Do Lenders Require Home Inspections – The most important investment most people make is buying a home. Before you buy, it’s a good idea to find out the condition of the property and what repairs it might need. Hiring a professional home inspector to inspect your property can help you make an informed choice about its condition.
Some homeowners also have their homes inspected for defects before their new home warranty expires. Last but not least, pre-modification and post-modification inspections are essential if you want to use the Green Homes Initiative to improve your home’s energy efficiency and sustainability.
Do Lenders Require Home Inspections
A home inspection is a process in which an inspector visits your home and thoroughly evaluates the property, including the electrical, plumbing, heating, ventilation, and air conditioning systems.
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When closing the sale of a property, the buyer usually hires a home inspector to come to the property and conduct a visual inspection. The goal is to make sure that the buyer does not inherit expensive surprises when purchasing the property.
Typically, a buyer’s inspection occurs after they make an offer on the property. As part of the purchase agreement, the buyer offers to complete the transaction subject to a favorable home inspection.
However, the seller sometimes opts for a pre-listing inspection. This helps them get the best deal possible by taking care of any minor issues before listing.
A typical home inspection takes about 3-5 hours and will cost you about $300-$500. It’s a small investment to keep everything running smoothly in your new home and help prevent any problems down the road.
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While there are a variety of reasons why a home inspector may be concerned during a property inspection, specific problems are often identified. Although minor issues are common, it’s important to be aware of the major issues you may be facing. Common big issues include;
The roof is undoubtedly one of the most important aspects of the house, as it protects us from the weather and gives us a sense of warmth and security. Roofing problems are very common and can be expensive to fix. So make sure the roof of your new home is in perfect working order.
A new roof will set you back at least $1.17 per square foot (including materials and installation). This is a low price for a new asphalt shingle roof, which is the most affordable option.
A shaky foundation can cause your house to collapse on its own. To avoid this dangerous scenario, home inspectors look for;
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However, not all foundation problems are immediately associated with foundation damage and cannot be seen by the untrained eye. On average, it can cost $2,700 to fix a foundation problem in Canada. This does not include the cost of finding and eliminating the cause of the problem.
These areas are often hidden from the blind eye. From insulation to water flow and more in these areas. many problems arise.
One of the most common things to find during a home inspection is an inadequate electrical system. This can lead to a dangerous house fire if not repaired.
As a buyer, you usually pay for a home inspection. Sometimes sellers give their price to convince buyers at the beginning of sales negotiations. However, the buyer should be careful not to report the seller paid. It is always best to choose an inspector or someone recommended by your real estate agent.
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It is usually recommended that the buyer and their real estate agent attend the inspection. This is the best way to understand exactly what you are buying and any potential problems. This may be an opportunity for you to start a relationship with a new home inspector. Your inspector will explain everything they find and answer any questions you may have.
If the inspection report shows minor or expected problems, you should proceed with the purchase as planned. If you have more negotiating leverage—for example, in a buyer’s market—you may choose to let the seller resolve the issues before closing.
These terms are incorporated into the purchase agreement and are considered conditional offers. You may want to do a full inspection after the repairs are done to make sure all the items on the list have been addressed.
Finding a major problem with a home before you buy can be bittersweet. On the one hand, it saved you a ton of money. You might like this place though. If you want to proceed with a property purchase, you will need a lot of information to help you negotiate.
Home Appraisal Vs. Home Inspection
While home inspections can help you understand a home before you buy it, they can also help after closing. A home inspection report provides valuable information to help you improve and maintain your home.
For example, if the report says your furnace is 20 years old, you know you need to start planning for a replacement.
Additionally, a home inspection can help you determine which home insurance policy you choose to purchase. If your report details a basement leak and you live in a flood prone area, it may be a good idea to invest in comprehensive flood insurance.
Although the buyer usually pays for the home inspection, the seller can commission a pre-listing inspection. This helps the buyer make quick repairs before listing the property.
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As a seller, it is in your best interest to provide quick and easy access to a home inspector. To help them complete their home checklist, you need;
There are very few home inspection reports that have no problems. In most cases, it is normal for the inspection report to have several pages of defects. However, a proactive homeowner can fix problems easily, quickly and inexpensively.
This is not the time to implement important projects. However, you can take advantage of any quick wins available. This strategy can dramatically reduce the number of pages that appear in a report. As a result, the seller has more leverage to close the sale quickly.
First impressions are important, and a clean, pleasant home is essential to start your inspection off on the right foot.
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As a home seller, you’ve probably already cleaned your home for staging. However, look for other problems such as broken glass, loose doorknobs, or wear and tear from excursions. Also, check if you need any service, such as the HVAC system.
Instead of guessing what to look for, there are two strategies for finding a quality inspector. A home is an important investment, so make sure you get the best inspector. Generally, you can get a reliable recommendation or contact your local surveyors association.
Talk to people you know who have used a home inspector. Ask about their experience. Did the home inspector find something wrong with the property? A quality real estate agent in your area knows how to hire a reputable home inspector.
No matter how recommended an inspector is, it helps if you do your due diligence when choosing to hire them. In general, you should be asked;
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You can also try contacting the Home Inspectors Association for a list of members. When talking to an agency, it’s a good idea to ask the following questions:
If you plan to hire an inspector through an association, we’ve included provincial requirements and reputable associations in the next section.
Alberta requires all home inspectors to hold a provincially regulated license with Service Alberta. Inspectors must complete an approved course or be a member of a specific industry association. Reputable websites for finding a home inspector include:
Ontario does not currently require a provincial license to work as a home inspector. However, inspectors must follow the rules governing their industry, such as contracts and fair trade standards.
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However, most home inspectors choose to complete a training program that provides experience. Some reputable programs and associations include:
All home inspectors in British Columbia must now be provincially licensed by the Business Practices and Consumer Protection Authority (BPCPA).
Applicants must go through a rigorous process. Initially, they must complete a minimum of 150 hours of classroom time with an additional 50 hours of home inspection with an approved trainer. There are many exams among other criteria. You can refer to the following resources to find a qualified home inspector in BC;
Anyone can call themselves a home inspector in Quebec. That’s because no regulatory body in the province oversees home inspectors.
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However, some home inspectors choose to complete a program or join an association to prove the quality of their work. As a result, it is best to consider hiring a Quebec home inspector through the following associations:
A home appraisal evaluates the home you are buying. Mortgage lenders should evaluate this when they give you a mortgage in Canada.
However, the appraisal is more related to the size, location and general condition of the home. It does not reveal specific information about the condition of the house.
If an inspector goes around your basement and up your roof, an appraiser won’t. That’s why it’s so important
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