Ontario, a province nestled in central-east Canada is widely appreciated for its great job opportunities, incredible infrastructure, affordable yet stellar cost of living and of course the outstanding Canadian wilderness! All of this suffices to explain the great demand for property in Ontario and justifies the fast and really hot realty market.
However, there are several aspects to look at when buying a house. You have to go house hunting, shortlist a few options, negotiate and seal the deal! We all are roughly familiar with all mentioned aspects of buying a house but something that is least talked about is home inspections.
If you’re here; you certainly must’ve given a thought to buying a house in Ontario. Due to high demand and low supply, you might not really have enough options to choose from. Especially, if you’re seeking a house in prime areas, you will have to consider options of previously used homes. And, these often need the inspection!
So, let’s delve deeper and get a glimpse of everything you need to know before buying a home in Ontario!
What is a pre-purchase inspection?
Are you going for a condo or a single house? Cottage or residence? A 5-year-old property or a 50-year-old property? Inspection has been recommended in all the Canadian provinces irrespective of the kind you’re going for.
A pre-purchase inspection thoroughly examines the condition of the house you’re planning to buy and renders to you a comprehensive report. It ensures you won’t have to spend extensively on repairs in the near future and in case of severe deficiencies, allows you to withdraw from and cease the deal before it’s too late.
What does a pre-purchase inspection include?
The inspector will thoroughly scan your house inside out including the roof, walls, structure, flooring, plumbing, electrical panels, wiring and so on and will collate a report. The report should ideally give information about- detailed observation, information on identified defects and work required to fix those and photographs of the location and defects.
What to look for in an inspector?
It is suggested that you choose an inspector from Ontario since he will be well-versed with the particularities of the area. You should go for a certified and expert inspector who is preferably a member of a professional order.
How much do home inspections cost in Ontario?
Usually, the cost of home inspection is dictated by a variety of factors such as home type, location of the house, size of the home and most importantly, age of the home. Typically, the cost could range anywhere between $300 to $600.
The age of the house and size have a directly proportional relationship with the cost. Additionally, once a standard inspection takes place and some specific issue is detected; you’ll have to bring in specialists in that particular field, which might add to your expenses.
What are a few benefits derived from a pre-purchase inspection?
There are several advantages that accompany a home inspection, of which, a few prominent ones have been listed below:
A] You get a complete understanding of what you are buying
No one wants nasty monetary surprises. Buying property is a lifetime dream for so many of us. When you are investing extensively in an asset, you just cannot proceed without a rigorous understanding of the house you are buying. It is one of the biggest purchases of life and therefore, needs to be free of flaws if a huge amount of money is involved. A home inspection gets you just that. Through home inspection, you can identify the defects and get them fixed by the seller or negotiate on the claimed cost of the house leveraging the defects.
B] Limiting risks to latent defects
Most of the time, defects of the house you are buying might not be superficial or prominently visible. Inspections are usually carried out over all the accessible areas to find out the latent defects. In case your inspector fails to recognize a certain defect in accessible areas, you can always take action against him.
C] Determining the repairs required in the short or long-term and negotiating the price
Once you get an extensive inspection done, you can get a fair idea about the repairs and fixtures required. Depending on how expensive these repairs are, you can ask the seller to either reduce the quoted price of the house or get them to fix the flaws.
D] Cancelling the transaction in case of severe defects
You don’t want to fall prey to additional expenses after already spending a huge chunk of money on the property. An inspection will allow you to withdraw from a deal right in time and save you from future costs of repairs and stress.
All in all; an inspection can help you make the final smart decision since it gives you a complete picture of the house you are willing to buy. You might be an old veteran or a first-time buyer; when you buy a house, getting an inspection is absolutely crucial if you want to live without headaches and regrets!