Not so many years ago, the thought of an inspection on a home you were buying was basically never considered. When you viewed a property, you looked at the roof, open and closed the windows, flushed the toilet, checked the basement for signs of water, and did a number of other things. Then, relying on these impressions, you made an offer.
Times have changed. Today, perhaps 85 percent of all home buyers rely on a professional inspector to evaluate their homes (it was less then 10 percent 20 years ago!) Such inspections help ensure many, if not all, of the problems your new home may have are discovered before you take possession and get stuck with unexpected repairs. Its condition is exceptionally important to you because you are about to put down a huge down payment and commit to a 20-25 year mortgage.
The typical home inspection is a visual, non-invasive, non-technically exhaustive assessment of a property which takes approximately three hours to complete. It includes a check of the heating, electrical and plumbing systems, the roof, attic, visual insulation, ceilings, floors, foundation, windows, basement and exterior siding. It should provide reasonable assurance that the home's structure, mechanical, electrical and life safety systems are at least satisfactory.
It does not report on cosmetic issues such as minor scrapes and bumps, on normal wear and tear, nor on conditions that cannot be visually evaluated.
The challenge is to find the right inspector. Unfortunately, there is currently no legislation in Newfoundland that sets standards for home inspections. Your best bet is to get referrals from any one you know who recently had an home inspection. Additionally, find out before hiring if the inspector is affiliated with national organization that requires members to be certified, qualified, trained and attentive of specific business standards and practices.
Once you've decided on an inspector, commit yourself to being present while the inspection takes place. The three hours you spend could reduce the headaches you might have later down the road and save you money.
As the various systems are being inspected, you should ask how each works, what preventative measures you should take to avoid later problems, what tell-tale signs to look for to prevent break-downs, and any other concerns that might pop up. You'll learn more about these systems in your home in those three hours then you would normally learn in years of living there.
When the inspection is complete, the inspector should go over the report with you, outlining all concerns discovered and give you a copy of the report or email it to you.
If any problems were uncovered discuss them with your Realtor. If no problems were encountered, you'll now have peace of mind with your purchase.
In either case, the three hours of time spent and the relatively small inspection fee will help ensure that your investment is a good one and that the next several years should be reasonably worry-free.
Remember, the more you know about the factors affecting real estate transactions, the wiser your purchase or sale will be!
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