There are a lot of things to remember when you're in the process of buying a home. There are hundreds of likely listings to look through, home tours to arrange, your own things to be packed up, lawyers and real estate agents to hire, and of course home inspections to conduct. But how much of it is really necessary? You could be forgiven for thinking not all of it is. For instance, surely homeowners conduct inspections before they put up their condos for sale in Toronto? However, before you make any decisions about cutting corners on your home purchase process, do your research and consult your real estate agent.
Inspections vs Appraisals
Many inexperienced home buyers believe that home inspections and home appraisals are one and the same. They are not. The purpose of a home appraisal is to determine the value of a home. This, in all likelihood, is what the homeowner has had done before listing the home. NOT a home inspection. A home inspection focuses on the condition of the home: whether it is safe and in good repair and in some cases whether it meets the standards set out by local building codes. You can see why a buyer would want this information about any resale condominiums in Toronto he or she was considering making an offer on. However, having an inspection done isn't necessarily desirable to the seller, who might then be obliged to either repair or tell the seller about any flaws found during the inspection.
Professional Inspections vs Amateur Look-Sees
In an effort to save money, some homebuyers will opt to inspect the property themselves or have a friend or relative with carpentry or handyman experience in to "take a look-see." Unfortunately, building experience does not always make you or your friend capable of conducting a proper inspection of the home, especially a modern example of downtown Toronto condominiums. Professional home inspectors must undergo a certification process and follow a strict set of procedures set out by the International Association of Certified Home Inspectors or the Canadian Association of Home and Property Inspectors. The professional home inspector presents you with a written report on the soundness of the home so that you can make your decision on the property. His or her report is generally respected by the seller and his agent, unlike an opinion from your uncle.
What the Inspector Will Look For
Although the home inspector is not allowed to use any invasive techniques (such as removing drywall to inspect the condition of the joists behind it, or drilling samples out of the wood of support poles to test for rot) there is quite a lot a trained inspectors can discover with just their eyes. They can determine if the roof of a house is leaking and how long it's likely to last before it will need replacing. They can find out the effectiveness and efficiency of the heating and air conditioning systems of luxury condos in Toronto. They can vet the structure, plumbing, and electrical work done when the house or condo was built. They can also find small aesthetic repairs that might need to be done and bring to your attention any fire or safety issues the property has.
Your Home Inspection Report
The report presented to you by your home inspector can be used in a number of ways. Firstly, you can present it to the homeowner and ask that the issues discovered on it be rectified by him or her before you will buy the home. Secondly, if you're willing to do the repairs yourself, you can use the issues outlined in the report to negotiate the homeowner down from his or her asking price. And of course, you can use the information to decide whether you would be comfortable, financially and physically, buying this home. In fact, this information is so important to the sale process that many contracts for Toronto condo sales have a clause in them stipulating that the sale can only close pending the results of the inspection.