You found your forever home, but in today’s hot real estate market, you may have decided to buy — without getting an inspection. That means you may face some surprises, once you take possession, from rot to infestation or an aging roof or furnace.
Here are some tips to make sure your dream house doesn’t turn into a renovation nightmare.
Budget for renovations
Once the sellers accept your offer, start putting money aside for any work your house might need once you move in. Try setting up automatic deposits into a new savings account every time you get paid to consistently build your funds during the closing period. It’s better to be safe than sorry. If you don’t end up needing the cash for renos, you can always use it for a backyard makeover or a family vacation.
Have your home inspected after closing
Before you move in, have a trusted inspector do a detailed walkthrough of your new home. This will help you to develop a game plan to determine if work needs to be done right away—and if anything can wait. You’ll also learn when major upgrades will be needed down the line, such as new roofing, to help you better budget and plan for the future.
Use rebates to make upgrades more cost effective
If your inspection does uncover issues in your new home that need to be addressed, find out if there are government or utility programs that can help offset the upfront costs.
For example, Enbridge Gas customers in Ontario can qualify for up to $5,000 in rebates to make their homes more energy efficient. New windows and doors, insulation, boilers, furnaces and even skylights may qualify. Find more information at enbridgegas.com/homerebate.