For most Canadians, buying a home is the single largest investment you’ll ever make, so you want to get good value for your money. That’s why more and more buyers today are turning to professional Home Inspection experts before they firm up their transaction. What was once a seldom-used option in residential real estate has moved into the mainstream, especially since house prices have escalated to record levels in recent years.
A professional Home Inspector takes a close and expert look beneath a home’s surface and then reports on their findings in a detailed written report for the prospective buyer. The report will advise on the condition of such things as the foundation, electrical service, roof, insulation and many other factors. If work needs to be done, either now or in the near future, the report identifies what work will likely be required and the approximate time period before the homeowner will have to incur the expense. If there are substantial costs involved to put things right, the buyer can take this into consideration before proceeding with the purchase. Your Coldwell Banker real estate professional can help you connect with an experienced and trusted Home Inspection service in your community.
Although costs will vary, you can probably expect to spend in the area of three hundred dollars for an inspection of a single family home. And who pays for it? Well, since the benefit of the home inspection is almost entirely for the buyer, it’s usually the buyer who pays the cost. All things considered, it’s a small price to pay for the peace of mind it provides and the negotiating power it can give you — especially if it indicates major repairs are required but you make an offer anyway.
When it comes to making your offer to purchase, your Coldwell Banker professional can advise you how to include a home inspection as a part of the home buying process. Subject to the homeowner’s permission to grant access to their home, you can arrange for a Home Inspection to be completed and reviewed by you before you finalize your offer to purchase. This is done by having your Coldwell Banker salesperson prepare an offer that’s conditional upon you receiving a Home Inspection report that’s acceptable to you. This type of general wording allows you to decide whether or not you want to proceed after reviewing the report.
Including a satisfactory Home Inspection as a condition of your offer to purchase has some distinct advantages : if your conditional offer is accepted, the property is temporarily held against other offers at your agreed price and terms, yet you still have a legal escape route if the report turns up some major negative surprises, such as a bad roof or a crumbling foundation. On the other hand, if the conditional offer isn’t accepted, then the need to pay for a home inspection never arises. Your Coldwell Banker professional can counsel you on the best approach to suit your market and your individual situation.