1. It Provides an “Out”
A quality home inspection can reveal critical information about the condition of a home and its systems. This makes the buyer aware of what costs, repairs and maintenance the home may require immediately, and over time. If a buyer isn’t comfortable with the findings of the home inspection, it usually presents one last opportunity to back out of the offer to buy.
A home inspection can detect safety issues like radon, carbon monoxide, and mold, which all homes should be tested for. Make sure that your home-buying contract states that should such hazards be detected, you have the option to cancel the offer to buy.
3. Reveal Illegal Additions or Installations
A home inspection can alert you to the possibility whether rooms, altered garages or basements were completed without a proper permit, or have safety concerns. “If a house has illegal room additions that are un-permitted, it affects the insurance, taxes, usability and most of all the overall value. In essence, a buyer is purchasing something that legally does not exist,” she explains. Even new homes with systems that were not installed to code will become the new homeowners’ financial “problem” to fix (and finance). While a home inspection is not a code inspection, your inspector can certainly alert you to the fact that something appears to be unprofessionally installed and therefore worth of further investigation prior to closing the deal.
Home inspections are even more critical if you are buying an “as-is” foreclosed property or short sale. Dwellings that have been boarded often develop hazardous mold problems, which are costly to remedy and pose health concerns. It’s common for home inspectors to find that copper plumbing lines and outdoor compressors have been removed from foreclosed properties by people trying to sell copper to recyclers for money.
5. Negotiating Tool
Realtors realise that the home inspection report presents an opportunity to ask for repairs and/or request a price reduction or credit from the seller. Don’t overuse this, asking for silly fixes that are not necessary can lose you a deal. Work with your Realtor to understand what requests can and should be made to negotiate a better deal.
6. Forecast Future Costs
A home inspector can approximate the installation age of major systems in the home like plumbing, heating and cooling, and critical equipment like water heaters. They can diagnose the current condition of the structure itself, and tell you how long finishes have been in the home. All components in the home have a “shelf-life.” Understanding when they require replacement can help you make important budgeting decisions, and it will determine what type of home insurance coverage or warranties you should consider.
7. Determine “Deal-Breakers”
Home inspections can help buyers identify how much additional money or effort they are willing and able to spend to take the home to a condition that is personally acceptable. If you are unwilling to repair issues like faulty gutters, cracked walls or ceilings, perhaps you are not ready to end your home buying search.
8. Learn to Protect Your Investment
The home inspector is a valuable educational resource. He or she can suggest specific tips on how to maintain the home, and ultimately save you thousands of dollars in the long term.
9. Reveal the Big Picture
We advise that people use the home inspection to understand the nuances of what may be the biggest purchase they ever make. People fall in love with a piece of property based on the color of the walls, the location of the home, or something else; they are completely blind to the issues that can make that dream home a nightmare.
Some insurance companies will not insure a home if certain conditions are found, or without the presence of certifications like ESA certificates on older panels and aluminum wiring. Qualified home inspectors can identify these things and let you know in advance of closing a deal that you might need to research insurance companies and prices to ensure you can insure your new property.
Do you think you’ve fond a house you want to buy? DO NOT PROCEED WITHOUT A HOME INSPECTION. The rule of Caveat Emptor (Buyer Beware) applies in Canada.
If you rush your purchase because of a multiple offer situation and fail to get a home inspection, you get what you buy, and there’s no recourse for remediation.
Better to lose a house because you demand a home inspection and find it’s faults and costs, than to buy a money-pit because you were more concerned on getting the house, rather than purchasing an investment.
Call now to talk to a professional home
inspector (289) 214-7531