Welcome to Episode 16!
Today I want to talk about Home Inspections. You have an accepted offer on the home you wish to purchase and one of the conditions in the contract is, “Subject to a home inspection…” As with all subjects, you, the buyer, always have the option to fulfill them or waive them at your own risk. Should you have the home inspected? Should you have it professionally inspected or do it yourself? Read on…
Here Are Some Answers to Common Buyer Questions:
WHAT IS A HOME INSPECTION and why is it important?
A home inspection is a visual examination of a property’s condition conducted by a professional inspector. It assesses the home’s structure, systems and components. It identifies potential issues that may require attention. This process helps buyers make an informed decision.
WHEN SHOULD I SCHEDULE A HOME INSPECTION?
I advise scheduling a home inspection after your offer has been accepted but before finalizing the purchase. Including a home inspection contingency in your offer allows you to address any significant findings before fully committing to your purchase.
HOW MUCH DOES A HOME INSPECTION COST?
A typical home inspection ranges from $450 to $700 depending on the size of the property, the age of the home and the location.
ARE HOME INSPECTIONS MANDATORY?
Home inspections are not legally required in B.C. but highly recommended. They provide valuable insights into the property’s condition, helping buyers avoid unforeseen expenses later on.
WHAT DOES A STANDARD HOME INSPECTION COVER?
A standard home inspection evaluates:
This assessment helps to identify existing or potential issues.
CAN I ATTEND THE HOME INSPECTION?
It is always an option for the buyer to attend the home inspection however, some home inspectors prefer to do the home inspection alone. This gives them uninterrupted time to thoroughly go through their checklist of items to inspect. They will usually reserve 30-45 minutes at the end to do a walk through with the buyer to show any deficiencies or problems that they have encountered.
WHAT SHOULD I DO IF THE INSPECTION REVEALS SIGNIFICANT ISSUES?
If any significant issues arise, it is recommended that you discuss these with your agent. That way you can decide together how to best move forward with the information. Your agent will present you with a choice of solutions to consider.
HOW LONG DOES A HOME INSPECTION TAKE?
A typical home inspection takes between 2 and 3 hours depending the property’s size and condition. Larger or older homes may require more time to thoroughly assess all components.
CAN I DO THE INSPECTION MYSELF OR HAVE MY FRIEND, THE PLUMBER DO IT?
Yes, you can. But is it advised? NO! A qualified home inspector is just that; QUALIFIED. They are educated and professionally trained to know what to look for. They follow specific checklists so as not to miss anything. You are taking significant risk in doing it yourself.
HOW CAN I FIND A QUALIFIED HOME INSPECTOR?
Your real estate agent will usually provide you with a list of qualified home inspectors to choose from. Choose the one that is the right fit for you.
While it may be daunting for you to have to come up with an out-of-pocket expense before actually owning the property, in the end it may save the you from solidifying the purchase of a “money-pit”. It is definitely money well-spent when you know up front what costs you may encounter in the future and it allows you to budget accordingly.
Feel free to reach out to me regarding this content or to suggest subjects you would like to learn about.
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Have a great week! Definitely call me if you want exceptional real estate service!
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