- Separate needs (non-negotiable) from wants (nice to have).
- With a buyer's broker, you have someone whose duty is to protect your interests.
- During the visit, the kitchen can be renovated; the electrical panel and the basement cost money.
Your needs, your wants, your area
Make two columns. In the first, what is non-negotiable: the number of bedrooms, the commute to work, parking, a yard for the dog. In the second, what would be nice: the redone kitchen, the garage, the pool. Most good purchases tick the whole first column and part of the second.
The area weighs as much as the house. Gatineau has seven, each with its own market and pace: the Plateau, Aylmer, Hull, the Gatineau sector, Buckingham, Masson-Angers and Val-des-Monts. Do the commute at rush hour before deciding, not after. And look at the tax bill: it varies from one area to another.
The buyer's broker's role
You can search alone. But with a broker who represents you, you have someone the law requires to defend your interests, verify information and explain every clause before you sign. The OACIQ, which regulates all of Québec's brokers, in fact recommends signing a brokerage contract to purchase: it spells out what your broker does for you and what happens with their remuneration. In most transactions, it is provided on the seller's side.
The broker also has access to recent comparable sales, which makes it possible to estimate a property's market value before making an offer. That is what keeps you from paying the asking price when the fair price is lower.
What to look at during the visit
Everyone looks at the kitchen. Almost nobody looks at the electrical panel. That is normal: the kitchen is what you see. But a kitchen can be renovated. What costs money is what nobody looks at.
Keep five minutes for this: the electrical panel (its age, its capacity). The basement (cracks, water marks at the bottom of walls, a damp smell). The windows (condensation between the panes means a failed seal). The water heater and the roof (ask their age, do not guess). And outside, the lot: water must drain away from the house.
You do not have to play inspector. The visit is for deciding whether the house deserves an offer; the pre-purchase inspection, at step 7, will confirm the rest. Your job is to notice, take photos and ask questions. That is in fact what I do during visits with my clients: you look at the light and the rooms, I look at the panel and the basement.
Frequently asked questions
How much does a buyer's broker cost me?
In most transactions, the buyer's broker's remuneration is provided for in the seller's contract. The brokerage contract to purchase, an OACIQ form, spells out in black and white what happens in other cases, for example if the seller has no broker. Ask for it and read it before signing.
A needs-and-wants list, an area tested at rush hour, a broker who represents you, and five minutes per visit for the panel, the basement, the windows, the roof and the lot.
- Write your two columns: non-negotiable, nice to have.
- Do the home-to-work commute at rush hour from two areas.
- Prepare a visit sheet: the same questions for every house.
- Take photos of the electrical panel, the basement and the roof at every visit.
Sources : OACIQ, Buyer's guide (choosing your broker and your property, brokerage contract to purchase) · CMHC, finding the right home
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