A home inspection is an essential part of the home buying process. As a buyer, you want to make sure that your new home is safe, structurally sound, and has properly functioning systems. A home inspection can identify any major problems.
The home inspection process involves having a third-party professional come in and thoroughly inspect a home for any major issues that may not be visible or obvious to a layperson. This can help you determine whether you want to go through with the sale.
As a seller, you may also want to do a home inspection to help determine the value of your home and whether there are any issues that may affect the asking price and closing sale. It will also help you provide full disclosure at the time of the sale.
If you’re new to home inspections, these are some things you should know about the process.
When Should I do a Home Inspection?
Before you close on a home, it is highly recommended that you do a home inspection. This usually takes place soon after the seller accepts your offer. Many buyers include a home inspection contingency in their real estate contract.
The home inspection contingency gives you the right to have the home inspected within a certain time period before the purchase agreement becomes binding. The time period is usually anywhere from seven to 10 days.
How Much Does a Home Inspection Cost?
The price of a home inspection varies depending on the size and condition of the property, the location, and the company you choose. Home inspections in Ontario typically cost anywhere between $300 to $600. This may seem steep, but it’s a small price to pay for your peace of mind.
What do Home Inspectors Look For?
A home inspector will perform a thorough inspection of the property to identify any damages or defects. The main things they look at are the structural integrity of the home and the systems. These are a few of the main focuses:
- Basement and foundation
- Roof and attic
- Insulation in walls, ceilings, doors, floors, and windows
- Heating and cooling systems
- Electrical systems
- Kitchen appliances
What to Expect From a Home Inspection
On the day of the home inspection, you should be there to walk through the home with the inspector. This way you can ask any pertinent questions and have the inspector point out any issues. Although an inspector can’t advise you on whether to buy or not, they can give you details about proper maintenance.
After the inspection, you can expect to receive a full report outlining the findings. This usually takes a few days. The report can help you determine the costs of any repairs or maintenance. At this point, you can decide whether you want to go ahead with the sale as it is.
What Are Some Home Inspection Deal Breakers?
The biggest home damages and defects are those that seriously affect the structure and safety of the home. These include:
- Faulty foundation. This could be indicated by cracks in the walls or ceilings, uneven floors, and doors and windows that stick.
- Roofing issues. The roof is one of the most important parts of your home, and also one of the most costly to maintain. Older roofs may need to be re-shingled or tiled.
- Electrical wiring. Faulty outlets, outdated wiring, and a lack of grounding can lead to serious problems such as fires or electrocution.
- Plumbing problems. A leaky faucet may not be a huge problem to fix, but damaged pipes and bad drainage can cause mold and costly structural damage.
- Pest infestations. Termites can wreak havoc on your walls, roof, and wooden furniture. If you suspect insect damage, you may want to consider a separate pest inspection.
What Do I Do if the Home Inspection Reveals Major Issues?
No home is perfect, but some may have issues that are too big to overlook. If your home inspection reveals major problems that are going to be costly to fix or even put you and your family in danger, you have a few options.
First, you may want to renegotiate the price or ask the seller for credit that can cover the cost of the repairs. You can also ask the seller to make the repairs, although they are under no obligation to do so. If the issues are too much of a problem, you can also walk away from the sale.
How a Professional Real Estate Agent Can Help
A trustworthy real estate agent will recommend that you do not waive a home inspection. They should be able to help you find a reliable inspector and advise you on how to proceed once you receive the final report. A realtor can also help you renegotiate if you have to and take care of any closing paperwork should you decide to go ahead with the sale.
If you’re interested in learning more about buying a home in the Durham Region, please contact us online or call us at 905-668-1511 today!
Posted by Dan Plowman on