February 22, 2019    中文(简体)   
Investment series 36: The importance of home inspection

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I'm buying a home and, before the deal closes, there will be a home inspection. What do I need to know about the inspection process?

It's important to remember that a home inspection is primarily a visual examination of a home's systems. A home inspector can't knock out the walls to see what's behind them or do other destructive testing. Typically, they will not move furniture or storage boxes in order to view or access part of the home. Inspections also don't address cosmetic or aesthetic features of the property.

While the home inspection might identify cracked foundations, drainage issues or a leaky roof, but it's up to you and your real estate representative to spot chipped counter tops, peeling paint and other superficial issues.

Systems such as phone, cable TV, alarm and the lawn sprinkler typically aren't included in an inspection, either. If you want an inspector to look at a swimming pool, fireplace or outbuildings, it's often available as an add-on service.

For the old wood burning fireplace, you need to arrange WETT inspection, this is typically required by insurance company, they normally allow you to get it done within 30 days of property closing.

If you want to get the most out of your inspection, you should be present during the home inspection. A typical inspection takes two to three hours --- and it's time well spent. The inspector will be able to point out details as the two of you move around the property and examine its various parts.

You'll also be able to ask follow-up questions about how serious an issue is or what kind of repairs might be needed. While the inspector's report will contain similar information, there's definitely value in experiencing the inspection process yourself.

After the inspection, you will receive a report that evaluates the condition of the home, including existing defects and potential problems that could crop up later on. Too often, buyers don't take the time to read the home inspection report in full. Buying a house is a major commitment and reading the report will increase your understanding of the property. Be sure to hang onto it, because it can serve as useful reference after you've moved in.

If you've made your offer conditional on a satisfactory home inspection, it's now time to make a decision about whether to proceed. This is where the expertise of a registered real estate professional is key. Your representative can negotiate with the sellers to resolve issues uncovered in the inspection. For minor issues, the sellers may promise to fix the issue before you move in. For more serious issues, they may agree to reduce the selling price to compensate for the cost of repairs which you would then be responsible for handling once the deal closes.

A home inspection can take a lot of uncertainty out of the home-buying process. Making the most of your home inspection can prevent unwanted surprises after you move in.

I suggest you to get home inspection done ahead of time even if it is in a bidding war. This will give you the confidence to bid the price properly.

I like working with good home inspector, it is a pleasant learning experience, I learn something new every time. The money spent on the home inspection is well worth it.

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Posted by: Ronald
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