FORGOING A HOME INSPECTION CAN BE COSTLY
Even in a hot real estate market, getting a thorough check is money well spent
Depending on where you live, the real estate market has been really hot the past few years. The sad truth is, for many new homeowners, to have even a chance of closing a sale, they’ve had to completely forgo the home inspection, among other less than ideal conditions.
I understand the panic that sets in, and the way prices rise, it’s natural that they want to get into the market before they are completely priced out. How does the saying go: The best time to buy real estate is five years ago?
Unfortunately, I’m starting to hear stories from those new homeowners who skipped that crucial inspection step in the process, and are now starting to see some of the “hidden” costs of home ownership that could have been planned for, had they hired a good inspector.
Looking at the stats recently, a bit of a shift is starting. Don’t get me wrong, it’s still a sellers’ market out there. But the sales numbers are starting to slow, and home prices in many areas are stabilizing.
As we move into spring, which generally has more home transactions than the winter, I want to once again stress the importance of getting a home inspection before you buy a property. It’s some of the smartest money you can spend when buying a home. It matters!
WHY YOU NEED A HOME INSPECTION
Getting a home inspection before buying a home can save you a major headache down the road, not to mention tens of thousands of dollars. A house can look good, with shiny new countertops, and some fresh bright paint, but you don’t know what’s going on behind the walls.
When you walk through a home with an inspector (and I always recommend prospective buyers attend the inspection, if possible), the inspector can point out any major red flags with a house. Inspectors are trained to look beyond the lipstick and mascara of a home, and put a spotlight on the major structural aspects of the home, as well as its systems.
If a home’s roof is on its way out, or the wiring and HVAC are in need of updating, these are things you want to know about before you make an offer, not during your first winter in the home when the heat shuts off out of nowhere.
I always say that a home inspection is never wasted money because it can give you an idea of what issues a home will have down the line — and when. If you know you’ll need to update the roof in the next 10 years, then it’s something you can plan for ahead of time. To me, the few hundred dollars you’ll spend on an inspection is worth the peace of mind.
I just read about a survey in Quebec that found that
25 per cent of homeowners in the province experienced considerable issues within the first five years of their home ownership. I’m betting a lot of these homeowners skipped the inspection process.
Not a lot of things make me nervous, but buying a home blind does. If I had to buy a house on the condition that I skip the inspection, well, I’d walk away even if I fell in love with the property at first sight.
HOW TO FIND THE RIGHT INSPECTOR FOR THE JOB
In Ontario, I’ve been really happy to see progress made in the regulation of the home inspection industry.
For a while, there was nothing to stop any Tom, Dick or Harry from picking up a flashlight and a ladder, and calling himself a home inspector. Requiring home inspectors to be licensed and insured will go a long way to protecting vulnerable homeowners.
Even when inspectors are licensed and insured, it still pays to do your homework. Before you hire someone, ask for references, find out how long they’ve been in business, and find out what their previous work experience was. Ideally, you’ll want to find an inspector who has experience in residential construction or engineering. Transferable skills will help them take a careful lens to your home, and find areas in need of attention.
For most of us, buying a home will be the biggest purchase we ever make. Don’t let your dream home turn into a lasting nightmare; hire an inspector. Trust me. Watch Mike Holmes in his series, Holmes Makes It Right, on HGTV. For more information, visit makeitright.ca.