Attention Home Buyers! Uncover Issues Before Buying Can Potentially Save Huge Dollars

May 27, 2024 - DMC Residential Inspection Services Inc.

When buying a home, buyers are often faced with a number of costs as well as decisions. One decision that can potentially have financial impact is the decision to get a home inspection. While some might view the cost of a home inspection as an expense they can do without, the facts shows that a thorough home inspection can lead to significant savings for the buyer in future home repair costs.

A home inspection is a detailed assessment of a property's condition performed by a certified home inspection. This assessment covers many aspects of the home, including its structural integrity, electrical systems, plumbing, roof, insulation and more. The main objective of home inspection is to identify any existing or potential issues that could affect the home's safety and value. 

In Ontario, the cost of a home inspection generally ranges anywhere between 300 to 600 dollars, depending on the size and complexity of the home and property. While this might seem like just an additional cost you can do without, it is a relatvely small investment when considering the potential savings it can provide. As an example, many decks are built by Do-It-Yourself Home Owners. These, on many occassions, can be found incorrectly built and can also pose hidden safety hazards to occupants. Depending on the size and complexity of the deck, repairs can be expensive. However, if found prior to purchasing, these can either be repaired prior to close, or the price of the home renegotiated lower to cover the cost. This type of scenario saves the home buyer significant savings in repair and can applied to many other potential issues of a home such as foundation, plumbing or roof repair, for example. 

Potential issues with a home can at times be significant and not readily visible to home buyers. Issues with electrical systems, mold, heating, plumbing, foundation and roof, as examples, can be areas where issues are often hidden. These issues can sometimes affect insurability of the home and often come with a large cost to fix. 

Placing an exact dollar figure on potential savings to the home buyer by getting a home inspection can be difficult, as it depends on factors such as property size and condition, inspector skill in finding these isssues, as well as the negationation skill of the buyer. However, based on data from Innovation, Science and Economic Development Canada, Office of Consumer Affairs, not getting a proper home inspection could potentially cost a few thousand dollars, to tens of thousands of dollars, or even hundreds of thousand of dollars in repair costs.  [1]

A home inspection is an important step in the home-buying process that can potentially provide significant savings to the home buyer. Investing a relatively small amount to money in a certified, professional, home inspection can potetentially uncover important information about the property's condition. This knowledge can help to fix the issue prior to close, or renegotiate a more appropriate price to be able to cover the costs of the problem and avoid any unexpected future expense. A home inspection not only helps protects the buyer from additional potential costs, but also ensures peace of mind knowing that their new home investment was a wise decision.

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