Whether you’re shopping for your first home, last home or dream home, it’s easy to get caught up in the moment. The house might look amazing from the inside out, but who are you to judge it? What you really need is a professional home inspection. A home inspector knows what they are doing and can assist you with the home buying process. The result of their report will allow you to make an informed decision about your purchase.
Buying a home is expensive enough, and the last thing you want to deal with is unexpected repairs. It’s not mandatory for sellers to disclose everything when selling. However, a thorough home inspection could reveal problems lurking beneath the surface. Do you need a home inspection? It’s time to find out.
Defining a home inspection
What is a home inspection? A home inspection happens before you purchase your home. A professional home inspector will review the condition of the home from the inside out. While not mandatory, getting a home inspection is recommended because it can help you decide if you want to purchase a home or prevent problems from going unnoticed.
It doesn’t matter what type of property you are buying. Whether it be a single-family home, cottage or condo, a pre-purchase inspection just makes sense. The age of the building should not affect your decision. However, bringing in a home inspector is wise, even with new construction. When a home is less than five years old, the province covers the cost of the home inspection.
So you’ve worked with your real estate agent to find the perfect home — now what? Do you put in an offer? Yes, you do, and if it’s accepted, ensure that one of the conditions is that you’ll only buy the property if it passes a home inspection. This will prevent you from having to deal with major and minor issues that might not have been disclosed when buying the home. Next, let’s review the process of getting a home inspection.
The home inspection process
Home inspections are processes in themselves. There are multiple steps to go through before, during and after a home inspection. That’s why we have prepared a guide that will lead you through it. From putting in an offer to getting the home inspection report, there’s a lot to do, and this can be overwhelming if it’s your first time getting an inspection. Here’s what you need to know:
Before you put in an offer
When you find a property you want to purchase the chances are there will be multiple offers. However, in the event that your offer gets accepted, ensure that a home inspection is a condition of your purchase offer. Think of this as a security blanket. It will act as a contingency in the sense that if there are major issues, you can back out of your purchase offer without penalty within a specified timeframe. After working hard to buy a home, you don’t want to spend money on several repairs.
Finding a home inspector
Assuming all goes well and your purchase offer gets accepted, you will need to find a home inspector to get the inspection done. How do you find qualified home inspectors? You can ask your real estate agent or family and friends for recommendations. You will need to find a home inspector who is part of your province’s association because work done by these professionals will include liability insurance. This will protect you as a buyer and ensure the inspection goes smoothly.
What to expect during a home inspection
As a buyer, it’s important to hire a certified home inspector who understands how to conduct a thorough inspection. Your family members and friends can help you choose a home. However, professional home inspectors are the best ones to give you an unbiased assessment of the property. Before making a decision, ask your inspector about their qualifications and experience and check their references. Home inspections will examine your future home from top to bottom. Your inspector will examine the following parts of the home:
- Interior
- Exterior elements
- Heating systems
- Plumbing systems
- Electrical panel
- Roof
The home inspector will look for signs of major issues such as mould growth, areas that need repairs and problems that could cost you a fortune down the line. Home sellers don’t have to disclose everything before you purchase the home. Things like water damage might not be immediately visible.
Remember that every home should be inspected before you buy it. Even newly-built homes can have mistakes that need repairs and affect resale value. When this is the case, everything should be properly installed. Be especially wary when purchasing older or foreclosed properties. Here’s what you can anticipate during a home inspection:
Home inspection duration
Home inspections are generally two to four hours, depending on the size and age of the property. You should come with the inspector to see the home. A good inspector will point out any problems and let you know what the necessary repairs are. You can even take photos of potential damage and issues for reference later. After the inspection is finished, you will receive an inspection report about the home’s condition.
The inspection report
The length of the inspection report will vary depending on the size and age of the property. However, it’s important to have one when buying a house to protect yourself from unknowingly purchasing a home with major issues. The inspector’s report should also include details on:
- Whether the problem is a safety issue or a major or minor defect
- Items that need replacement, repair or service
- Issues or defects that are in acceptable condition for now but should be monitored
Not everything will be clear. After all, not everyone knows about the features of homes such as plumbing and HVAC systems. In cases where the home is newer, you might also need to keep electronics up-to-date, which requires smart home insurance. If you don’t understand something the inspector has said or written, be sure to ask for clarification.
The best time for an inspection
Like moving in, there’s a good time of year to get a home inspection. Ideally, you should aim to get your future home inspected between late spring and early fall. Winter snow and ice can make it difficult for the inspector to review the roof and exterior elements of the home. Be aware of this if you’re buying a home when the cold weather rolls around.
Inspection costs
The price of home inspection varies depending on the size and age of the home. However, you should expect to pay $500-$600 for a home inspection. This is a fairly standard price for the majority of home inspectors. However, you should contact multiple home inspectors in your area and ask for a quote before scheduling an inspection.
Inspection results
An inspector has examined everything in the house. From the roof to the water pressure, all the elements have been looked at. Once the inspection is complete, there are a few things to consider.
If several issues with the home are costly to repair, you may choose to walk away from the purchase altogether. Remember, you will need to have this listed as a condition in your offer to avoid penalty.
If you still wish to proceed with your purchase, you have the option to either factor the repair costs into your purchase price by having the seller reduce the cost or ask the current owners to fix some of the issues prior to moving in. Not having certain parts of your home up-to-date can invalidate your home insurance.
Home inspections and your insurance
How does a home inspection impact insurance? If the home inspection finds several issues with the home, such as out-of-date plumbing, wiring or old oil tanks, you might have higher than average home insurance costs. Older homes with out-of-date components can present greater risks to an insurer. Some insurance companies may require you to replace certain items within a specified time period in order to provide you with home insurance coverage.
When you buy a piece of property, you build home equity, which makes it easier to buy a home in the future. However, a faulty HVAC system or disturbed electrical outlets can tarnish your massive investment. You don’t want to have to get repairs and other services done as soon as you move in. That’s where a home inspection can help you out. Here’s why you should get one.
Benefits of a home inspection
There are several advantages to opting for a home inspection. It is a critical step in the home buying process and shouldn’t be left out no matter what. A house can look great from the outside and have problems on the inside. Even with an emergency fund, these costs have a negative effect on your finances later on. Here’s why you should get a home inspector to look at the property:
Getting a better understanding of the property during the home buying process
Purchasing a home is a massive investment. You will learn everything you need to know about a property by getting a home inspection. After all, why would you spend that much money on something with a bunch of problems? A pre-purchase inspection provides more insight into your future home and helps avoid costly repairs in the future. Whether you’re a first time home buyer or purchasing a vacation home, you shouldn’t buy something blindly.
Mitigating the risks that come with latent defects
A home inspector is there to identify potential issues, but it’s important to remember that they are only looking at accessible areas. Even when you get this done, latent defects may be present and still go unnoticed. By hiring a certified inspector, buyers are protected from the consequences of potential issues. For example, if your home inspector does not go into the accessible attics and there are mould issues, the buyer can protest the inspection report. In turn, buyers can take action against the inspector who did not disclose the visible problem.
Being able to negotiate the price if the home requires extensive repairs
If the home you’re about to purchase requires extensive repairs, you can negotiate the price of the home. This is especially true if the seller does not disclose the problem in the description of the property. The work can be required before the home is sold, or the buyer can offer a lower price if they are willing to do the work on their own.
Backing out
Having a home inspection as a condition of your offer is helpful in the sense that it allows you to rescind your offer without consequence within a certain time frame. This is helpful if the problems with the home will lead to extensive repair costs. It will also save you money if you work for yourself and require home business insurance.
As you can see, there are many advantages to having a pre-purchase home inspection. It will show any major or minor issues with the home that weren’t disclosed by the seller. From there, you can make an informed decision about whether or not it’s the house for you. Inspections are a precaution that anyone can take. It can save buyers money in the long run. As a result, purchasing a home is much easier.
Purchasing a new home? Contact BrokerLink for home insurance today!
Whether you’re buying your first home, second home or vacation property, a home inspection can give you the peace of mind you deserve. An inspector will be honest with you and tell you what services are required if you decide to move in. Additionally, consulting a broker will help avoid mistakes when buying home insurance.
A thorough home inspection by a professional will give you peace of mind that you know exactly what you’re buying. If you have concerns about any issues raised during a home inspection, your BrokerLink broker would be happy to discuss how it could impact your home insurance premium.
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