4 Benefits of New Home Inspections: Why Buyers & Sellers Both Benefit From Inspections
One of the best ways to ensure an easy move to a new home is to schedule a home inspection during the buying process. Savvy home shoppers and sellers alike can benefit from a professional home inspection. This vital step can alert owners and buyers of any possible defects or hidden dangers in a home.
Sellers will better understand the property's value, and buyers can decide whether they want to own the home. This can also prevent contract contingencies and delays at closing. Here are four great reasons to invest in a home inspection, which will start homebuyers off on the right foot.
Buyers & Sellers Can See Hidden Problems
In real estate, the old adage "what you see isn't always what you get" will probably always ring true—especially in older properties. However, it's a good idea to have a home inspection even if the structure is newly built. Regardless of age, serious issues lurk behind walls, structural problems may be present or critical systems may be in poor condition.
Professional home inspectors can see and detect potential problems that the eyes cannot, so it's not a waste of time or money to have one done. One of the biggest mistakes buyers and sellers can make is not getting one.
Spending a Bit Now Can Save Big Bucks Down the Line
Home inspections typically cost between $300 and $500, but the final price can be more for larger homes. Ultimately, this is money well spent, as the home's condition can impact value and result in the need for contract contingencies.
Not all provinces have a regulated home inspection association. However, make sure to choose a provider who is trained and certified to perform proper home inspections. After all, there are quite a few home components to be inspected, and trained professionals are likely to be more thorough.
An inspection includes looking for cosmetic issues, foundations, and major systems like heating and cooling. Other key areas they look at for potential issues include:
- Faulty Electrical Wiring
- Roofing Issues
- Compromised Windows
- Plumbing Problems
- Water Heater Issues
Not only can some of the problems be dangerous for occupants, but they can cost a pretty penny to repair. Knowing the home's condition helps buyers out with price negotiations or avoiding a property that's a money pit.
Potential for Pricing Negotiations
Should the home inspector find significant issues that will cost a good deal to repair, buyers or their real estate representatives can use those aspects as bargaining points. The sellers may be willing to make the repairs before closing or be willing to make concessions on the asking price.
Should sellers not live up to whatever agreement is made concerning repairs, legal stipulations may allow buyers to cancel the contract. These vary between provinces, so knowing what legalities are in place is information that can be researched online or explained by a real estate professional or broker.
Buyers and Sellers Know What They're Getting and Selling
Buyers can avoid having "buyer's remorse," much like when a package comes in, and the product isn't as advertised or is flawed. Having a home inspection is a reliable way to prevent moving in and then having regrets and needing to make costly repairs from the get-go or shortly after moving in. Sellers can know what repairs or concessions to be ready for when listing the property.
Make an Informed Home Purchase—Get a Home Inspection
Rather than buyers and sellers facing financial mishaps and surprises, investing in a home inspection is a wise idea. While far from the largest expense, inspections are one of the buyer's most important investments. A home inspection can save tens of thousands in unexpected repairs and enable homebuyers to avoid common home safety hazards.
Remember that it is best to find an inspector through an organization like the Canadian Association of Home & Property Inspectors (CAHPI). This is the best way to find qualified, trained home inspectors near you, as codes and permitting requirements may differ depending on the home's location.