For many years, home inspections have been a staple of new home purchase offers. Often, offers are made on the condition that a favourable home inspection report is obtained. However, in the hot housing market, some prospective buyers are foregoing the opportunity to get a home inspection in hopes of making their offer more attractive to sellers. It's a huge risk to take with the biggest personal investment you'll ever make.
No one wants to move into their dream home only to discover a host of repairs and renovations are needed. A home inspection can prevent those types of surprises so that you know exactly what you are buying when you sign the papers. What is involved in a home inspection? Is it really that important to get one? Perhaps the real question should be, why wouldn't you take advantage of the ability to verify the good condition of your prospective new home?
A Fresh Coat of Paint Can Hide Surprises
Unless you are buying an advertised fixer-upper, most sellers put in the work to make their home look as attractive as possible before listing. That often means making quick repairs and repainting throughout the house. In the process, larger problems that haven't been dealt with can get covered up—at least to the untrained eye.
Get the Full Picture of Your New Home
Home inspections are a thorough check of every aspect of a home, from the foundation to the roof, everything else you can see, and a lot of what you can't. The inspection will take into account the home's overall condition and identify any issues with beams, joists, and the foundation. Home inspectors are trained to look for signs of developing problems that most people would not spot in the plumbing, electrical, heating, air conditioning and windows. Inspectors look for signs of water damage, structural issues like major cracks or gaps, termite damage, mould and a host of other problems.
Find a Qualified Home Inspector
You don't want to get just anyone to do your home inspection. Find a home inspector who is a member of a professional association or has certification or other credentials. Some provinces in Canada require home inspectors to be certified. In Ontario, certification is not mandatory, but home inspectors are well-trained and undergo ongoing education to keep their skills current.
Because of their training, qualified inspectors can spot signs of problems that may have been unknown to the current owners or may have been ignored, which can develop into bigger problems in the future. After the inspection is complete, the home inspector should provide you with a comprehensive written report detailing everything that was checked and the findings. Your lender may require this report before getting a final approval for your mortgage.
Unless You Already Know Everything...
Home inspections should be considered a must by first-time homebuyers who may not know every telltale sign of potential problems in a home. If you've never owned a home before, you may not be able to tell if the roof is close to needing replacement, if the windows are in good shape or if the heating system has been well-maintained. Even seasoned homeowners often don't know what to look for when purchasing an older home or a heritage property. Unfamiliar and sometimes unsafe electrical wiring or plumbing may need to be replaced, which will add to the cost of the home. Many inexperienced property investors have been burned buying a home with the intent of renovating and flipping it only to find that there are expensive problems to solve first. A thorough home inspection helps you to know what you're getting into.
Speak to an Expert
Whether you are in the market for a new home for the first time or not, talk to a mortgage broker who can help you navigate the process to avoid costly surprises in the future. In Niagara Falls,
mortgage broker Dave Destefano represents The Mortgage Group, an organization of mortgage professionals operating across Canada. Call Dave to get the best mortgage rates and the perfect mortgage for you.