Home Inspection Tips to Save Buyers Money

Who does not want to own a home of their own? A home represents security and structure and gives an individual the satisfaction of knowing that that particular thing is something that no one can take away from them. Owning an asset on paper is a fulfilling feeling in itself but owning a home has a much higher emotional appeal. It’s your home, your solitude, your comfort zone and your own little world.

When it comes to houses, we need to be aware of the different kinds of structures that are out there. While each house is different, they can generally be categorized under some commonly seen types:

• LOG HOME: A house built with woods and usually situated in rural areas. They resemble cabins and are dependent on the weather conditions of the area they are situated in.
• CAPE COD: These houses look like cottages but with steep roofs and large chimneys in order to protect the residents from extreme cold weather. They are large in size and found mostly in rural settings.
• ART DECO: These are apartments with smooth, flat roofs. The coating on the walls is made of stucco which brings out a very decorative look.
• CRAFTSMAN HOUSE: These are bungalow type houses with wide front porches and low pitched roofs. The specialty of these houses is that they have built-in furniture, usually made of natural materials such as wood, stone and brick.
• CONTEMPORARY HOUSE: These houses mix styles from different forms of houses and create a fusion of classic and modern architecture. These houses also concentrate on having energy efficient features.
• MID-CENTURY MODERN: These types of houses became popular between the mid 1940’s to the 1980’s and have large glass windows and open spaces with simplified designs and a nature friendly vibe.
• MODERN: The key elements of this type of house is the clear and concise architecture which makes simple and efficient designs. This type puts more focus on the function of the house than the glitz and glam and is more technologically advanced.
• TOWNHOUSE: Townhouses are unique in the way that the houses are built in a row and attached to each other. They are usually two-storied with a traditional outlook and have limited spacing, which presents a challenge for the architects to make the best use of space.
• APARTMENT: Apartment is single unit houses, situated in buildings with several floors. Apartments are of many kinds such as studio apartments which have a single room that works as a living room, bedroom and dining room, while having separate bathroom and kitchen facilities. Other types include one-bedroom, two-bedroom or three-bedroom apartments.
• PENTHOUSE APARTMENT: Penthouse apartments are usually the most luxurious types of apartments and are situated at the top floor of a high-rise building. They can be a combination of two floors or be one giant apartment with large rooms for each purpose. The more affluent types have elevators opening into the house directly and even have attached swimming pools.

Houses are of different styles and setting and thus when it comes down to choosing a particular type of house to buy, the buyers have many choices. The buyer will choose the style of house depending on their needs. A big family will want to opt for a house with lawns and large rooms to accommodate everyone while a bachelor living alone will want a studio apartment at cheap prices. Affordability and taste are as important as functional needs when it comes to moving in to your perfect home.

With the rise in demand for housing in the Toronto area, the real estate market has sky high prices. In this scenario, the process of home owning is different for everyone. While some buyers like to buy their piece of land and build their dream home on it, others like to buy read-made homes and maybe renovate it once they move in.  For the latter group, a key step is home inspection.

Home inspection is similar to trial rooms at the clothing store. It is possibly the most important step before purchasing a house. Before putting in a large amount of money and committing to living in this house for an extended period of time, it is important to check every single nook and cranny to make sure that your requirements are all being satisfied. Inspecting a house involves visiting the house and examining its functionality and other factors which are important to each individual buyer. Some buyers may see the fireplace as a high-priority feature. For an environment conscious buyer, checking features such as energy-efficient lighting would be crucial.

Proper home inspection methods can not only save a buyer from having post-purchase remorse but can also be a tool for saving money. Post purchase remorse for a house can be very damaging as a house is not something that can be sold off in a day. There can be contractual bindings and so the decision of buying a house has to be made wisely.

The benefits of Home inspection tips are many and below are some tips which can help buyers save money, both while buying and having to maintain the house afterwards.

HIRING A PROFESSIONAL

Not many home buyers will have the adequate knowledge when it comes to looking for problems. It is highly important that a buyer hires a professional to assess the house. This is because; a professional opinion is much more dependable and will be more detailed. An inspector will know what exactly to look for and will give the buyer an idea about which areas need improvement, which area need to be replaced, and so on. Professionals will also be able to correctly find out the total cost of buying the house as the cost of renovation is an expense that needs to be added to the flat buying price before reaching the total buying price.

While hiring a professional, certain key points must also be kept in consideration:

1. The hired inspector must present all the issues or defects in terms which the buyer can understand and also include the relative important of the aspect with the whole house

2. The inspector must be registered as they are being paid and there is no point in hiring an inspector without the proper credentials

 

3. The inspector must not be colluding with the seller or the real estate agent selling the house

4. It is crucial to have the inspector come in BEFORE the purchase is made when ever possible. After a buyer becomes the owner of the house, any issues left by the previous inhabitants is now the new buyer’s problem and the whole point of hiring an inspector is lost there.

HIRING A FUNCTIONAL EXPERT

Sometimes, an inspector might not have the technical ability to find out all the construction problems with a house. Home inspectors are considered generalists and have knowledge of the major systems of a house. In cases where the houses are extremely old or even extremely new, a functional expert might need to be hired to dig deeper. These experts could be plumbers, electricians and many more. It is better to spend money hiring them in order to find out the problems as opposed to hiring them to fix the problems afterwards.

BEING PRESENT FOR THE HOME INSPECTION

While an inspector might be a professional, only the buyer will be able to assess the house by matching it with their particular need. By being present during the home inspection, not only can the buyer remind the inspector of his/her requirements but also make sure that the report is being made with the utmost detailing concentration.

SPEAK UP

During the process of a home inspection, there is no shame in asking questions because you are not a professional and it is natural to ask questions about something in which you are putting such a giant amount of money. Ask whatever questions you have on your mind without feeling silly because it is wise choice to ask how big issues is rather than asking how to deal with it.

CHECK THE UTILITIES

Houses come with specific utilities, the presence of which increases the price of the house. The total price of the house is increased if the house contains facilities such as water heater, dishwasher, garbage disposal, room heater, air conditioning, etc. Thus, as a buyer, if you are paying for these utilities, it is crucial that all of them are switched on during the home inspection to check their functionality.

NEW HOUSES ARE NOT FOOL PROOF

When a house is new, the attitude of ignoring it’s issues is higher as the inspector assumes that the house is freshly made and the problems of obsolesce will not exist. But the fact remains that the new houses need to be checked even more thoroughly as the signs of wear and tear are not easily visible and there might be foundation problems which can be easily ignored and which will be highly harmful in the future.

WATER AND MOULD

As a house comes with its own water system, it is critical to check that the water coming out of the taps is not contaminated. Pure water is the first requirement for any living being and water is used for everything, from cooking to cleaning the house. Water should be checked for signs of being contaminated by germs and this might require specialist attention.The presence of mould in its primary state will not be easy to stop. Mould grows gradually and the inspector must check the house for even the slightest sign of mould as it will only be a matter of time before the mould multiplies.

THE HOME INSPECTION REPORT

The home inspection report is the documented report of all the findings made by the inspector and must be read thoroughly. The buyer needs to understand each and every line and even consult a specialist in case they are unable to understand something. The report will list all the problems along with relative severity of each and the buyer will need to find out the monetary implications of fixing each problem. Based on this report, the buyer might need to renegotiate the price of the house with the seller and the fairness of the entire deal depends on this report.

The purpose of a home inspection is to not only reduce the costs of future improvements but also evaluate the profitability of buying a home. A house is as long term as an investment gets. When the buyer can assess the work that they will have to put into the house to make it livable, it also gives them the bargaining tool for negotiating price and other factors.  Make an informed decision that will make it easier to turn a house into a home.