Buying a resale home is not like buying a brand-new home

By: Alvaro Mallarino MBA, CFA

Buying a resale home is not like buying a brand-new home

Tags: Toronto real estate, Real Estate Toronto, Toronto homes, Toronto properties, Toronto realtor, Oakville Real Estate

A visual inspection of a home can often reveal the factors that contribute to its value in addition to its location: curb appeal, layout, level of renovations, cosmetic updates, visible damage, or lack of maintenance. It goes without saying, however, that not all elements contributing to the value of a home are easily identifiable; therefore, a qualified home inspection is always recommended.
In a competitive market, many buyers are forced to avoid the home inspection condition on their offers in order to make their offers more attractive to sellers. As experienced realtors, we are able to identify some evident problems with HVAC systems, electrical systems, plumbing systems, etc., however, some are not so obvious, and when purchasing a resale home there is always a risk associated with them.

To provide exceptional value to our clients, we have created standard procedures for every step of the home buying process, allowing us to:

  1. Identify issues and risks when viewing the property prior to an offer submission
  2. Minimize risks or identify issues between the time you sign an Agreement of Purchase and Sale (APS) and the closing of your transaction.
  3. Make sure the seller and their agents are compliant, and deliver the property in the promised condition, as per the APS.
Sellers are reminded of their obligations well in advance of the closing of your transaction as part of our standard procedure
Some of the most common issues that are usually presented, if any, include:

Among the other minor issues you may overlook when viewing a property are loose handles, missing interior door keys, broken shelves in a fridge, window cracks, minor floor scratches, discoloured or uneven floors, insufficient ventilation and heating distribution, lack of caulking and poor plumbing in the bathrooms, small holes on walls, broken tiles, and many other small items that would not likely have affected your desire to buy the property at the time of your initial viewing.

While we strive to minimize and prevent these issues for all our clients by recommending actions from the sellers and their agents, the reality is that when you purchase a resale home, there are risks. Our goal is to ensure you are aware of these risks and to help you manage them most effectively throughout the process.

We look forward to completing a great transaction for you!


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