Buying a home is something everyone loves to do because after all, home is where your heart is. In Canada, buying a home is sort of a privilege but it should be a right. Everyone deserves to live in their own place and have a roof over their heads.
Regardless of whether it is a condo or a home, buying a home is the dream of each Canadian. However, there are times when they gathered enough finances to get to the home of their dreams but it encountered a problem. Home inspectors found problems in the home that are not easily repairable and that buyers should look for another home.
Where is this problem most prevalent? Lofts, apartments, condos, homes, row houses, town houses and mansions are not immune to problems. Each home has to be subject to a home inspection just to see its true state.
From all angles, yes it is necessary. Home inspections cannot be overlooked as they help determine the true state of a home. It also helps buyers see the bigger picture about the home, to see how the plumbing, structural integrity, windows, doors, walls, electricals, flooring and other key things of the home are in perfect working order or not.
In short, no homebuyer should ever have to buy a home that needs a lot of repairs. For instance, a home in Toronto that has a price of C$ 654,000 but has repairs amounting up to C$ 110,000 is not something to take for granted. This indicates that the home is in need of massive repairs and is an expense not everyone is willing to incur.
Let’s also think about it from the perspective of the current prices of real estate in Toronto. The city is currently experiencing some of the highest prices in a long time and has officially become more expensive than Vancouver. With the demand for housing rising whilst supply is falling, it has become quite difficult to attain a home.
The prospect of landing a home with damages and repairs, at a hefty price; is a sign of concern. No Torontonian wants to encounter this.
Before anyone goes ahead with buying a home, they should always have it inspected. A home inspector can uncover and reveal a wide variety of problems. Though some of them are not as concerning as they should be and can be easily fixed, some of them are quite concerning and may need urgent fixing before they worsen.
In fact, some are of the magnitude that they can turn off a potential home buyer, making them continue the search for a home elsewhere.
Here are some home inspection problems that can cause home buyers to rethink their decision:
Any home whether it is old or new will always be having a series of things that are wrong with it. The home inspector’s report can have a long list of problems including both major and minor ones. Among them are cosmetic issues which can be fixed easily or other issues that are not as concerning as they should be.
However, some can be quite significant in nature and they are the ones requiring the most focus as they can become even worse. It is hence important to understand that a home inspector will not check each part of the house to look for each potential problem.
For instance, a home inspector may not carry a routine check for mold or pest problems. Other professionals check these kinds of problems.
In a lot of cases, a purchase agreement will contain a contingency which states that the buyer has the right to request repairs, a closing credit, or choose to walk away, provided the inspection report reveals serious problems.
If those issues can be addressed easily, then it may make sense to ask the seller to make the repairs themselves, or request a credit and have them fixed by themselves.
No buyer should ask the seller to make the repairs or to give them credit for small problems that will require inexpensive repairs or those of cosmetic nature.
If the property has major issues (like serious damage to the structural integrity or issues that are posing as a risk to health and safety), then buyers might want to rethink their plan to buy it. A leaky roof, outdated plumbing or a faulty electrical system, mold, asbestos, pests (termites), cracks in the foundation and the like can cause widespread damage.
In some cases, it can cause serious health problems. They can be at times expensive and difficult to fix.
If the inspection report states that the property the buyer desires to purchase and has one or more of these major damages, they are better off to back out of the deal instead of spending time negotiating again to have the repairs made. If the buyer does go ahead with this deal, the lender may deny the mortgage application.
If buyers are concerned about problems detected and presented in the home inspector’s report, it would be wise for them to discuss them with their real estate agent. They should not hesitate in asking for advice on whether or not they should ask the seller to make repairs, request a repair credit or move away from the deal and look for a new home.
Buying a new home is not an easy thing because of multiple factors. Buyers and their agents need to make sure whatever step they take should be a sensible one and be worth the value of the money they are going to spend.