In today’s competitive real estate market, many eager buyers decide to opt-out of the home inspection in order to push their offer through with as little delay as possible. However, in passing up a home inspection, you could be missing out on critical information about your home that could save you a lot of time, money and hassles in the future. While you may initially love the home and the neighbourhood, it could end up being a money-pit that you regret buying. An experienced, certified home inspector is trained to find concerns with the property so that you can be better informed about what you are purchasing. As with any big investment, it’s worth the effort and the cost to ensure you’re getting exactly what you bargained for. The last thing you want is to uncover unwelcome surprises after you’ve signed on the dotted line.
Here are 5 reasons why an inspection is an essential part of your home-buying process:
- Safety & protection
Your home inspector will look for safety issues such as mold, mildew, carbon monoxide, asbestos, electrical problems, leaks, foundation issues and so on. If any worrisome issues are detected, you can then decide if you want to proceed with the purchase and begin repairs or renovations, or you can back out of the offer and continue with your search.
- Peace of mind
A home inspector looks at things that the average home-owner doesn’t know much about. For example, they will inspect the foundation, plumbing, electrical, insulation, furnace/AC units, ducts, eavestroughs, flooring and so on. In every area of the house both inside and out, they are trained to look at not just the general conditions, but also search for potential problems. They can also ascertain if something has been recently covered up or repaired, which can send off alarm bells for an undisclosed issue that can then be further investigated.
While a home inspector may not find every single issue with the home, particularly if it’s an advanced electrical issue, for example, their analysis is a great starting point for you to decide if the home is worth buying or not. If you don’t have the time or finances for big repairs, you can simply walk away from the deal! Alternately, if you get a glowing home inspection report, you’ll have the peace of mind knowing your home is in great shape.
- Negotiation leverage
If your home inspection reveals that repairs are needed, you can work with your Realtor to decide if you want to negotiate a lower price, or that the seller will conduct (and pay for) the repairs within a specified time.
- Education
Many new homeowners aren’t familiar with the basics of home construction or the various types of maintenance needed. The suggestions in your report will help educate you on ongoing and future issues, such as your attic insulation that may need raking and a top-up, window sill covers to protect against basement leaks, or knowing which kinds of tree roots can damage your foundation. Keeping your home in tip-top shape is the best way to protect your big investment, get top dollar when it comes time to sell, and most importantly, to keep you and your family safe.
- Insurance & legal issues
The condition of your home or cottage can impact your home insurance premiums, or whether or not you’ll be insured at all. If your property has features such as an oil tank, wood stove, or outdated wiring and plumbing, it’s a bigger risk to insure. Your home inspector can alert you to any concerns, and likely recommend upgrades or suggestions.
When it comes to buying a home, it’s important to do everything you can to learn all about it. While a home inspection takes a little more time and money during an already busy period, it’s worth it, in the end, to be fully informed and know the big picture. Be sure to select a reputable, certified and insured home inspector, and review your report carefully. At Ares Law, it’s our job to protect our clients by ensuring you are armed with all the facts and legalities regarding your property purchase. If you’re looking to purchase in Bracebridge, Huntsville, Gravenhurst and the greater Muskoka region, call us today at (705) 645-8743; you’re in good hands.
