Becoming a homeowner is an expensive and time-consuming process. For first-time home buyers, the process of exploring housing options, getting pre-approved for a mortgage—discussed in our last newsletter—making an offer, and finally closing the sale can be complex, if not confusing. Add to that, the many hidden costs that might arise in the near- or long-term if buyers do not do their homework before the sale is completed.

Many of these costs can be avoided or can be limited if prospective buyers and sellers choose to order a home inspection before buying a home and before listing their property on the market, respectively.

A home inspection, when done by a licensed professional, can be helpful in uncovering many of the potential issues with a home, especially one constructed decades ago. A home inspection report is also different from a home evaluation, which allows homeowners to get a good sense of their property’s market value, thereby helping them determine a fair selling price.

What does a home inspection report uncover?

The core purpose of requesting a home inspection is to uncover any serious structural issues or damage in your home to determine if it needs immediate attention or can be fixed later.

For sellers, a home inspection allows you to find out if any repairs or renovations are needed before you list your property for sale. Some sellers choose to make these repair themselves, enabling them to quote a higher sales price when listing.

For buyers, a home inspection is usually requested during the period between making an offer and closing the sale. This helps them identify potential renovation work that needs to be undertaken before the sale is completed or before the home is ready to move in, as well as negotiate a better sales price with the seller, based on the findings of the report.  

It also helps uncover future repair and maintenance needs, which if done on a timely basis, would go a long way to add value and longevity to the home you choose to buy.

Key components of a home inspection

It is advisable for buyers or sellers to hire a licensed home inspector, rather than an untrained individual. The former will spend considerable time (usually two to three hours), diligently examining every key aspect of your home that goes into preparing the report. The inspector could opt for a thermographic inspection that allows them to quickly identify any health or safety issues with the home, such as water damage or mold growth, roofing or structural problems, and plumbing, electrical, or HVAC defects. 

The current housing stock in Canada, including the Greater Toronto Area (GTA) is predominantly dated, and this means that getting a home inspection prior to selling or buying a home makes perfect sense, and is the practical thing to do. You want to make sure that the house is in good condition to move into. Taking care of all these potential problems in advance will allow you to enjoy your new home once you move in rather than be saddled with surprise repairs and renovations.

Home inspection checklist

  • Roofing – An old or worn-out roof or damaged shingles are a potential safety hazard that needs to be fixed if an inspection finds any shortfalls. 
  • Structural Issues – A sound foundation, coupled with properly installed doors, windows, and flooring, and a solid exterior are a big plus if you are a seller. So is the insulation in your home, especially crucial during the long and harsh winter months. If the home inspection finds issues here, they need to be fixed in advance. 
  • Electrical – The electrical wiring in your home, including lights and fixtures, will be checked during an inspection to make sure there are no potential safety issues. An inspector will make recommendations if it falls short of safety standards.
  • Plumbing – A home’s drainage system, including the complex network of pipes that run within the walls of your home, need to be checked to ensure there are no leakages or spillovers. If left unattended, these could lead to serious mold or water damage inside your home, eventually resulting in serious health and safety problems or structural damage.
  • HVAC - The home inspector will also evaluate your home’s HVAC system to ensure it is properly installed, including checking the home’s ventilation and airflow, and the system’s heating and cooling capabilities. 

Additional Resources

If you are looking to buy or sell a home and need more information about how to get a pre-sale or pre-purchase home inspection, do get in touch with RE/MAX Royal Team Sachdeva Realty for more information.

Have a good weekend!