Purchasing a home is both exciting and scary. Although real estate is almost always a good investment, you want to make sure you aren’t buying a property that is going to require extensive, expensive, and continuous repairs. This is why a home inspection is a very good idea.
A home inspection is a thorough examination of a property by a qualified professional. The goal is to uncover any potential issues or repairs needed, ensuring buyers are well-informed before making a final decision.
When should a home inspection happen?
Lenders generally won’t require you to have a home inspection done, however, it is highly recommended that you schedule one right after the purchase agreement is signed. Services are typically available within two to three days. Before you sign the agreement, ensure that an inspection clause is included in the contract. This clause should make your purchase conditional on the findings of the inspector.
Choosing your home inspector
Choosing the right home inspector is as crucial as the inspection itself. Their expertise determines the thoroughness and accuracy of the inspection report, which affects your decisions and negotiations.
- Ensure the inspector is certified by a recognized professional organization. In Alberta, this is a Home Inspector Licence provided through the provincial government. Certifications attest to their training and adherence to industry standards.
- Ask potential inspectors about their experience, especially with homes similar to the one you are considering buying. The more years they have under their belt, the better.
- Referrals from friends, family, or your realtor can be invaluable. Ask for first-hand accounts of the inspector’s thoroughness and professionalism.
- Request a sample report, which should be simple for the inspector to provide. A detailed sample report with photos, clear descriptions, and recommendations is a good sign.
- Check online reviews and ratings on platforms like Google, Yelp, or dedicated real estate forums for insights into other customers’ experiences.
You might need property details, previous inspection reports, and any disclosures from the seller. Be sure to check with your inspector beforehand.
How home inspections impact your mortgage
Even if a home inspection is usually optional, it is more than just a formality. The timing of your home inspection could affect the mortgage approval process. Any issues identified might result in a price reduction, or you could ask for the current owners to have them fixed before taking possession.
A home inspection offers clarity on your chosen property’s status, benefiting both buyers and lenders. It’s a proactive step that can prevent future complications.
What do home inspectors look for?
A home inspection is a careful examination of a property to ensure potential homeowners understand its condition. While inspections vary based on the property type and location, here are some universal components:
- Foundation and structure: Inspectors assess the structural integrity of the home, checking for signs of sagging, cracks, or shifts in the foundation.
- Roofing: This includes examining shingles, flashing, and any signs of leaks or water damage.
- Electrical systems: Inspectors verify the condition and safety of wiring, outlets, and circuit breakers.
- Plumbing: This involves checking pipes, drains, and faucets for leaks, proper water pressure, and potential issues.
- Heating and cooling systems: Inspectors evaluate the efficiency and condition of furnaces, air conditioners, and other HVAC components.
Potential deal-breakers
While a home might appear perfect at first glance, an inspection can uncover potential deal-breakers. Here are some red flags to be wary of:
- Mold or water damage: Water damage poses health risks and can hint at deeper structural problems.
- Old electrical systems: Old or faulty wiring can be a fire hazard and might require expensive upgrades.
- Poor drainage: Signs like water pooling can indicate compromised foundations or other costly issues.
- Old roof: A roof nearing its end of life can lead to expensive replacements or repairs in the near future and could make the home difficult to insure until it is fixed.
What your home inspection means for your home insurance
A comprehensive home inspection allows you to take proactive steps to ensure your home’s safety and reduce your exposure to losses and damages. A home inspection can uncover issues like a leaking roof, outdated plumbing, or electrical systems, allowing you to take the necessary actions to mitigate risks and avoid headaches in the future. Those actions can help you stay claims-free and lead to potential savings on home insurance in the long run.
While a positive inspection could lead to savings, certain factors uncovered during the process could increase your home insurance costs. Discovering outdated electrical systems, old roofs prone to leaks, or a lack of safety features like smoke alarms could potentially increase your premiums. Additionally, properties in areas without adequate fire protection or those with a history of water damage might be viewed as higher risks.
Get the Lane’s team working for you
Lane’s Insurance is a leading Alberta insurance broker. Choosing a broker is a wise move for consumers looking to protect their interests when dealing with insurance providers. Brokers work for you, not the insurance companies, so they always look out for your best interests and they never recommend products that don’t fit your needs just for the sake of making a sale.
In addition to home insurance, Lane’s Insurance offers a complete range of policies and coverage options for just about every imaginable situation. You can count on Lane’s for great rates on every kind of insurance. We are proud to serve homeowners and residents throughout Alberta. Contact us at:
- Our Calgary office
- Our Edmonton office
- Our Banff office
- Serving the rest of Alberta
