In a real estate arena as diverse as Toronto, the process and context of a home inspection can vary greatly. However, prospective buyers and sellers should understand the importance of home inspections, as they are influential stages of most real estate transactions. In this blog post, we will explore the purpose and value of home inspections while additionally delving into what professional inspectors look for when surveying a property.
Exploring the West Toronto real estate market? We can guide you toward an exceptional result. Call 416-722-4723 or reach us by email at evan@christensengroup.ca.
What Does a Home Inspector Look For?
Every property is unique. Therefore, a professional’s home inspection checklist may look different based on a dynamic range of factors, including the property’s age, architectural style, location, and more.
However, most home inspectors follow five primary points of analysis on their home inspection report:
- The home’s foundational integrity
- Health and condition of the roof
- Plumbing
- Electrical panels, outlets and wiring
- Heating and cooling systems
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Types of Home Inspections
There are two primary types of home inspections in the realm of residential real estate. While serving similar purposes, they are ultimately different.
Pre-Listing Home Inspection
Some sellers elect to proactively have their home inspected before listing it, allowing them to uncover and correct any outstanding property issues before heading to the market. The benefits of this are multifold.
For example, identifying major issues with the home before an offer is placed can greatly reduce the risk of a jeopardized sale later on. Further, having the results of a recently completed home inspection ready for review can provide a greater degree of confidence to potential buyers.
Post-Offer Home Inspection
The other type of home inspection occurs after the buyer has placed an offer on the property. In this process, a professional inspector (hired by the buyer) will be granted access to the seller’s home while the transaction is ongoing.
In many cases, post-offer home inspections are the result of a contingency included in the buyer’s offer. This allows the buyer to protect themselves by ensuring the home is properly inspected before the transaction is finalized.
Should Buyers Always Include a Home Inspection Condition?
As a home buyer, including a home inspection condition in your offer can be an effective method of identifying potential pitfalls before making a major investment. However, that doesn’t mean that all buyers should include such a condition by default.
A major component of finding success as a home buyer is appealing to sellers. After all, you can’t land your dream home unless the seller agrees to work with you.
To that end, impressing sellers isn’t always about submitting the highest bid. If a home garners significant interest, some buyers may choose to submit a clean, contingency-free offer in order to gain a competitive edge over other parties. If the only difference between your offer and your competition’s offer is an inspection condition, it could make or break your purchase.
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What’s the Average Cost of a Home Inspection?
Though a relatively small part of the overall cost of buying or selling a home, home inspection fees are an expense to consider, just like any other professional service.
The exact cost of a professional home inspection will differ depending on certain factors such as property size and location. In Ontario, the average cost of a home inspector can range anywhere between $300 – $600.
Beyond the costs involved, buyers and sellers should be mindful of who they hire. Considering the elevated stakes of a real estate transaction, it is essential to choose an inspector who is experienced and knowledgeable. Your real estate agent may have a reliable professional whom they can recommend to you.
Who Pays for a Home Inspection?
If the results of a professional home inspection can prove beneficial for both the buyer and seller, which party will be responsible for the cost? The answer to this question is once again dependent on context and the specific type of inspection ordered.
In the case of pre-listing inspections, there is typically not yet a buyer involved at the time of commission. Therefore, all associated costs are handled by the seller. Conversely, buyers typically bear the cost of a post-offer inspection, even if the purchase offer formally included an inspection contingency.
Maximize Your Home Sale
Searching for a powerhouse real estate team to sell your home? Look no further than Christensen Real Estate Group. We’ve sold real estate in all types of market conditions across four decades. When you work with us, our unparalleled industry expertise becomes your advantage.
Leveraging our proven approach to market preparation, advertising, pricing, negotiations, and closing, we deliver results that exceed your expectations and provide peace of mind along the way.
Looking to optimize your home’s market performance? Our strategic advisory services can help you achieve a smooth and lucrative sale. Call us at 416-722-4723 or reach us by email at evan@christensengroup.ca.
