Why do I need a home inspection?

Why do I need a home inspection?

By: laura0 comments

When an excited homebuyer puts an offer in on their dream home, the process begins. A home inspection will likely be a requirement for securing your mortgage. Hiring a professional home inspector to take a look at the property before a purchase goes through is not only crucial for the process, but it protects the buyer. Before making one of the most significant purchases of your life, you’ll want to know the overall condition of the home. It also gives you an out in case there’s something significantly wrong. 

What is the purpose of a home inspection?

Many buyers and sellers think that an inspection is to check the condition of a home for the bank to determine whether or not they want to invest, but its primary purpose is to allow the homebuyer to make an informed decision. 

Who pays for the inspection?

Most of the time, the homebuyer is responsible for covering the inspection costs unless specific arrangements have been made with the home seller. Depending on the inspector, you should expect to pay anywhere from $250 to $700 for an inspection. The cost depends on the size of the house, the age of the property, and the location. 

What should you expect after a home inspection?

Home inspectors will typically focus on the issues within the house that will cost the buyer money to repair right away. Your home inspector won’t often discuss any cosmetic issues. Buyers shouldn’t expect a perfect inspection, as those don’t exist, but they can be used as a negotiation tool against the home seller. If significant repairs are required, buyers can ask for a lower price on the home to cover the costs of the repairs or require the seller to fix them before the possession date. An inadequate inspection can work in the buyers’ favour by negotiating a lower price or allowing them to back out and find a better property. 

When the inspection results come in, you can decide if you want to proceed with the sale or discuss your demands with your realtor. You will either work out a solution that works for you and the home seller or go back to searching for your new home. 

How do I hire a home inspector?

What is included in a home inspection, and do I need to be there?> A good rule to follow is to always hire a certified inspector yourself without the help of your realtor. Your realtor will likely have several inspectors they’ve used with other buyers and sellers, but you should do your research and find someone you are comfortable hiring. Family and friends may have some recommendations. Check out Google, Facebook, and Yelp reviews to ensure you’re hiring a customer service-focused professional and ensure they have the credentials to provide an excellent inspection. 

What is included in a home inspection, and do I need to be there?

An inspection includes a thorough visual examination of the home’s exterior and interior from top to bottom. It will include anything that the inspector can easily see. Typical inspections include plumbing systems, electrical systems, HVAC systems, foundation, ceilings, walls, windows, floors, doors, and the overall condition. The exterior inspection includes the roof, garage, foundation, siding, and concrete. 

An inspection will take a few hours, and while it’s not a requirement that you attend, it’s highly recommended. It gives you a chance to discuss issues with the inspector, ask questions, and find out where things are located within the home. 

As the inspection is being performed, you can leverage the inspector’s expertise about issues you may not be familiar with. For example, watermarks on the basement ceiling could be a one-off incident or a symptom of a bigger problem. 

Once you have the final inspection results, you can make an informed decision about whether you want to proceed with the sale. Once it’s done, there won’t be any unfortunate surprises once you purchase the home. 

Getting your mortgage

Once you’re happy with the outcome of your inspection, contact Sunlite Mortgage for all your mortgage needs. Our easy-to-use preapproval system is a convenient way to find out what you qualify for when searching for your next home. We will match you with a mortgage loan program that meets your financial needs. Our online application only takes a few minutes to fill out and get pre-approved. Sunlite Mortgage has been helping buyers in the GTA for over 25 years, and we’re committed to providing you with the best experience possible. 

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