I strongly advise my Buyers to have a home inspection done on any property they purchase. As a Buyer, you don’t want any surprises when you purchase a home, and a qualified home inspector will be able to examine the property more closely. Buyers can expect to pay approximately $250 - $500 for an inspection but it’s well worth it!
The inspection will last about 3 hours, depending on the size and condition of the property. The home inspector examines the roof, siding, foundation, basement, flooring, walls, drainage, electrical, heating and plumbing. The inspector looks for wood rot, mould, insects and fuel storage tanks, lead paint, aluminum, asbestos, knob and tube wiring, and urea formaldehyde foam insulation. Keep in mind that the inspector is only able to report on conditions that he can see. For instance, if there’s a storage room in a house that’s packed to the ceiling with boxes, he won’t be able to access the room to examine it.
During the home inspection I stay at the property with the inspector and recommend that my Buyers do the same. If the inspector comes across a potential problem (a crack, water stain, moisture, etc.), you’ll have a better understanding if you’re there to see it.
If you’re unable to be present during the whole inspection, it’s important to be there at the end. When the inspector is finished examining the property, he will provide you with a detailed report, explain any major or minor concerns, and answer any questions you have.
Be sure to hire a fully trained, professional home inspector. Call around and interview several to find one that’s right for you. Find out if they are members of a trade organization such as the Canadian Association of Home Inspectors and if they have Errors & Omission Insurance.
When writing an offer, the Buyer will have an Addendum along with the Contract of Purchase and Sale. The Addendum lists various subjects and conditions, and should include the following with regards to home inspections:
Subject to the Buyer, on or before ____________ at the Buyer's expense, obtaining and approving an inspection report against any defects whose cumulative cost of repair exceeds ____________ and which reasonably may adversely affect the property's use or value. The Seller will allow access to the property for this purpose on reasonable notice. This condition is for the sole benefit of the Buyer.
For more information about buying and selling real estate in Vancouver, please don’t hesitate to contact me.