roof issues + mould $5,000	$10,000 - $15,000	$25,000

"In the era of on-line, agent-less real estate transactions, missing these key concerns seems more and more likely," added Boiron. "We want to act as a 'ringer' for buyers and sellers who get lost in the details and ultimately need professional advice to close a good deal or not purchase a problematic property."

SOURCE The Boiron Group

Patrick McCaully, Pointman News Creation, 416-855-9427 x 301, [email protected], Pointmannc.com