1 minute read.
With the high cost of purchasing a house, it is no surprise that many residents in the GTA that are trying to buy are looking to cut down costs any way they can. While there are a lot of ways to keep within your budget, making sacrifices that may end up costing you later is not a good idea. One of those, in particular, is a home inspection.
Are you interested in purchasing a home, but aren’t familiar with the ins and outs of home inspections? Here is what you need to know before you sign off on the purchasing contract:
- The Home Inspection is the Buyer’s Responsibility
When you are looking at a house to buy, there is a lot that your Realtor will help you with, but one of them is not your home inspection. Having your prospective home inspected is your responsibility (and usually highly recommended by your Realtor). Typically, you must book an appointment with an inspector, arrange through your Realtor to gain access to the house, set up a time to have the inspection completed with current occupants, and shoulder the cost of the process.
- The Home Inspection Includes (and Negates) Standardized Components
In order for your home inspection to be considered valid when it comes to discussing the results with the current owners, you need to have it completed by a certified inspector. It is a standardized procedure, whereby all inspectors will inspect the same components. An inspection covers the following:
- Interior systems including plumbing, electrical systems, heating, and cooling systems
- The foundation, basement, and additional structural components within the home
- The condition of windows, doors, and door frames
- The condition of floors, walls, and ceilings
- The attic and visible insulation within the attic space
- The inspector will not assess the inside of walls
- It doesn’t include any additional structures which are separate from the house, such as sheds or landscaping
- If present, the septic tank and systems as well as outdoor wells (unless they are specifically tasked to do so)
- The Home Inspection Offers You Advantages During Purchase
Understanding what the inspection includes is imperative to help you decide if you would like to purchase the property. The outcome often dictates what the home requires and you can use this information to determine if there is any significant work or renovations that need to be completed before you move in. If these are significant and costly, you may be able to negotiate these with the current owners. With that in mind, if you aren’t happy with the results of the negotiation or the inspection, you will have the opportunity to walk away from the deal.
While a home inspection may seem like an added – and unwanted – expense on top of an already costly process, at the end of the day, it is in your best interest to have one completed. If you are in competition with other buyers, you could even complete the inspection prior to the offer date so that you can understand the home further and its true value. In the end, inspections will end up saving you thousands, if not tens of thousands, which is worth the few hundred you pay to have it done.