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| Never say yes till it is Inspected by certified inspector |
Ontario’s hot housing market
continues to spark bidding wars and, in many cases, buyers are being advised by
agents to make “clean” offers to get the house they want. By 'Clean' offer means, no Home Inspection condition and no Finance Condition. How to make sure there really are multiple offers? Wait for my next blog or write me an e-mail.
Big mistake! I constantly hear stories from ‘successful’ home
buyers, who bought without an inspection. They later uncovered major problems,
many of which could have been identified with a proper inspection. This meant
large repair bills and unfortunate lawsuits involving unhappy buyers, sellers
and real estate agents.
The home inspection
system is far from perfect, but it is the best way to safeguard your interest. It also helps to make you aware of different maintenance procedures for your home and acquaint you with each and every artery of the home you are buying.
Some of the things you get to know during home inspection are as follows:
- Type of electrical wiring: the old homes may have a knob and tube wiring or the glass fuses. This might cause it a little harder to get home insurance or the rates could be higher
- Old galvanized plumbing might be near the end of its life. Remember, addressing a plumbing problem could mean thousands of dollars
- The type and condition of foundation: A cracked foundation might cost a fortune for a new buyer
- Condition and work-ability of the windows
- Age of the house: sometimes it might be difficult and is only approximated
- Thermal imaging cameras with your home inspector will show you the moisture and condition of thermal insulation in the house
- Type and condition of the roof
- Air conditioner and Furnace and their condition. These cost a lot to the buyer
There are still more aspects to the home inspection. If you want to know them, please give me a call or drop me an email. Alternatively you can also contact me through my website by clicking here.
In some cases the seller will conduct a pre-listing inspection and
make a summary of the results available to any interested buyer. Real estate
agents work with many home inspection firms, so they can normally arrange for
an inspection for buyers within forty-eight hours.
So dear Home buyers, please do
not get pressured into making an offer without a thorough home inspection for the home you are buying unless you are an investor and can take a risk. It is better to lose a home that has multiple offers on it rather than feel elated as winner and then deflate when you have to pay your years' savings to get it in live-able condition.
My next upcoming blog:
How to make sure you are really in to multiple offer situation? This could be a trap! Can't wait? Send me an e-mail or give me a call.
Inspired by and Includes some excerpts from the article
written by Mark Weisleder
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