After your offer to buy a home enters into a contract, the buyer may be tempted to skip the home inspection and its $500 to $600 cost. There are ten good reasons why you should get one.
1. It Provides an “Out”
A quality home inspection can reveal critical information about the condition of a home and its systems. The home inspection makes the buyer aware of what costs, repairs and maintenance the house 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.
2. Safety
A home inspection can detect safety issues like carbon monoxide entry points, and mould causing defects. All homes should be checked for mould.
3. Reveal Illegal Additions or Installations
A home inspection can reveal whether rooms, altered garages or basements were completed without proper construction methods and signs that a permit was not issued.
4. Protection
Home inspections are even more critical if you are buying an “as-is” or foreclosed property or short sale. Dwellings that have been rentals or boarded up often have hazardous problems, which are costly to remedy and pose health concerns.
5. Negotiating Tool
The home inspection report presents an opportunity to ask for repairs and request a price reduction or credit from the seller. A reputable Realtor understands 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 roofing, plumbing, heating and cooling, and critical equipment like water heaters. All components in the house have a “shelf-life.” Understanding replacement costs 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 get the home to a condition that is personally acceptable.
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. Insurance
Some insurance companies will not insure a home if certain conditions are found. “Qualified” home inspectors can detect issues such as lead or galvanized water pipes, aluminum wiring and now Kitec plumbing.
10. Reveal the Big Picture
People need to use the home inspection to understand the nuances of what may be the biggest purchase they ever make. “People who fall in love with a piece of property based on the colour of the walls, the location of the home, or something else; become utterly blind to the issues that can make that dream home a nightmare.
The Bottom Line
The buyer is responsible for understanding as many details as possible about the property. Home inspections reveal the inner workings of the building, allowing informed decisions regarding all the perks and pitfalls the home has to offer.
Source: ACISS Home & Commercial Inspection Consultants
THE 905 REAL ESTATE GUYS
info@905realestateguys.com
Sean Kavanagh 905.220.9198
Leo Manchisi 905.334.9650