Should you forgo a home in­spec­tion?

The Hamilton Spectator - - REAL ESTATE -

In­spec­tions play a very im­por­tant role in any home pur­chas­ing process. While many peo­ple in highly com­pet­i­tive mar­kets are choos­ing to skip this cru­cial ser­vice, as­sess­ing a prop­erty's con­di­tion helps you make an in­formed de­ci­sion. With this in mind, there a few things for buy­ers and sell­ers to know about the process. “Be­cause home in­spec­tions are of­ten one of the most in­flu­en­tial fac­tors guid­ing a deal, ev­ery­one should be aware of what they typ­i­cally cover,” ad­vises Royal LePage Net­work Realty Corp.'s Norm Jensen. “De­fects found dur­ing an in­spec­tion can in­flu­ence a prop­erty's pric­ing or stall a deal al­to­gether. How­ever, if used cor­rectly in­spec­tions can be ben­e­fi­cial to both par­ties.” As a seller, you may want to con­duct an in­spec­tion and make the nec­es­sary re­pairs be­fore list­ing your prop­erty in or­der to en­sure the best pos­si­ble re­turn, rec­om­mends Jensen. As a buyer, an in­spec­tion can help you iden­tify prob­lem ar­eas, shap­ing your pur­chase agree­ment. Here are four fac­tors to con­sider when opt­ing for a home in­spec­tion: A home in­spec­tion is a vis­ual as­sess­ment. Home in­spec­tions are only based on what can be ob­served on a given day. There­fore, it is next to im­pos­si­ble for ev­ery­thing to be caught dur­ing the process. As a buyer, you are pay­ing for an ob­jec­tive opin­ion on the home. Dur­ing any in­spec­tion, be sure that the in­spec­tor un­der­stands that you are the client by en­cour­ag­ing them to pin­point prob­lems that are crit­i­cal to your needs. Un­der­stand the pa­ram­e­ters of an in­spec­tion. It is im­por­tant to un­der­stand what the in­spec­tion does and does not cover. This ser­vice is by no means a war­ranty or guar­an­tee, but should still be as com­pre­hen­sive as pos­si­ble. There is no such thing as a per­fect home. Don't be con­cerned if the in­spec­tion re­veals prob­lems; most prop­er­ties will have a few de­fi­cien­cies. In­stead, use the in­for­ma­tion as part of your ne­go­ti­a­tions or take care of the is­sues be­fore you list the home. Find more in­for­ma­tion at roy­­

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