For most people, their home is their single largest investment. To make the right purchasing decisions, homebuyers need to ask the right questions, find reliable sources of information, and take the time to plan and research.
B.C. homebuyers can get a head start on this process at www.hpo.bc.ca, where the provincial Homeowner Protection Office, a branch of BC Housing, offers a range of information and resources for those considering a new or resale home purchase.
Resources include the HPO's Buying a Home in British Columbia: A Consumer Protection Guide, which steers B.C. residents through the purchase of their next home. The guide's checklist recommends that homebuyers:
. Make a list of their household's needs and wants to guide their search.
. Make a realistic budget for their home purchase, including the down payment, mortgage, closing costs and moving costs.
. Engage their own real estate salesperson.
. Check out the builder, including licensing with the HPO, past references and professional organization affiliations.
. For a custom-built home: obtain a written contract that lists all aspects of the work to be done, the work schedule and all costs; ensure the contract includes coverage for new home warranty insurance; and review the contract with a lawyer.
. For any home purchase, receive a written contract that details exactly what they are buying, the price and when payment is due.
. Consider having the home inspected by a home inspector or engineer.
. For a strata property, read the bylaws, rules, meeting minutes, and any other pertinent information before making an offer to purchase.
. For a resale home, determine how much time, if any, is left in the home warranty insurance coverage.
. For a brand new home, verify that home warranty insurance is in place, the warranty provider and the expiry dates.
. Have a lawyer review any documents (including the offer to purchase) before signing them.
The Consumer Protection Guide also addresses topics such as: consumer protection for B.C. homebuyers; affordability and financing; the role of realtors, lawyers and notaries; the purchasing process; home warranty insurance; and a glossary.
For more information, visit www.hpo.bc.ca.
