Most homebuyers decide to have a home professionally inspected prior to closing. However at the inspection, they are surprised to learn what is involved (and what is not). Here is everything you need to know about home inspections.
What is a home inspection?
A home inspection is a professional evaluation of the physical condition of a house. While home inspectors don’t give an opinion on the value of the home, they do give a thorough idea of any necessary repairs.
A licensed inspector will perform a thorough visual review of all major components in your new home, including:
- Roofing materials and ventilation system
- Exterior walls, windows and doors
- Electrical wiring
- Plumbing systems
- Heating systems
- HVAC systems
- And lots more
It is important to note, home inspectors do not open walls. Inspections are purely superficial and not invasive. They may detect symptoms (ex: high humidity) of issues (ex:mould) behind walls.
Home inspections can also reveal other problems that may not be immediately apparent, such as foundation cracks, termite damage or water damage in the basement.
Why do a home inspection, if I already have a seller’s declaration?
A seller is obliged to disclose everything they know about the home in a seller’s declaration. In this document, a buyer will find all property issues which may reduce the value of the home. A seller who is dishonest when completing this declaration, leaves themselves liable after the sale of their home- even if they are selling without legal warranty.
In most cases, sellers will honestly disclose what they know about a home. However, it is still imperative to do a home inspection. Inspectors are well-equipped to find defects, which even long-term homeowners are unaware of.
Additionally, home inspections provide peace-of-mind about the value of your new home. The inspection report will tell you almost everything you need to know about your new home. It is a valuable resource throughout the time you are living in your new home.
Who Pays for the Inspection?
The buyer pays for the inspection. Sometimes a seller will decide to provide an inspection report with the listing. In this case, the seller will pay for the inspection. This is known as a pre-listing inspection.
What is a pre-listing inspection?
The seller can have his own inspection done before listing his home. This will allow the seller time decide if he would like to repair any issues prior to listing. If the seller does not want to repair those issues, they are now disclosed to a potential buyer. Repairing a defect is not the same as a home renovation. While renovations can increase the value of a home, a defect can decrease the value. Home repairs will bring a home’s value back to what it should be.
Despite already having an inspection report, many buyers chose to do their own inspection. It is important that the buyer is comfortable with the purchase. Therefore as a buyer, you should do whatever it takes to achieve that comfort.
Is there anything a buyer can do to prepare for an inspection?
Yes! As mentioned above, the inspection is superficial. Inspectors do not open walls, nor do they declutter. Before you do your inspection, be mindful of areas of the home which are overly crowded. Especially in the basement! A jam-packed basement will not allow the inspector to determine if there is humidity. Additionally, a cluttered garage will hide any potential cracks on the cement floor. Don’t be shy to insist that overly-cluttered areas of the home be cleared properly.
What can I do if my inspection report shows a major defect?
You have four options if there is a major defect in your inspection:
- Cancel your offer
- Request a price reduction
- Request the seller to perform repairs
- Accept the defect and buy the home as is
Don’t forget, the seller is not obliged to accept a price reduction request or to fix any defects. You must come to an agreement with the seller on how to move forward. Personally, I never recommend buyers request repairs from the sellers. Since it is not for themselves, a seller may cut corners. Therefore the repair will not be done to the desired standards of the buyer.
Have a more specific question?
So there you have it! While paying for home inspections is never fun, paying for unwanted surprises is even less fun! It is also important to remember that without a home inspection, a buyer is less protected in their sale. Even if they are buying with legal warranty.
Hopefully, we covered any questions you might have about performing a home inspection. But if you have any additional questions, my team and I would love to help!
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