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Whether you’re in the process of buying a home or are already a homeowner, it’s important to understand the history of your home. Knowing what’s happened in the past can not only help you better maintain your property, but also ensure that you’re aware of any potential issues that could impact your safety or property value.
Here are 6 things you need to know about your home’s history:
#1 – Age of the House
The age of a home can be an important factor in determining its value and potential future maintenance or update needs. For example, if a home was built in the early 1900s (like many Toronto homes), it may have lead pipes or outdated wiring, which could lead to safety issues, insurance issues or costly repairs.
#2 – Renovations and Additions
Major renovations or additions can significantly impact a home’s value and maintenance needs. It’s important to know when and how these changes were made to ensure that they were done properly and with the necessary permits. For example: We often see homes owned by DIY enthusiasts, but DIY electrical and unpermitted additions or demolition could be unsafe and cost you more than just money.
#3 Insurance Claim History
If a home has a history of insurance claims, it can be an indicator of potential issues or damage. For example, if a home has a history of claims related to water damage or fires, it could be a sign that the property needs additional maintenance or repairs. Additionally, homes with a history of multiple claims may have higher insurance rates.
#4 – Pest Issues
Pests – termites, rodents, etc – can cause serious damage to your home if left unchecked. Knowing if your home has a history of pest issues can help you take preventative measures and avoid costly repairs. We wrote a whole blog about termites in Toronto here.
#5 – Sales History
Knowing how many people owned the home in the past can help you identify any patterns that might warrant further investigation. The house that’s been sold every two years for the past 15 years? There’s probably something going on. There might be something seriously wrong with the home, or it might be the neighbourhood. Do extra due diligence.
#6 – History of Water Damage and Waterproofing
Water damage is one of the most common issues homeowners in the GTA face and can lead to costly repairs. Knowing if your home has a history of water damage can help you identify any potential problem areas and take preventative measures. If the home you’re buying is ‘waterproofed’ – ask the seller to show you the invoices so that you can understand exactly what was done. One person’s definition of ‘waterproofing’ may not match yours.
Understanding the history of a home can provide valuable insight into how much it’s worth and prepare you for any maintenance needs and potential issues. It’s so important to do your own research and due diligence to ensure you’re making a wise investment and protect that investment for years to come.