After you have found the perfect home, it is time to discuss professional inspections and make an offer to the seller.
A home inspection in edmonton is a professional assessment of the condition of the property. It can help you identify any issues that the seller should address. Inspections cover everything from the foundation to roof.
Most homebuyers find the professional inspection worth it. Let’s look at the benefits of a home inspector, the costs involved, and what it doesn’t. This will help you decide if an inspection is worthwhile.
The Key Takeaways
- Although home inspections are not always required, they can be a great way to help buyers save money on future repairs.
- The home inspection costs $300-$500.
- A home inspector will provide a detailed, objective report on the condition of the property.
- A home inspection may be required by some lenders before they will grant a mortgage.
What is a Home Inspection?
A qualified inspector will conduct a home inspection, which is a thorough examination of your property. 1 A home inspection is a thorough examination of your property by a qualified inspector.
A home inspection can reveal a variety of issues, including cracks in the foundation and dead electrical sockets. Home inspections are not a “pass or fail” test. It provides you with the information you need to make informed decisions about the property so you can make the best buying decision.
Although you are not required to attend a home inspection it can be a valuable educational opportunity. A home inspection is not mandatory, but it can be very educational.
An appraisal is a professional estimate of property value. A home inspection is different from an appraisal. Be sure to verify reviews and confirm their qualifications before you hire a home inspector.
Why you need a home inspection
The home is one of the most significant investments you will make. To be able to anticipate future repairs and factor them in when making a purchase decision, you will need to have a thorough understanding of the property’s conditions.
A home inspection will alert you to any issues in the home such as rotting roof beams and aging HVAC systems that need to be addressed.
You and the seller may be able to negotiate a solution if the home inspection reports reveal significant problems. You may ask the seller to make repairs.
You might be tempted to include a home inspection contingency in an offer in a seller’s marketplace where there are many buyers competing for your home.
Although you might want to make your offer more appealing to sellers, it is important to consider the financial implications of not having an inspection. You could be responsible for costly repairs that are not obvious if you skip a home inspection.
Even if the seller doesn’t require you to inspect the home, it’s still possible to have the property professionally inspected. This will help you understand the condition of the property. This will allow you to budget for future repairs.
It is in the buyer’s best interests to have a home inspection done. In some cases, however, you may not require a home inspection. A home inspection might not be necessary if you already know that a house is in bad condition and are planning to demolish it.
What does a home inspection cover?
While home inspection reports may vary from one company to the next, they will generally cover the same major items or systems. These are the main features that a standard home inspection will examine: 1
- Heating system in your home
- Central air conditioning system (temperature permitting)
- Interior plumbing system
- Electric system
- Visible insulation
- Structural components
What isn’t always included
While home inspections are meant to inspect the entire structure of the house, they don’t always cover every aspect.
An inspector cannot inspect a part of the house they are not allowed to access. They won’t be allowed to inspect features behind locked doors, dangerous conditions, or if there are a lot of personal belongings in the way. In such cases, the inspector will note what they couldn’t access.
The standard home inspection does not include outdoor property reviews and tests for certain issues that could affect your health. These services are offered by many inspectors as an optional extra. These include:
- Tests for formaldehyde and radon as well as lead paint and plumbing
- Inspection of pools
- Sewer scope inspections
- Inspections prior to listing
- Testing for mold and air
What is the Cost of a Home Inspection?
A home inspection typically costs $300-$500. The cost of a home inspection can vary depending on where it is located and how much square footage. 2 As the buyer, it is your responsibility to hire and pay for the home inspector.
The cost of additional services can increase, but the exact amount will depend on which add-ons are chosen. These services will cost you between $25 and $200. These add-ons will usually require you to request a quote.
What happens if the inspection finds faults?
Because no property is perfect, a home inspector will most likely find faults. A home inspector can help you find faults in your property if it has been neglected by the previous owner.
You, the buyer can correct any defects in the house in one of the following ways. You can address any defects in the home as a buyer by one of several methods.
You could also negotiate with sellers on what fixes they will do and what issues you are willing to accept. Or, you could bargain with the seller for a reduction in the purchase price. This usually means subtracting the cost of repair or a portion thereof from the sale price.
You can continue with the contract as is. You can accept the problems rather than negotiate if the seller doesn’t have to fix the home.
What Fixes are Optional?
Some damage to a property does not need to be repaired. Buyers and lenders often accept cosmetic damage that doesn’t compromise the structural integrity of the property.
Buyers and sellers can negotiate the responsibility for any property issues that are found in the home inspection report, unless a lender requires them to do so. Others examples of optional issues include termite damage, peeling paint and burnt out lightbulbs.
Which Fixes are Mandatory
Some repairs may be required depending on the loan. For example, an FHA loan requires that you meet minimum property standards in order to be eligible for funding. These standards must include no damage to the roof, foundation or exterior, as well as a lack of safety and health hazards.
If the home inspector discovers issues that are not up to the minimum standard, you or the seller must correct them before an FHA loan can be closed. You may find similar terms from other lenders that specify which repairs are mandatory.
The bottom line
A home inspection is not always necessary when buying a property. However, it is in the best interests of the buyer to have one. A home inspector is qualified to give an objective assessment of the condition of the property and provide a detailed report on any problems they discover.
You may feel tempted to remove this condition from your offer in seller’s markets. A home inspection will give you a clearer picture of the property’s condition and uncover hidden costs.