At a certain point, most people start their search for a more permanent living arrangement, as they choose to leave renting behind and look for buying opportunities. Condominiums and houses allow homeowners many benefits such as owning their own property and building equity as they make their mortgage payments. Condominiums have the added advantage of low maintenance: there are no driveways to shovel, no leaky roofs to repair, and no broken HVAC systems to deal with. However, whether you choose to live in a condominium or a house, sometimes things go wrong. Before you consider signing any papers and buying a condo or house, there are some important things to keep in mind. Conducting a house/condo inspection before you purchase the property is extremely important to ensure that the residence is in good condition before you move in. Although these inspections can be an added expense you may not have considered, they are far more affordable than moving into a house and being stuck with serious repairs.
What Is the Role of a Home Inspector?
When you hire a certified home inspector, they will assess the health and quality of the condo unit or house. They will identify any current or developing problems by doing a visual search of the floors, plumbing, HVAC systems, roof, and any other vital part of the home or condo’s structure. Since the inspector cannot rip apart drywall or dig into the flooring to test for bigger problems, the potential owner will need to sign a waiver of liability. However, receiving a home inspection report can single out any major issues with the property before you officially take ownership—and responsibility for the property. Most of the time, the home inspection is the responsibility of the buyers, although in some cases, the sellers may pay for a home inspection upfront and provide the report to prospective buyers as an incentive to close the deal sooner.
Why Do You Need a Home Inspection before Buying?
Why is a house or condo inspection necessary? A house or new condo inspection is necessary because it helps potential owners and inspectors discover any problems that could cause potential safety or health risks or would lower the value of the home.
Wondering what to look for in a house or condo inspection? Here are some things the inspector will look for:
- Spots on the floors and walls, warped or sloped floors, loose tiles and carpet, and other signs of water damage
- Structural problems such as cracked walls
- Signs of mould
- Cracked glass panes, broken screens, cabinetry drawers and doors that are not level or operational
- Gaps and missing caulking in the tile work
- Previous maintenance done by the building’s previous owners
- An adequate water pressure with hot and cold taps, clogged drains
- Foul smells in the unit our home, ducts, and vents
- Faulty HVAC and electrical systems
- Adequate insulation in the attic and crawl spaces
- Damages to the chimney and flues, roof, and eavestroughs
- Issues with exterior decks and railings
Benefits of Home and Condo Inspections
A Home Inspection Gives You Legal and Financial Security
Getting a house or condo inspection before purchasing is a crucial step. It gives you legal protection if you need to back out of the arrangement if serious problems are discovered. It’s common for homebuyers to put in a conditional offer on a property pending the results of a home inspection. This means that the buyers are interested in purchasing the property, they have put in an offer, and their offer has been accepted by the sellers, however, they have the right to rescind their offer if the home inspection report indicates that there are major underlying issues with the property that would not make purchasing it worthwhile. Since a home is the biggest purchase you’ll make in your life, this decision isn’t something to take lightly.
You Can Get the Issues Fixed by the Seller before Purchasing
Another benefit of a home inspection is that it will reveal major problems with the home so the seller can fix them and save you from future losses. In the Agreement of Purchase and Sale (the contract both the buyers and sellers sign), there is usually a clause that states that all appliances and “chattels” must be in working condition before the title is transferred. If the home inspection reveals that certain fixtures or appliances aren’t working correctly (ie. the air conditioner), you can use this information to either get out of the deal, or, if it is something that can be fixed, you can require that the seller fix it before you sign. You can also use the report to negotiate the final price of the home to get a reduced offer amount.
Let Zinati Kay – Real Estate Lawyers Provide You with Valuable Real Estate Legal Advice
In today’s market, it’s common for people to skip a home inspection to make their offer more appealing to the seller and save on the cost, but this would be taking a huge risk. Even if you get the house or condo, you may also get a lot of unexpected and costly problems that you now have to pay for and fix. If you want to lower the chances of getting burned when purchasing a home or condo, an inspection is crucial. Selling, buying, or transferring the title to your home can be complicated processes, and without the right guidance and support, you may realize you are paying for things you did not expect.
Zinati Kay – Real Estate Lawyers can help you if you are looking to transfer the title of your home. As residential mortgage lawyers in Toronto, we provide fixed closing costs to buyers and sellers when they buy, sell, mortgage, or title transfer their property. With over 20 years of experience in the real estate industry, and 18,000 closed real estate transactions, we know the ins and outs and can provide valuable guidance to you.
We provide professional service and reasonable real estate lawyer fees and have thousands of satisfied clients to prove it. If you need any assistance, contact us at 416-321-8766 for more information about our services.