We recently purchased an older home that was advertised as having all new electrical wiring. When we entered the offering process, we were told by our agent that there were going to multiple offers and we should put our ‘best foot forward’.
We had considered including a condition in our offer for a home inspection because the house, like many in the centre of the GTA, is close to 100 years old. Our realtor firmly stated that if we entered the bidding process with any conditions we were probably not going to be considered, even if our offer was competitive. In the end, we offered and were successful in our attempts to buy our first home. Trouble is, when we finally bought our dream we found that the wiring was not totally new and required several thousand dollars of upgrades to get rid of the knob and tube wiring. Who do we hold accountable for this?
In this overheated market, your problem in not that uncommon. The issue is that there are not enough houses out there for the demand, so consumers are making decisions based upon the market as opposed to their comfort level. I would always suggest a home inspection when you purchase a house because you can't rely on the items listed in the M.L.S. listing (look at the bottom of the sheet) and you need to do your own homework on the house.
Unfortunately, in this instance you were swept away by the instance and are now paying the price for your eagerness to get the house. Always remember there are hidden problems lurking around the corner with a 100-year-old house and care should be taken when purchasing one.
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