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Buying or renting, do your homework first

Buying or renting, do your homework first

Whether you are buying or renting, do your homework.

It doesn’t matter if you are considering buying or renting. If you have moved to a new region, the rules may be different than they were in the area from which you just moved. Never assume to know the regulations or standards of any new locale, an error or omission could be a costly mistake. Your realtor or agent, if you used one, should be able to tell you if there are any important regulations or covenants attached to your new area or home. There are many factors to consider, if you are in a flood plain, flood insurance may not be available. In an earthquake zone, you will most likely need to add a rider on your home insurance for coverage.

Rental rules vary from province to province and in each territory in Canada. There are also variations in the states and territories of the United States of America. If you are moving from one region to another, do not assume that everything will be the same. The regulations might appear to be similar but there may be differences, and you do not want to find that out after something has happened. Whether you are planning to rent or buy, there are agencies which administer the rules and regulations on these subjects. There are links to these agencies listed below.

Buying or renting a new place can and should be a pleasant experience. Overlooking an essential factor could be costly and turn your new dream home into a nightmare. As always the rule is “buyer beware”, so make yourself aware.

These agencies can provide you with helpful information.

In Canada, the Canada Mortgage and Housing  Corporation http://www.cmhc-schl.gc.ca/en/index.cfm   (CMHC)  has an informative website which is current and accurate.

In the United States, the U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) http://portal.hud.gov/hudportal/HUD can provide you with accurate and current information.

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