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Can Appliances Really Impact My Mortgage?

Sep 13, 2018|Source: Kam Brar

When you’re shopping for your new home, you might fall in love with the kitchen that will let you host the parties of your dreams. Or it could be the mudroom that’s perfect for your family to toss in their sports jerseys right after practice. But are you falling for the functionality and flow of the rooms, or are you really attracted to the matching stainless steel fridge and stove or the high-efficiency washer and dryer?

We know that staging can make all the difference in your decision to put in an offer on a home. If you’re at the point of writing that offer with your real estate agent, you’ll want to make sure to include conditions that will avoid surprises – like moving in and finding that those great appliances have moved on with the previous owner.

Be Specific About What You Want

A seller can have many reasons to remove appliances or other fixtures after the sale. They may want to keep them for their next property, and they will have to return anything that was borrowed or rented specifically for staging. If you’re not sure whether a particular item will be left in the home, don’t be afraid to ask about it. Your agent should be able to help you negotiate what will be included in the sale; be specific about the make, model, colour, and even serial number of items you are interested in.

You’ll also want to get the details about those pieces that are less about looks and more about function: the hot water tank, furnace, or security system. Find out whether that equipment is leased or rented, and if it is make sure you get a copy of the agreement and ask whether you’ll need a new contract when you purchase the home. Be clear on the remaining term of the agreement, options to terminate it or buy it out, and any ongoing costs.

What Does This Have To Do With Your Mortgage?

A mortgage lender will typically only consider standard appliances and equipment or built-in fixtures as a part of your contract of purchase when determining your loan. Anything included in the contract of purchase outside of those standard items could cause a delay in your financing.

 

Kam Brar

Auxilium Mortgage - Mortgage Planner

E:

kam@auxiliummortgage.com

W:

www.auxiliummortgage.com

 




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