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:
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.
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.
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.
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.
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.
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.
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.
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 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.