WHAT ARE THE BENEFITS TO A HOME INSPECTION?
Tuesday Aug 04th, 2020
The rising importance of specialized Home Inspectors
For most Canadians, buying a home is the single largest investment they'll ever make and it's become increasingly true in recent years of record home prices. As a homebuyer, you'll want to ensure you get good value for your investment, and that's why professional home inspections are becoming an integral part of the buying process. In fact, the field is now becoming more specialized and some buyers are even using the services of more than one type of inspector to review a property before committing to the purchase.
A professional Home Inspector makes a comprehensive review of the operating systems and structural aspects of a home. Following this first-hand look beneath the surface, the inspector then prepares a detailed written report for the buyer, describing the condition the foundation, heating and cooling systems, electrical service, roof, insulation, and other critical structural factors. It gives you a far greater measure of security before finalizing your offer to purchase a property.
With rising home prices and a corresponding rise in the use of home inspectors, in recent years, the field has actually become more specialized to suit specific needs of certain markets or properties. For example, some offers to purchase may require the services of a swimming pool inspector, termite inspector, or where a well is present, a water quality inspection.
Inspection costs will vary by community, by the service provider and sometimes even according to the special demands of a property. Still, you can expect to pay in the area of three to five hundred dollars for a typical home inspection of a single family dwelling. In almost every case, it's the buyer who pays the cost of the home inspection, since the service is provided almost entirely for their benefit. Most buyers agree that it's a small price to pay for peace of mind. A home inspection report can also give you additional negotiating power if it unearths some unforeseen problems that must be remedied.
Your Coldwell Banker professional can advise you on how to incorporate a home inspection as a condition of buying a property. Your offer can be conditional upon a professional ho me inspection being conducted and a satisfactory report being received by you. If the conditional offer is accepted, you get the advantage of temporarily holding the property against most other offers, while you have a legal ‘out' if the report turns up some major surprises, such as a roof or furnace that needs immediate replacement or foundation problems to be put right. If the inspection report indicates some large expenses, or problems you simply don't want to deal with, your offer can either be terminated or possibly re-negotiated to accommodate the cost of any major remedies. Remember though, if you don't proceed with the original offer, the seller is also free to renegotiate any aspect of the offer or accept an alternative offer from another buyer. Your Coldwell Banker professional can counsel you on the best approach for your individual situation.