What First-Time Buyers Must Know About Home Inspections
January 11, 2023 | Buying
For first-time buyers in Toronto, it’s important to understand the value of a home inspection. A critical step in the home buying process, inspections help protect you from unwelcome surprises down the line – surprises that can be stressful and costly.
During an inspection, a professional inspector will perform a thorough analysis of the home and surrounding property. They’ll examine key elements of the home’s structure, internal systems, and any other features that may be relevant.
If you’re preparing to buy your first home, here are a few things you should know about the inspection process.
Home Inspections at a Glance
An inspection is typically one of the final steps of a real estate transaction. So how do they work?
When submitting an offer on a property, most buyers will include a home inspection contingency. This means that their offer is conditional based on the results of the home inspection.
After the buyer’s offer is accepted, they’ll have a predetermined amount of time (usually a few days to a week) to have the property inspected by a professional. If the inspection uncovers significant concerns pertaining to the home, the buyer can walk away from the transaction without penalty.
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What Gets Inspected
Electrical Systems
The inspector will ensure the home’s electrical panel is sound, wired correctly, shows no signs of damage, and is up to code. Minor fixes to a home’s electric systems are relatively straightforward. However, they can be potentially hazardous if left unaddressed.
Roof & Eavestrough
One of the most important parts of a home’s structure, the inspector will verify that the roof is in good condition and shows no signs of long-term damage. Existing or past leaks in the roof could signify water damage within the home itself – an often costly repair.
Like the roof, an eavestrough can also point to signs of potential water damage within the home. If the downspouts are placed too close to the side of the property, there could be unnoticed water damage. The inspector will analyze the home’s eavestroughs and outdoor drainage systems and make note of any red flags.
Foundation
The foundation is a critical part of a home’s structural integrity. A good foundation keeps you, your family, and your belongings safe. The inspector will look out for clues that may indicate or point to potential concerns pertaining to the home’s foundation. This could include using a moisture metre to check for water damage or other methods of inspection. They will let you know if you need to hire a structural engineer to verify that there are no significant issues.
Plumbing
The inspector will analyze the numerous appliances, elements, and systems of a home’s plumbing. This includes but is not limited to, pipes, showers, bathtubs, sinks, and toilets. They’ll look for existing leaks, corrosion, or other potential issues that may apply. The inspector will also ensure there’s no damage resulting from previous leaks.
What Happens if There’s a Problem?
If you place an offer on a home and the inspection turns up significant issues, you’ll have options. Depending on the nature of the concerns, you may choose to void your offer and continue your home search elsewhere, or you may be able to negotiate a new agreement.
In some cases, potential concerns with the home will be small and you’ll be able to rectify any existing issues after moving in. As a buyer, your real estate agent’s advice and guidance will be your best resource in this circumstance. They’ll know which concerns can be addressed easily, and where it’s best for you to walk away altogether.
Home inspections are a helpful way to avoid unpleasant financial surprises down the line. For more tips on creating (and sticking to) an effective home budget, check out these resources.
Choosing a Trusted Inspector
When it comes to hiring a home inspector, trust is a major factor. After all, it’s their job to protect your best interests in what will be one of the largest investments of your lifetime. No two home inspectors are the same, so it’s essential that you choose the right professional for the job.
At Stephanie DeSouza & Associates, our vast industry network allows us to connect buyers with reputable home inspectors with proven methods of property analysis. If you work with our team we’ll leave no stone uncovered in ensuring you’re set up for long-term success in your new home.
Gearing up to buy your first home? Our award-winning team can help you accomplish your goals. Send us an email or call 647.330.5279 to get started.
