Do you think you need a home inspection?

Is your Cochrane home purchase a good idea?  If you’re looking for a deal breaker, it could be a professional home inspection.  You may be tempted to waive this inspection if you’re trying to put together a clean deal with few conditions, but the information you get from a thorough home inspection is worth its weight in gold.  A home inspection conducted by a professional is essential.  The entire home inspection industry is actually becoming specialized, catering to specific properties in a particular neighbourhood.  For example, historic homes, bungalows, homes close to rivers or properties with swimming pools, a well and septic system.

What does a home inspection entail?

First you want the services of a reputable inspector.  Your real estate professional likely has some key contacts in this regard.  The inspector checks out the mechanical operating system of the home and the structure.  It doesn’t matter if you have a heritage home or a brand new home.  The inspector’s experience at detecting problems behind walls, under floors and around the foundation is invaluable.  Once an inspection is conducted, you as the client will have a written report about the inspector’s findings.  This way, you will know the exact condition of the foundation based on evidence the inspector’s uncovered.  He or she will know what cracks in the basement are normal or a warning sign.  You’ll know whether the furnace, air conditioning system or hot water tank needs replacing.  The status of the electric panel will be uncovered, the exact life expectancy of the roof and the efficiency of the plumbing in the home you’re thinking of purchasing in Cochrane.

If there’s a fault, repair or replacement required, the home inspector should detail how much money it would take to bring everything up to speed.  They should have a ballpark idea on how long something might last, too.  If the inspector has done home in the neighbourhood, they will have something to compare their findings with.  For example, if the concrete step at the front door is the original step they will be able to tell you whether it has aged in the same manner as others in the neighbourhood or whether it’s in worse condition.  If you keep the home inspector company while they’re inspecting your property, you may learn a few things like where the main water line comes into the house, how to turn off the gas that feeds your appliances and how the thermostat works.  Little things like that.

How much does a home inspection cost?

This often depends on the size of the home as a larger home requires more time.  You might budget $300 to $500 for an average inspection of a detached home.  As the buyer, it’s up to you to pay for the inspection.  In this market, some sellers are actually hiring independent home inspectors to provide a report so that they can either fix potential problems before they’re flagged by a buyer or as a perk to buyers. It’s like a marketing tool and also may help in the negotiating process.

How inspection reports become a condition of sale

The REALTOR® is in a great positon to advise you whether a home inspection should or should not be a condition of sale.  As smart as an inspection can be, there may be the odd time in the case of a hot property with multiple offers that you might want to consider waiving an inspection to give you an advantage.  This would be advantageous if you, the purchaser, has connections with tradespeople or some do-it-yourself skills or perhaps extra funds to deal with the unknown.  Or if you are simply going to knock the whole structure down, foundation and all.  Your agent will be able to explain the risks.