Once you find a house and your offer gets accepted, the next step is to inspect the home. The primary purpose of a home inspection is to inform the buyer about the condition of the house. The job of a home inspector is to inform you about major property repairs that can cost you money or impact your health.
Sometimes, buyers think of skipping the home inspection process. Often the reason is that if you skip the inspection, you increase the chances of getting your offer accepted. Especially in a hot market like Toronto and the GTA!
Waiving the inspection contingency saves time both for the buyer and the seller. However, it is not a wise decision.
Why are Home Inspections Important?
A home inspection can detect serious safety issues. Every property should be inspected for the presence of mould, asbestos, and pests. You want to check the structural integrity of the house and know what condition the electrical, plumbing, roof and insulation are in.
What is the condition of these major systems in the house? A professional home inspector and comprehensive report can give you this answer.
Home Inspection Protects Your Financial Interest
A professional home inspector will judge the external and internal condition of the house. You’ll get to know the installation age of major systems in the house. A Professional inspection report will cost you $300-$500, but it is cheaper than re-wiring the home or replacing the roof.
Fixing the furnace or the replacing electrical components can cost you thousands of dollars. An inspection report can inform you about these costs and avoid the surprise of these costs later on.
You can negotiate terms with the seller and/or create a budget for repairs and put a plan in place to address the defects.
You don’t have to walk away from the house if the inspection results are not good. No home is perfect, and the report can highlight 50 or more issues with the property. Often they are many little issues but we are on the look out for large safety hazards or large costs.
You Can Also Negotiate Terms with the Seller
If the inspection report highlights some issues, you may be able to negotiate with the seller. The seller may repair the house or lower the price so that you can deal with the repairs.
Negotiating the terms would be ideal. But the main reason you hire a home inspector is for the knowledge that they have about housing. So that you avoid any costly surprises, protect your health and keep your loved ones safe.