When buying a home clients often will ask, do I need a home inspection, can I do it myself, what is best? As your Real Estate Agent we always strongly suggest yes, a professional Home Inspector should be used.
Sometimes home inspectors find something more serious in homes for sale, luckily not very common, but it does happen.. They can find leaks that have caused mold & rot, old wiring, asbestos, structural issues like notched or rotting beams, foundation issues, etc.
In the case of the major issue, a re-negotiation can likely happen to compensate for the work that will be required to fix the problem. Thankfully this isn’t common.
The main exception to the renegotiation upon discovery of a major issue is a Power of Sale property. A Power of Sale (a non judicial type of Foreclosure, the term Foreclosure is more commonly used in the U.S.) is a property being sold by a bank or mortgage company, on behalf of a Property owner. These homes are being sold as-is, so generally a POS Seller will not renegotiate based on a Home Inspection. That being said, having a Home inspection done is still a very important thing to do for you the Buyer, to have a full picture of any deficiencies that may exist.
As in any industry there will be differences from inspector to inspector. Get references, talk to them, ask how they do the inspection, how long will it take (a 2/3 bedroom single detached home usually takes 2-1/2-3-1/2 hours) and how much it will cost. He or she will go into the attic, crawl space and up on the roof. Some are also certified to inspect additional systems like septic, do WETT Certificates or electrical, these inspections would also cost extra. The inspector should take photos of any findings & should provide a type written report. It should be long enough that they will provide a binder to hold it (if printed onsite), giving you a usb memory stick or emailing it to you.
A home inspection helps you to get to know your potential new home better, it should make you aware of any current or future issues, and advise you on maintenance items to help keep your property issue free. They can also give you ball park quotes for repairing items based on the contractors in your own community.
If you are looking for homes for sale in Collingwood please contact me, I would love to help you with buying your new property.
– Jill Does
Real Estate Sales Representative
Royal LePage Trinity Realty Brokerage