A home inspection is an optional step of the home buying process, which is performed after an offer has been accepted.
A licensed Home Inspector will accompany you and your broker to visit the property at which time they will complete a full building assessment checking the building and it's surroundings for any Hidden Defects or any other potential issues which could impact the value of the property.
At the end of an inspection, you will be presented with a report and a summary of any issues found with the property and how much they will cost to repair now or in the future.
What happens if a problem is found?
- Minor problems: These can be generally negotiated with the seller and put in writing that they will be attended to by a licensed professional before the final act of sale. (crack in the wall, broken light switch, broken heater, etc)
- Major problems: These can potentially impact the final accepted offer or in worst cases void the accepted offer if both the buyer and seller cannot find mutual agreement to move forward with the purchase. These can include major Hidden Defects and also other major issues which were not included in the original Sellers Declaration (Broken plumbing pipes, cracked foundation, faulty electrical wiring, un-licensed electrical installations, etc)
When don't i need a home inspection?
There will be times when you don't need a home inspection. If you are working with a broker, they will advise you accordingly. If you proceed against their advise, it is at your own risk of discovering potential future problems.
- Buying off plan (new construction/development projects)
- Buying a relatively new home which is still under legal warranty
- Buying a unit in a large condo building which was recently built