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It's no secret that it's a seller's market when it comes to buying a home in Ontario right now and this, in turn, is causing a sharp decline in Home Inspections.
Many home inspectors and home inspection companies are leaving the industry due to the decline in business and many more buyers are getting unpleasant surprises after they purchase their new homes.
The Bissons were one such family who, after losing out on several bids, were forced to make an offer with no conditions. After moving into their new Brantford home, the couple was hit with two floods leading to excavation, drywall, work, and insulation work, all costing more than $50,000.
With so many buyers putting in no condition offers, it's forcing other buyers into a tough situation: Buy a home without an inspection or the possibility of a months-long search with no guarantee they will find a home.
In some cases, "walk-through inspections" are the only thing a seller will settle on. Not only do some of these inspections last a comedically short 15-30 minutes, but it also puts home inspectors who adhere to a high standard in the position where they can't do an adequate job within the timeframe.
Some sellers are stepping in and providing pre-list inspections, where the home inspection is done before the house goes on the market, however, this is entirely reliant on the goodwill of individual sellers. There have also been discussions within some real estate organizations to front the cost for pre-list inspections themselves, in order to alleviate some of the stress and hopefully cut down on some of those post-buy horror stories.
After all the expenses that go along with buying a new house, the thought of skipping a home inspection may have crossed your mind ... it can be expensive!
But, buying a house with no conditions is risky. And after spending all your savings on your dream home, you want to avoid any potential nightmares.
So, a home inspection gives you confidence in your purchase. You'll find that it will be the best decision you can make when buying a house.
Reasons Why You Need A Home Inspection Before Buying A House With No Conditions
Ensure The Safety Of Your House
The first and most obvious benefit of a home inspection is safety.
Finding out that your brand new home doesn't have the structural integrity you thought it did is a lousy surprise. There are also plenty of other safety concerns such as electrical wiring, plumbing, HVAC systems, and more, that a trained eye will catch.
Checks The Quality Of Repair & Maintenance
Once all the papers have been signed and the deed is yours, you don't want to end up in a situation where a few months down the road you need to shell out for repairs on something the original homeowner should have fixed.
An ageing roof, garage, or appliance will cost you a lot more in the long run than the price of a one-time home inspection.
A little more cost upfront will save you money in the long run.
Identifies Any Illegal Renovations
Over the past year or so, do-it-yourselfers have had a lot of time on their hands and when it comes to home improvements, some may not be following all the rules.
A home inspection will help catch illegal installations or additions that were not built up to code. .
This is a big one. A renovation that was completed illegally will cost you in taxes, insurance, and overall home value in the future.
It's Better For Insurance
Speaking of the future, a home inspection will help give you the bigger picture when it comes to your investment.
A home inspection will determine when and which major systems will require replacement down the line, giving you a key budgeting tool and will help you decide which type of home insurance or warranties you will buy.
It Can Be A Negotiation Tool
It isn't just benefits in the distant future either. A home inspection is another negotiation tool in your tool belt that can be used to drive the price of your new home down or give you an opportunity to back out if things aren't looking promising.
After the home inspection, if you're in love with the house but there's one nagging problem, your realtor can negotiate a price reduction from the seller.
It's clear that the benefits you receive from a home inspection far outweigh the cost (usually in the range of $300 to $600) and in the end, the last thing you want when you're making the biggest purchase of your life, is remorse.
So, buying a house with no conditions is not in your best interest for either the long-term or short-term.
There's one thing you receive after a home inspection that is hard to put a price tag on and that's peace of mind.
Featured image courtesy of Pavel Danilyuk via pexels.com
