The Importance of Home Inspections When Buying a Property

Congratulations on finding a property you love and making an offer! Before finalizing your purchase, there is one crucial step you should never skip - getting a professional home inspection. Here's why:

Uncover Hidden Issues

A home may look perfect on the surface, but a trained inspector can identify underlying problems that could cost you thousands down the line. They will thoroughly examine all accessible areas of the property, including:

- Roof, attic and insulation 

- Foundation and structural components

- Plumbing and electrical systems

- HVAC (heating, ventilation and air conditioning)

- Walls, ceilings, floors, windows and doors

The inspector will look for any safety hazards, signs of water damage, improper installations, and needed repairs or replacements. Their findings are summarized in a detailed report that gives you a complete picture of the property's condition.

Negotiation Leverage 

Armed with the inspection report, you can often renegotiate with the seller. For example, if the roof needs replacing soon, you could ask for a price reduction to cover that cost. Or the seller may agree to complete certain repairs before closing. 

Without an inspection, you would have no idea about these issues and no grounds to request concessions. The seller is required to disclose known problems, but an inspection frequently uncovers issues even the seller was unaware of.

Peace of Mind

Buying a home is a massive investment. An inspection report, while not a guarantee, provides reasonable assurance that you know what you're getting into. If the inspector finds major problems you're not willing to take on, you can typically back out of the purchase and recoup your earnest money deposit.

How It Works

When you make an offer, your real estate agent will include an inspection contingency - a clause stating your offer is conditional on a satisfactory home inspection. You usually have a window of 5-14 days after your offer is accepted to complete the inspection.

You are responsible for hiring the inspector and paying the inspection fee, which typically ranges from $300-$700. Look for an experienced, certified inspector. Here.

The inspector will schedule a 2-4 hour appointment to examine the property. You are encouraged to attend during the walkthrough portion so you can ask questions and see issues firsthand. Within a day or two, you'll receive the full inspection report.

At the same time, your mortgage lender will be processing your loan application. If the inspection reveals no dealbreakers and your financing is approved, you can move forward with your purchase confidently, knowing you did your due diligence.

For condos, an inspection is just as important, even though the homeowners association maintains the building exterior and common areas. An inspector will still examine everything within your unit, including plumbing, electrical, HVAC, and appliances. Most common issue found in condos is related to water damage under sinks, in washrooms, kitchen, water leaking into building.. 

In conclusion, a home inspection is a smart investment that provides invaluable insights and protections for buyers. 

Here is a list of SK Realtors Association approved partners: Here.