Is it really your dream home? Watch for money pits

When most home owners and buyers think of home inspection they think of hassle. Any experienced Toronto mortgage broker will advise you to not only get a home inspection but prepare yourself for the outcome. It is important that both home owners and buyers realize that this is a very important part of the home buying process. Whether you are a home buyer looking to obtain a mortgage or you are a home owner looking to sell your property a home inspection is important.

Buyers need to remember when looking for their dream home in Toronto that a very important part of the home buying process is the home inspection. Most buyers find it hard to remain objective, unattached, and unemotional about the place they have coined as their dream house. This whirlwind of home buyer emotions can affect the home buyer’s judgment. In order to receive the most accurate knowledge about the condition of a home, always get an impartial third party opinion from a home inspection professional. Remember you are not required to get a home inspection but your Toronto mortgage broker will agree that it is a way to protect you as the offer is usually dependent upon the home inspection. What this means in plain English is that if the inspector finds huge problems you have the chance to back out of the offer and look for other properties to call home. It you decide that you do not want to walk away from your dream home it also gives you some bargaining room to get a discount on the initial agreed upon price or to have repairs made before you close on the house.

Sellers need to remember that an inspection is just as important for them. Any experienced Toronto mortgage broker might even suggest that you get an inspection prior to putting your house on the market. It is better that a seller does not wait to the buyer home inspection to uncover hidden problems after they have already accepted an offer from the buyer. As a seller your decision to wait can eventually cost you thousands in a lower negotiated selling price. More often Toronto home sellers are choosing to have a home inspection when selling their home to help find critical areas of concern before they list. Although this is an initial added expense it can save you thousands when it is time to sign the papers and hand over the keys. The choice to have the property inspected prior to listing will help you to decide whether to do the repairs for whatever problems arise during the initial inspection or reveal the problems during negotiations.

Whether the inspection is done by the buyer, seller, or both keep in mind that it is impossible for an inspector to find everything that may be wrong with a home or problems that might arise in the future. However, qualified and experienced home inspectors can spot the vast majority of problems and both buyers and sellers can rest knowing that everything possible has been done for the home to have a thorough inspection.