Don’t Buy a Money Pit! The Importance of a Home Inspection in the Calgary Housing Market
You’ve probably heard of the term “buying a lemon” which refers purchasing a less than desirable used car that ends up costing a fortune in repairs. In the real estate world the equivalent is buying a “Money pit” where a home has some hidden disasters that can empty your bank account. As hard as it is to believe, some homebuyers in efforts to save money don’t get a home inspection completed. I can’t emphasize how risky this move is. Continue reading this week’s blog to find out more about the importance of home inspections in the Calgary housing market.
The cost of a home inspection can be anywhere between $500-$700 and as a real estate agentin Calgary for over a decade, I can safely say that the money is worth it! The objective of a home inspection is to find major defects that can include but are not limited to the following:
- Building envelope
- Asbestos, mould and other hazardous materials.
Now remember, the primary goal of a home inspection is to find possible MAJOR defects; however, they also will document minor/cosmetic problems. Unlike discovering major structural damage, which can make you walk away from a potential home, minor defects are easily remedied. In reality, every home will have some cosmetic wear and tear; for example, a deck that needs to be painted or stained is a maintenance issue. If that deck goes untreated, over a period of time it can begin to rot which would lead to a bigger problem.
I look at home inspections as a property audit. You want to know about any major hidden costs such as roofs, furnace and foundation issues but you also want to know what’s good about the home, what’s marginal and what needs attention. It’s important to note that a home inspector is not allowed to give estimates on repair costs, for that, you need to get independent quotes from contractors.
Ultimately, a home inspection is about getting a close look at a potential property and to get an overall picture of the quality of the home you want to buy. If the home inspection discovers major problems you can either walk away or renegotiate with the seller. Home inspections that find minor issues are a helpful reference that will improve and maintain the home long-term.
If you’ve found your dream home, before you drive that home off the lot, have it inspected by a professional. You can find out more about home inspections here and if you’re looking to buy or sell in the Calgary housing market feel free to contact me at [email protected]