Title: Home Inspection Contingency | Effective Pre-inspection Tips
In Canada, home inspections are being conducted to provide an opportunity for a buyer to identify any significant issues in a home before closing the deal.
The first reason why a home inspection must be taken seriously is that it can be used as a contingency in the agreement with the seller. Within this contingency, there can be a clause that if a home inspector reveals any significant defects, the seller will back out of the purchase offer and won’t be liable to any penalties.
Most realtors in the country include home inspection clauses in all their contracts, especially in the ones which are newly built. For new home construction, inspections cover the following:
- Interior of the home
- The exterior of the home
- Under-floor space
- Roof space
- Roof exterior
- Site, etc
A home inspection is an extensive process that aims at hiring a professional with the right qualifications to evaluate a property from top to bottom for signs of flaws or damage. Usually, a home inspection might take 2-4 hours to complete.
That’s the reason why a home inspection could yield surprises to the seller of a house, even when they’ve kept to a routine home maintenance schedule. It’s a tough and nerve-wracking situation for a homeowner.
Here are top home inspection tips that can help a seller prepare for it logistically and mentally:
Discussing it with your real estate agent
When the offer on your home gets accepted, the buyer of the home might schedule the home inspection within a time frame of 10 days. Depending on how many times you have sold a house before, there are possibilities that you might not be aware of how a house inspection works, and how the further negotiations are done.
At such times, you need to put trust in your real estate agent, and discuss the following with them:
- Understand what sort of home maintenance issues might arise, and what are the most common ones? Give a check for these issues at your home. Usually, you must check for signs of water leaks, or cracks in the walls. Is the electric wiring proper in your house and are all the utilities operational?
- Depending upon the issues, ask the agent if you must craft a game plan and schedule any repair requests before the home inspection is done.
- Take the pulse of your real estate market and analyse how eager is the prospective buyer to take your deal and what’s the current condition of the buyer’s and sellers’ market?
A right agent will help you with the answers to all these questions and get you the best deal possible for your house.
Becoming aware of what might an inspector look for
Learn about the home inspection reports and see what findings are listed in it by the home inspectors. Try and arrange a copy of any past inspection reports from your real estate agent or your friend. Study it!
You’ll find a home inspection report addresses nearly everything about a property. From a cobweb in the crawl space to cracks in the exterior back wall, everything is listed by the inspector. The cobwebs won’t ruffle any feathers for you. But if the inspector lists down some safety or health issues in the report, then you might have to negotiate big time with the buyer.
A few of the high-level inspection issues include the following:
- Plumbing issues, such as leaking or corroded pipes
- Signs of water damage to the structure
- Damage to the roof
- HVAC age and functionality
- Problems with the houses electrical system such as faulty wiring
- Other issues that might threaten the home’s structural integrity
The above pre-inspection tips are focused on getting a thorough inspection of the home before it’s done by a professional home inspector (sent by the buyer). Doing this might help in preventing any significant issues being listed by the inspector in their report.Since the home inspection cost is cheap in Australia, you too can hire one inspector to check any hidden flaws or damage in your home. You can then get them fixed and ask your real estate agent to quote a higher cost for a perfect home!