Buying a Home
Buying a home is one of the most important investment decisions you will make in your lifetime. As such, it makes sound financial sense to enlist the services of a qualified home inspector to ensure your home is as solid and secure on the inside as it is on the outside.
A qualified home inspector will determine the structural and mechanical soundness of your home. Your home inspector will identify existing and potential problem areas, suggest practical solutions, and provide estimates regarding costs for any work required. Shortly after the inspection has taken place, a report summarizing the findings is generally provided to the potential purchaser.
By commissioning a home inspection prior to purchase, you're protecting both yourself and your investment, as well as buying a little peace-of-mind.
Home inspection costs often range according to size, age, and location of the home.
Home Inspection Condition
These days, almost all resale transactions are conditional upon a home inspection as it is widely recognized that home inspections are well worth the investment. Typically, the condition reads, in part, as follows:
"This Offer is conditional until (time) on the (day) day of (month), (year), upon the inspection of the subject property by a home inspector at the Buyer's own expense, and the obtaining of a report satisfactory to the Buyer, in the Buyer's sole and absolute discretion. The Seller agrees to cooperate in providing access to the property for the purpose of this inspection...."
There is no question that retaining the services of a home inspector to inspect the subject property can avoid complicated legal disputes between the buyer and seller after closing.
Unlike mortgage brokers, insurance brokers, lawyers and real estate agents, home inspectors are currently (as at June 2012) not regulated in Ontario. That is, they are currently not required to be licensed, as such, there are currently no mandatory standards (relating to training, certification and ethics for e.g.) governing them in our province.
However, there is the CAHPI. The Canadian Association of Home & Property Inspectors (CAHPI) is a national association whose mission is to promote and develop the home inspection profession. The Ontario Association of Home Inspectors is the CAHPI member in Ontario. While membership is voluntary, its members agree to abide by standards of practice, national occupational standards and code of ethics. Its members are "registered home inspectors." The member database is available here.
For more information on "Hiring a Home Inspector" we refer you to the recently published article by the Canadian Mortgage Housing Corporation, available here.
For more information about home inspections, we refer you to our article "Home Inspections" published in our December 2011 newsletter.