When homebuyers see an East Van real estate property that they love, they rarely give much thought to what’s behind the walls, much less what’s underneath their feet. When you’re doing an ocular on a home, ask if the property has a crawlspace, and if it does, be sure to have it check it out by a professional home inspector.
What is a crawlspace and what is it for?
Crawlspaces are essentially hollow areas in homes located above the ground and under the first floor. These spaces are usually small enough for someone to enter by crawling, hence the name. Crawlspaces are generally used to allow cooling air to circulate throughout a home, but they can also be used to house certain elements of a home’s different systems, such as electric wiring, plumbing, and HVAC ductwork.
Why do you need to check it?
If you’re buying a home, it’s important to have a home inspector look at the crawlspace before you close the deal. Depending on the conditions under there, you may discover that the home has a excessive humidity or mold problem. Worse, there may be a major issue with the home’s foundation. You need to ensure that every element in the crawlspace is in good working order because you and your family’s wellbeing can depend on it. Read more from this blog: http://bit.ly/2luEE1e
Several factors influence the East Van homes market, including inflation, investment, construction, employment mortgage interest rates, immigration, etc. Each of these affect the supply and demand of real estate properties in one way or another, and in so doing, affects prices as well. There are three classifications that real estate experts use to describe the supply and demand situation in a particular housing market.
Seller’s market—when there are more potential homebuyers than there are properties available.
Buyer’s market—when there are more properties available than there are interested buyers.
Balanced market—when supply and demand are just about the same.
Currently, East Vancouver, along with the rest of the Hollywood North is experiencing a buyer’s market. According to CTV News, while a single family detached home in Metro Vancouver cost $1.5 million last month, the same properties today are selling for below $1 million, with one that sold for $560,000 below the initial asking price. Read more from this blog: http://bit.ly/2luGq2s