Do you need a pre-purchase inspection of your building?

Many Ontarians wonder if they need a pre-purchase inspection when they are out and about to buy a new house. Their reasoning is that an inspection is an expense they can avoid during the costly process of buying a new place. Indeed property purchase is an expensive affair, but don’t use that as an excuse to skip the pre-purchase inspection. Why? Well, to put it simply, the inspection allows you to ensure your new house is as it is being advertised. If that didn’t convince you, here are 6 reasons that will.

Sellers can lie to sell the house

Not to cause trust issues or paranoia, but sellers mostly only think of their interests first. Meaning, you may think the house is in perfect condition because the seller said so. All the while, he/she may be hiding some defect from you. They do so to get the property off their hands and close the deal. When you get a pre-purchase house inspection, you save yourself from being fooled by sellers.

Real estate agents work for the seller

Now, you may think that real estate agents will stand up for your interests, right? However, more often than you’d think, agents work for homeowners AKA the seller. This means that you may end up with the short end of the stick if you don’t take the necessary precautions like a pre purchase inspection. When getting the inspection, make sure the inspector is someone you chose and not the agent. Doing so allows you to prevent any bias.

One last look to be sure

Home inspectors can find any number of loopholes to give you a shoddy report. Even without any ill intent, the inspector can miss some areas of the house. These are some points to keep in mind when your seller says they have an inspection report. It is always advisable to carry out your own pre-purchase inspection just to be sure before you finalize the deal.

Monetary trouble of skipping the inspection

Unless you have a pre-approved mortgage, a house inspection report is necessary when you are finalizing the finances for your purchase. Most lenders or banks require proof that your house is worth the investment. The same applies when you are about to get homeowner’s insurance. All these requirements can cause a hold-up at the last moment. Getting a thorough pre-purchase inspection eases all these processes, as lenders and insurers can trust the quality of the property.

Compliance with Regulations

Each Canadian house is built according to the local building codes. Any property in Ontario is supposed to comply with the requirements of these codes. After you buy the house, any violation falls on you, the owner. Protect yourself from legal troubles and comply with the regulations by getting a pre-purchase inspection. An experienced inspector can let you know if the property is not following the local codes and suggest fixes.

Negotiate like a boss

Finally, a pre-purchase inspection gives you the wiggle room to negotiate during the closing of the sale. Most buyers try to reduce the final price they will need to pay for the house using the report. In turn, they will take up the repairs. However, doing a cost-benefit analysis is necessary before hit the negotiation table with the report.

Conclusion

A pre-purchase inspection gives you the confidence you need when buying the house for the first time. Yes, it is an added expense, but a worthy one because it secures your investment. Furthermore, there are obvious benefits when you go for a mortgage or insurance. Therefore, don’t let the temptation of saving money get to you and skip the inspection.