Home buyers need to know what problems exist in the home before they purchase it, they will need to be given information on how much money will be required to make the necessary reparations, as well as how much money they will need to invest in their home within the first five years or so. A good home inspector will be able to identify all faults and flaws and be able to set out a timeline for when the repairs need to be completed. A knowledgeable inspector will also be able to tell the buyer approximately how much money they can expect to pay for those repairs.
"Peace of mind," stresses George Pappas, president of Pappas Home Inspections Inc. "That's the ultimate benefit of an inspection - gaining confidence and peace of mind."
When you sign an agreement of purchase and sale, your realtor should always have included a condition on home inspection. A buyer is usually afforded 5 to 10 days to contract a home inspector to have the home assessed. The buyer should be given a written report to read over to ensure they are buying a quality home….or at least a home they would be comfortable living in!
There is no formal licensing of home inspectors, but reputable companies adhere to the rigid standards of practice established by the Canadian Association of Home & Property Inspectors. It is important to trust your realtor and interview their recommended inspector, but also search out your own inspectors to interview. Be sure you are comfortable with their level of knowledge in the major elements of a home (electrical, structural, mechanical, plumbing and roofing). This is one of the most important decisions in a real estate transaction and is often overlooked by excited and emotional home buyers. A bad decision can cost you thousands of dollars in unexpected repairs.
Qualified inspection companies will provide a sample report to substantiate that they abide by industry standards. One of the key guidelines is that ethical inspectors neither perform the repairs nor do they refer clients to repair companies. To do so would be considered a conflict of interest.
It is your right to follow the inspector throughout the assessment so you can learn about the home you are hoping to purchase. You should always ask the inspector before you hire him if it is OK if you follow him through the house. Be weary if that is discouraged! You have the right to be there. Good home inspectors will encourage this, since the buyer will probably need to learn the locations of major valves and shut-offs in their new house.
In summary, understand the importance of the inspection, it is not just a formality in the process. Interview several inspectors to ensure you are hiring a qualified and highly knowledgable inspector. Be sure to walk through the home with the inspector to get a clear understanding of how the home works and go through the inspection report with the inspector so you know what needs to be fixed, when it needs to be fixed and how much will it cost to get fixed.
For more information on buying or selling real estate in Burlington, Hamilton, Oakville, or Toronto Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit the Sean Kavanagh Real Estate Resource Centre at www.seansells.ca, or at www.seankavanagh.ca I'd be happy to answer any questions to accommodate all of your real estate needs. Follow me on TWITTER or FACEBOOK! You can also contact me at 905-220-9198 or at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
Building Lasting Relationships and Exceeding Expectations
Source: AmeriSpec Home Inspection Service and Your First Home Buyers Guide