When purchasing a home in the GTA, homebuyers face the decision of whether they should perform a home inspection. We sometimes fall in love with a home the minute we walk through the front door and dread the disappointment that may follow once a home inspection is achieved. However, a home inspection is a critical step in the buying process, it will allow you to save yourself time, stress and avoid any potential financial risks by identifying possible issues within the interior and exterior of the home.
When should a home inspection take place?
The home inspection should always take place after you have made an offer, but you haven’t fully committed financially, or a contract isn’t agreed upon. This is a conditional offer known as a ”Home Inspection Clause” that can be inserted into the Purchase Agreement; this allows the homebuyer to reconsider the offer if any major issues are revealed from the inspection. Depending on what is found during the inspection, a proper bid may be required, and for land that already has a home ready for the buyer, a competitive offer may be required.
What should you ask to be inspected?
During the inspection process, the buyer should have the inspector inspect the foundation and structure of the home and conduct a complete assessment of all electrical, mechanical, plumbing, roofing, insulation, heating, and cooling systems. Alongside, it is always suggested to attend the inspection, so the inspector has the opportunity to show you how things work, any findings, and answer any questions. Individuals find this much easier than reading through a report.
Multiple offers and no time for an inspection?
Home buyers in the GTA are increasingly making offers on properties without first conducting a home inspection. Sellers’ favour offers with fewer conditions, for example, removing the home inspection clause. That being said, during the multiple bidding process, and because of Covid-19 restrictions; to conduct a home inspection can be difficult when you need several hours of uninterrupted time. This can be almost impossible to do when there are numerous showings. It will then become a “buyer beware”, meaning if the home buyer is willing to put in an offer without the conditional clause. Alongside, if lucky enough that the offer is accepted, a home inspection can be done after the deal is firm, just for the satisfaction of the home buyer and to know what will be needed.
Furthermore, sometimes the Listing Agent has done a pre-inspection and the report is available for review for all prospective home buyers.
As you can see, it is vital that you know exactly what the condition of the home is and what work needs to be done in order to bring the home up to a livable level and save yourself any unexpected costs.
If you are looking for a realtor in the GTA, Susan Macarz is here to help and provide you with more insight and help you make the right decisions.