When venturing into Toronto’s bustling real estate market, a home inspection is a pivotal step to ensure your potential home is a sound investment. This blog highlights the process and importance of home inspections in Toronto.
What is a Home Inspection?
A home inspection is a thorough examination of a property's visible and accessible systems and components by a professional. From the roof to the basement, a qualified home inspector assesses the property’s condition and compiles a detailed report of their findings.
People Hire an Inspector for 3 Reasons:
Uncovering Potential Issues: They identify issues such as structural damage or outdated systems.
Negotiation Tool: If inspectors discover flaws, it may provide an opportunity for price negotiation or allow buyers to request repairs.
Peace of Mind: An inspection can offer buyers peace of mind knowing they’ve had a professional assessment of the property.
So now that you know why an inspection is important, what is the process of having one done? Typically an inspection takes place after you make an offer, and once you’ve come to an agreement on price, possession date and other terms. If you included a conditional clause on a home inspection, this will give you a period of time for an inspector to come through the property and give you their professional opinion. If you don’t feel satisfied, you can walk away from the property.
Here Are Some Common Steps When Booking an Inspection:
Scheduling: Arrange a home inspection once your offer has been accepted. They usually last about 3 hours in length.
Inspection Day: The buyers, buyer agent and inspector are typically the ones present at the inspection. You can learn a lot about your new home if you’re in attendance!
Report Review: Within a few hours of the inspection, you’ll receive a detailed report from the inspector, with their thoughts and professional evaluation of the home.
One thing to remember is that no home is perfect. The inspector’s job is to find areas of concern and things needing improvement, so that you can make an educated decision about moving forward, and budget accordingly!
Some common issues we see in Toronto include water and flood risks, especially those near river valleys or in identified flood-vulnerable zones. Gradient around houses is also to blame for water seepage into basements and other areas of the home. We also see signs of bug infestation in neighbourhoods such as the Beaches, and East York, which are not always highlighted in home inspections.
The Cost of Home Inspections:
Home inspections are an investment towards ensuring your potential home doesn’t turn into a money pit. Costs can vary based on the size and age of the property, but you can factor in paying at least $600 per inspection.
When to Waive a Home Inspection:
In certain hot market conditions, buyers might consider waiving the home inspection. However, understanding the risks involved is crucial, and it’s important to have money set aside for surprise issues that may arise.
A home inspection is a crucial component of a real estate transaction in Toronto, helping to ensure you make an informed decision and secure a great home.
Are you looking for a home inspector? Find out who we recommend by downloading our free Trades and Services Guide and reach out for a personalized consultation to explore your home buying options in Toronto.
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