Tips for Doing Your Due Diligence as a Homebuyer
Buying a home is an exciting milestone, but it also comes with responsibilities—one of which is doing your due diligence. The Latin phrase caveat emptor “buyer beware" reminds us that, as a buyer, it's your duty to inspect, investigate, and assess the quality of a property before committing to the purchase. While sellers are obligated to disclose certain information and cannot hide or deceive on known issues, the bulk of the responsibility lies with the buyer to ensure they’re making an informed decision.
Below are some tips to ensure you are doing your due diligence as a home buyer:
1. Work With a Buyer’s Agent
Having a buyer’s agent on your side is invaluable. They represent your interests, guide you through the process, and help you spot potential red flags that might otherwise go unnoticed.
2. Review the MLS Listing Carefully
Before stepping foot on the property, thoroughly review the MLS listing. Examine photos, watch the property tour video. Do you notice any visible damage or areas of concern. Does anything look off? Read through the specs of the home: what year was it built? What kind of heating system does it have? Use this as a "first look" and take a mental note of anything you want to focus in on when you step foot in the property.
3. Perform a Permit Search
The City of Winnipeg’s permit search portal provides information on permits pulled for properties within city limits since 2000. To check any permits prior to the year 2000, you will need to contact the city for those records. This permit search tool allows you to view any permits that have been pulled on the property. Notice what type of work was done with permits, are the permits open or closed?
4. Check Property Assessment Records
Use the City of Winnipeg’s property assessment tool to compare the cities data with the MLS listing. Pay attention to:
Square footage discrepancies.
Basement classifications (finished vs. unfinished).
Recorded property influences (ex: heavy traffic).
This is a good tool to cross reference between the MLS listing & the permit search tool. For example: does the city list the basement as unfinished but the MLS listing says the basement is fully finished? Check the permits to see if there are open permits for the basement development; or maybe the basement was finished without permits.
5. Search the Property Online
Run the property address through Google. It never hurts to search the address in google, you never know if you will find a news article come up about this property. Was it a former grow op? Was there a drug bust here? It is always good to have as much information as possible rather than learn it from the neighbors 2 weeks after possession!
6. Do a Drive-By
Take a drive through the neighborhood before your showing. Consider:
How do neighboring homes look? Does the overall street seem well maintained?
Is there ample street parking or nearby amenities?
How does the exterior of the home and yard look?
This helps you assess if the location and neighborhood the home is in fits you and your family’s needs and wants.
7. View the Property in Person
If everything checks out so far, schedule a showing to see the property. During your visit, focus on:
Functionality: Does the layout meet your family’s needs?
Maintenance: Does the home appear well-cared-for?
Red Flags: Signs of water damage, unusual odors, exposed foundation cracks, etc.
8. Schedule a Second Showing (If Needed)
If the home seems like a contender, don’t hesitate to book a second visit. This gives you time to examine things you might have missed during the initial walkthrough and make a more confident decision.
Final Thoughts
Doing your due diligence as a buyer is essential to protecting yourself when purchasing a home. Taking the time to thoroughly investigate a property can help you avoid unexpected surprises and ensure you’re making a confident, informed decision. With the guidance of a trusted Realtor and these tips, you’ll be well prepared to navigate the home buying process successfully!
Do you need help working through buying or selling real estate? Please reach out. I’m happy to help!
Your friend in real estate,
Sheyla Duncan
(204) 871-3228
Sheyla@QueenTeam.ca