In a competitive market, it's tempting to skip the home inspection to make your offer look more attractive. But this is one of the decisions I most encourage my clients to think twice about, because it can save you thousands of dollars in surprises after you buy.
A home inspection is a full review of the property, done by a certified inspector, before your purchase becomes final. The inspector checks the roof, foundation, electrical system, plumbing, heating and air conditioning, signs of moisture or mould, and the home's overall structure. At the end, you get a detailed report of what they found.
In Ontario, a general home inspection costs between $300 and $600, depending on the size, age and type of property. It's a small investment compared to what you could save if the inspector finds a serious problem, like roof damage, an outdated electrical system, or signs of moisture in the foundation.
If you included the home inspection as a condition in your offer, and the inspector finds something serious, you have several options. You can ask the seller to repair it before closing, negotiate a price reduction to cover the repair cost, or in more serious cases, walk away from the purchase without losing your deposit.
In markets with multiple offers on the same home, some buyers waive the home inspection condition to make their offer look stronger to the seller. I understand the pressure, but this leaves you unprotected if a serious problem shows up later that wasn't visible at first glance. When we work together on an offer in a competitive market, we look for other ways to make it attractive without you having to sacrifice this protection, like having an inspector review the home before you submit the offer.
It's not required by law, but it's highly recommended, especially on your first purchase.
Usually between two and four hours, depending on the size of the property.
There are alternatives, like having a pre-offer inspection done, so you have information before committing, even if you can't include it as a formal condition.
If you're about to make an offer and want us to review how to protect your purchase, send me an email with your question at contact@nataliarendon.ca, or I'll see you at the free seminar "From Renter to Homeowner: How to Buy Your First Home in Canada".