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Posted in If you are in the market to purchase your first home in Toronto you will want to ensure you have all your bases covered. Purchasing a home is likely the largest financial commitment you will ever make, so before you hand over your hard earned cash make sure you know exactly what you are getting into. It's best to start by hiring a professional home inspector to conduct an objective evaluation of your proposed property. You can then make your offer of purchase, conditional upon being satisfied with the results of the inspection.
Many people are unaware of what is actually covered in a home inspection and the process is quite detailed. Basically a home inspection identifies structural problems or other defects and notes any repairs that require attention and the associated costs for those repairs. It's an in-depth visual examination and independent evaluation of the accessible structure (inside and out) and all major systems of the home.
Some of the main items examined are: foundation, exterior walls/interior walls, roof support/structure, property site/lot, insulation, basement, garage, roof materials/flashings/gutters, electrical systems, plumbing systems, furnace, central air, hot water tank and the attic.
There are items that will not be included in the inspection and some of those are: anything cosmetic or aesthetic, fireplaces, pools/spas/hot tubs, outbuildings, telephone/cable TV/satellite dish/alarm systems/lawn sprinkler, anything that can't be seen by the naked eye.
A home inspection can't detect every possible flaw but it is a valuable tool that can help you be aware of what costs, repairs and maintenance the home may require immediately and over time. A home inspection is not an appraisal of the value of the home as that can be done by a Real Estate Appraiser and is often used by the lender. Nor is it a warranty that things will not break down at a future date. Hiring a home inspector provides you with an independent assessment that can help ensure you purchase the home that is right for you and your needs.
If you have any questions or concerns, The Mortgage Providers are your Private Funding Specialists and we can assist you with all your mortgage needs. If you live or work in the GTA or surrounding areas feel free to contact us at 1-866-398-1323 for more details.
