After making an offer on a home, a home inspection should be the automatic next step. This part of the home buying process sees a qualified professional examine every inch of the property in question – searching for problems you, as a buyer, are unlikely to see on your own. While you do have the right to wave an inspection before purchasing, we strongly urge against it and here’s why:
1. Room to Negotiate
An inspection can help you save a ton of money on the home’s overall sale price or any necessary repairs. If there are defects present in the home, you can ask the seller to either a) drop their asking price to cover the cost of repairs or b) perform the repairs themselves.
2. A Homebuyer’s “Out”
A home inspection also allows you to back out of the deal. Depending on the results, you may discover there are too many “deal breakers” and choose not to buy. The seller may also refuse to drop their asking price or negotiate certain repairs (see above), in which case you might also decide to walk away.
3. Illegal Additions
A home inspection will reveal any illegal work performed on or within the home (i.e. the unpermitted building/finishing of a bedroom, bathroom or addition). As unpermitted work can be hard to detect, even by an expert REALTOR®, an inspection is crucial to protecting your investment and preventing problems later on.
Note: Unpermitted work can affect your insurance, mortgage rates and overall resale value
4. Structure and Safety
From attic to basement, your inspector will analyze every square foot of your home for potential structural and safety issues. This includes making sure the home is mould-free, includes proper ventilation and wiring and much more. It also ensures you won’t have to worry about a leaky ceiling, sagging floors or cracked walls due to an outdated roof or weak foundation.
5. Insight Into Future Maintenance Costs
A home inspection will also reveal problems that aren’t an issue now but are likely to become one in the near future. For instance, the hot water tank or furnace may still be functional but are likely to require replacement in five years or less. In short, you’ll have a better idea as to how much you’ll really need to budget for a potential property, now that you can estimate the life span of major home items.
6. Worth the Cost
There’s no denying buying a home is expensive. For this reason, homeowners are reluctant to shell out an additional $200 – $500 for a home inspection. But, when compared to the major costs, maintenance and problems you could face down the road, an inspection is a more-than-affordable expense.
Note: Your REALTOR® will connect you with an inspector that is both reliable and budget-friendly
Let us help you on your home buying journey! Take advantage of our free home buyer resources to learn everything you need to know about navigating the Edmonton real estate market, finding your dream home, saving money on your home purchase, zeroing on the perfect neighbourhood and much more!Terry Paranych on
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