Top 4 questions luxury resale home buyers should ask

There are some deep discounts right now in Calgary when it comes to the luxury home market.  By asking the right questions, you may just get the home of your dreams for even less than what it’s currently listed and provide tremendous peace of mind.

Ask lots of questions when you’re out looking at resale homes; not just the ones listed below.  Be prepared before you go to the showings that your agent has lined up for you. You will likely not meet the owners of the properties that you’re looking at, but your real estate professional should either have the answers or be able to get your questions answered in a respectable amount of time. 

Why are you selling?

There are plenty of reasons why luxury home owners are looking to sell.  They could be downsizing to a condo, relocating for work, retiring to the West Coast or getting married.  Unfortunately the owners could have lost their jobs and while you may feel the reasons for the home being on the market are none of your business per se,  knowing could be to your advantage.  You don’t need the nitty gritty details but knowing why can help you see how much wiggle room there is when it comes time negotiating.  Does the seller need to be out soon?  Do they need the cash?  This information can be extremely beneficial.

What do the owners enjoy most about this property and why?

You might learn something about the community in which this property is located.  You may learn that the neighbours are either very nice or very difficult to get along with.  Even small little things such as how the community looks during the holidays, how roomy the fridge is.  You’ll never know what you might learn.  You may also create warm fuzzies why showing an interest that your agent can relate back to the buyers, making them feel like you’re the people they’d like to do business with.

Are there any structural issues with this home?

These types of issues are generally brought to light when you have a home inspection done. However, by the time you order a home inspection you have likely already made your offer.  You may want to know about any issues with the foundation or possible weakness in the architecture of the roof prior to writing up an offer. Has the home ever been involved in a flood, either overland or because of a blown water line or hot water tank? This may either affect the offer you submit or may affect your decision to just walk away and move onto the next showing.

Are there permits for the upgrades and renovations evident in this home?

If a weekend warrior did the wiring in that snazzy basement redevelopment, did anyone happen to inspect it?  You will want to know whether the appropriate permits were pulled on any work done in the home.  No one wants an electrical fire or plumbing to back up expectantly.  A Real Property Report will tell you whether a garage is crossing over a property line or new fencing is not compliant with local by-laws but get the scoop, again, before you see the RPR.  By the time you get your hands on it you might already be the new owner.