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Buying property “as is” is nothing like the casual daily purchases we routinely make. If you buy a collectible “as is” on Kijiji that turns out to be different than expected, you aren’t likely to suffer years of financial consequences.
The stakes change when the thing you’re buying costs a million dollars or more. Let’s take a look at what the term “as is” means when it comes to Toronto real estate so you feel confident throughout the real estate process.
Pros and Cons of “As Is”
In real estate, “as is” means that the seller isn’t claiming that everything in the property works properly. There could be expensive renovations necessary to fix the home’s guts, or perhaps major appliances need repairs or replacement.
Is this a pro or con? If you’re looking for cheap land, you may not care about the house’s bones or the state of the washing machine.
Maybe the sellers need to move the property quickly because they took a job in another city. It doesn’t necessarily mean that everything in the home is broken or needs work. But if it does, the seller can’t be blamed for misrepresenting the situation.
If you have no handy skills, no time to learn or build, and you have the budget to afford a move-in-ready home, “as is” may present a red flag. Others may see a red flag and charge at it like a bull! It depends on your lifestyle, budget, and other unique factors.
How To Mitigate Risk?
Not everybody has the contracting chops to assess and inspect a home themselves. Before you legally take possession of a home that takes decades to pay off, it helps to have the go-ahead from people who understand these issues and have your back.
Visit the property with a home inspector or a contractor even. So long as you make a choice from a place of knowledge, you can find a great home in Toronto that meets your needs.
A deal always works when both sides get what they want. “As is” condition gives the seller legal room to breathe, so they don’t feel like they’ll be on the hook if there’s a problem later. That doesn’t mean they’re trying to pass off shoddy work as being of high quality.
Working with an experienced real estate agent you trust is a great way to connect with people who have navigated these questions before. That’s why more people are turning to Nobul, a real estate platform created by the digital innovator Regan McGee.
As McGee said himself in an interview, “I want to help the millions of people who buy and sell real estate across North America have a good experience and not feel like they’re being ripped off. I want them to feel like they have an outstanding partner in the biggest transaction of their lives.”
So long as you understand what you’re getting into, “as is” doesn’t have to be risky and can be a great help. Keep the above in mind, and you’ll be happy with the home you find as it is.