Thursday, November 8, 2012

The ins and outs of home inspection - The CanEquity Mortgage ...

Imagine buying your dream home. It?s not cheap, but it?s worth it. You and your family will make it your own, spending many happy years living, laughing and making memories in it. Now imagine finding out that your beautiful new home is infested with mice. So infested, in fact, that you?ll now have to tear apart your million dollar investment. Sound crazy? That?s exactly what happened to a woman in Winnipeg, according to CBC News.

Connie Forsythe bought her $1 million home in September and began opening up walls to make renovations. It wasn?t long before she discovered that her 5,000-square-foot home already belonged to an immense nest of rodents. Now the home?s drywall, insulation and vapor barrier will have to be ripped out and replaced. Meanwhile, the previous owner denies having any knowledge of the infestation. Most likely, Forsythe will end up in court fighting for restitution.

Besides being the stuff of homebuyer nightmares, this story illustrates the importance of something that is often overlooked by househunters: home inspection. During the deluge of home loans and mortgage rates, common sense sometimes goes out the window. If you?re forking over hundreds of thousands of dollars for a place to lay your head down at night, the least you can do is make sure your new abode is clean, safe and structurally sound. The following is a primer for homebuyers unfamiliar with the ins and outs of home inspection.

Why?
Home inspections will not only put your mind at ease, they will will also help you plan for the future, and, in some cases, save you money. Home inspections will highlight potential maintenance issues for your new house, allowing you to plan ahead and make your purchase with full knowledge of your home?s upkeep needs. If you do discover issues over the course of your home inspection, it gives you the opportunity to try to negotiate a lower price with the seller, or, at the very least, have the seller take care of the issues before you move in.

Of course, home inspections aren?t just important for buyers. Sellers who use home inspections will help protect themselves while gaining peace of mind. First of all, making sure your home is in tip top condition will help the sell go more smoothly, as well as enhance the value in some cases. It also shows that you?re trying to make an honest transaction, something wary buyers will take into account.

How?
There are numerous home inspectors on the market, but quality is more important than quantity. You want someone thorough, someone you can trust. You could try looking online to find reviews of certified inspectors, or better yet, speak with your real estate agent to get the names of some well-respected professionals. Once you decide on a home inspector, it?s important to know just what information you?ll be getting. Find out how long it will take and how much it will cost. More importantly, make sure that you and the inspector understand what information will be provided, that way you can ask questions or add requests accordingly. Once your inspector comes back with a clean bill of health, you can continue your home buying process with newfound serenity.

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Source: http://www.canequity.com/blog/2012-11-the-ins-and-outs-of-home-inspection/

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