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Why you need to do a home inspection & Benefits of Home Inspection

Posted: Tue Nov 29, 2022 1:58pm
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albertboncalos

Posts: 10

Location: Winnipeg

Joined: 16 Nov 2022

Why you need to do a home inspection.

Have you found the perfect home, but are wondering if you really need to do an inspection before buying? Who do you go to if you want to have the home inspected? What are the benefits of doing this? Here are our answers to all these questions.

1. What is a pre-purchase home inspection?

A pre-purchase home inspection is an examination of the condition of a home and of what is visible to a building inspector, both inside and outside the home. It isn’t required for obtaining a mortgage loan, but it can help you avoid costly headaches.

What is included in an inspection and in the report?

The inspector will visually evaluate the accessible areas inside and outside the property: the walls, the ceilings, the flooring, the structure, the foundation, the roof, etc. Common areas can also be inspected

The inspection report must contain:

- Detailed observations on the condition of the property.

- Details on any defects, necessary work, possible water infiltration, appearance of mould, suspicious odours, etc.

- Many photos of the premises.

2. What are the benefits of doing a pre-purchase home inspection?

Getting a good understanding of the asset you’re about to buy.

 Buying property is a major investment; an inspection allows you to proceed with full knowledge of the facts. It’s an important step in your life that requires deep consideration. You’re about to make one of the biggest purchases of your life – would you do it with your eyes closed? The main benefit of doing a pre-purchase inspection is that it allows you to gain more knowledge about the home and helps you avoid any nasty surprises in the future. It’s an emotional time, especially for first-time buyers, so having all the facts is crucial for making sure you’re not being blinded by the home’s aesthetics.

Limiting risks related to any possible latent defects.

An inspector is more likely to see potential issues, but they’re inspecting the accessible areas, so there may nevertheless be latent defects despite their thoroughness and competence. Hiring an inspector protects the buyer from certain kinds of existing and future defects to come.

Determining if the home will need any work in the short, medium or long term, and negotiating the price. If, for example, the roof needs to be redone in the short term and this isn’t mentioned in the seller’s declaration, this could affect whether the buyer wants to proceed, or help them negotiate a new price. The work can either be completed by the seller before the transfer of ownership, or the buyer can negotiate for a lower price if they do the work themselves.

Cancelling the transaction in case of any defects.

Plus, if you add a conditional sale clause to the pre-purchase inspection and to the approval for financing, this allows you to cancel the purchase promise if the inspection is not positive.

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Benefits of Home Inspection

If you are looking into buying a house and settling down, you may want to take extra efforts to ensure the house is in the best possible condition. This is why it’s not surprising that home inspection is becoming more prominent in the current real estate market.

The higher house prices go, the more concerned buyers become about the quality of their purchase. They want to make sure that the property is in a good condition and that it is worth the money they are paying. Beyond the monetary aspect, they are looking for a safe, secure and cozy place for their (future) family. This investment is not something people take lightly.

If you are still unsure of whether you need to hire a home inspector, here are a few key things to think about!

Understand the condition of the house

The main goal of a house inspection is to report on a home condition, which includes identifying potential future problems and safety concerns, and describing the general state of different parts of the house (structure, construction, plumbing, and other key home components).

Home inspection is designed to help buyers make informed decisions about their home purchase, ensuring that the physical condition of the house is on par with what the house appears to be.

Typical home inspection reports will pinpoint both major defects and minor problems with a property. Qualified home inspectors will be able to offer suggestions on how to deal with some of those defects. At the end of the day, the buyer is the one who makes a final decision; but a house inspection gives him/her a more thorough understanding of property conditions and potential future issues.

Spend now to save later

Some buyers don’t want to invest into a home inspection, stating that it falls under ‘extra expenses’ on top of their house purchase. In reality, a home inspection adds more value for property buyers than they realize.

Finding out about water leakages and/or non-working appliances after the purchase can lead to unexpected and pricey repairs down the road. In this case, a home inspection is an investment into the buyer’s future, as it allows them to plan ahead, or even to request the seller to do the repairs before the deal is struck.

And if you happen to be one of the cases where an inspection showed no major home defects, that will only give you peace of mind and confidence in the property you are getting.

Contribute to a smooth purchase

Conducting a home inspection before purchasing a home can help answer a lot of questions about the property, making it easier for both the buyer and the seller to agree on the market value of the house.

If major issues are identified in the home inspection report, the buyer has a basis to ask for a lower property price or to advocate for the repairs to be done prior to the purchase. On the other hand, seeing that no major repairs are needed in a home can make it easier to accept the house price. Having access to accurate information about the house condition puts everything out in the open and allows both parties to have a fair and easy negotiation process.


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