Purchasing a new home can be a stressful, scary time in any buyer’s life. With such a frenzied market and prices rising every day, you want to make sure that what you are investing in is worth it. You don’t want something that is going to cause you major problems in the years to come, especially if the home is older. In order to provide comfort for your family, it is recommended that you include a home inspection as a condition for any house you plan on purchasing. Roughly 95% of home buyers hire a professional to perform a home inspection before closing. Just because a home is new, doesn’t mean everything is perfect, which is why we have answers to your home inspection questions below.
What is a home inspection?
Home inspections are conducted during the buying process of purchasing a house. A buyer will typically hire a trained professional to inspect the house of any issues before closing the sale. Generally, home inspections are done to identify any major problems within the house and to get a rough idea as to how to remedy those major issues. Nowadays, most potential buyers are looking at houses that aren’t new. In cities such as Toronto, many houses were built centuries ago and are usually renovated periodically. Since the house isn’t going to be in perfect condition, a home inspection will ensure there aren’t any major or life-threatening issues that will cause problems down the line. Typically, most home sales come with a home inspection contingency that allows you to back out of the offer within a specific timeframe.
With that being said, it is also a good idea to perform a home inspection on a new house, as well!
Do I need a home inspection before buying a house?
It’s not a legal requirement, but it’s recommended! Every home should be inspected before purchasing. Did you know the average home buyer spends less time buying a house than buying a car? Buying a new home that reflects who you and your family are is a rewarding investment. However, if not done properly, it can turn into a major financial burden. On top of saving you tons of money in the future, a home inspection is also a great way of getting to know your future house. This makes maintaining it a lot easier, especially if you are a first-time home buyer. Everyone knows just how much work maintaining a house is, and the more suited you are to your property, the easier it will be!
What does it entail?
A home inspection involves a certified professional inspecting and analyzing all major components of the house. This generally includes:
- Air conditioning unit
- Interior of the home (electrical, plumbing, ventilation, appliances, etc.)
- Exterior of the home (foundation, garage, exterior walls, etc.)
- Property and site the house is located on
During the inspection, your professional will take note of any code violations, repairs or areas in which improvements can be made. They will also tell you how crucial an issue is and how much it will generally cost to fix it. This is all extremely valuable information that can help any homeowner, or even save you money by lowering the asking price.
What are some common problems found during a home inspection?
Sometimes, a home inspection will bring out the worst in a home. There are many issues that can be found, which sometimes depend on when the house was built. However, these are the most common problems that may arise:
- Faulty wiring or electrical
- Roof issues
- Defects in heating or air conditioning systems
- Plumbing issues
- Inadequate insulation (common in attic)
- Cracks and separation around windows
- Minor structural damage
- Issues with the home’s foundation
- Defective HVAC system
- Poor upkeep (cracked driveway, peeling paint, old carpeting)
- Issues with flooring
What comes next?
When your professional is done inspecting your home, they will send you an electronic copy of their written report. This can be filed in your home reference manual. It will provide you with all the information you need on maintaining the home that was inspected, as well as what steps you should take next if you still plan on purchasing.
When an issue is found, you will need to decide if you are willing to take on any major renovations or if it can be negotiated into the sale price. You will also need to ask yourself if the issues are a deal breaker for you. Most issues, such as roofing or basement issues, can be costly to fix. This may make or break whether you want to purchase the house altogether. In most cases, major issues are usually already known and have been considered in the asking price. However, on rare occasion, you may need to return to the seller and do some re-negotiating! So, although it will cost you additional money, a home inspection can save you TONS MORE in the long run.
If you are a first-time home buyer and need home insurance, get a quote with isure today!