Home inspections are one of the most important facets of buying and selling homes, but, unfortunately, they’re often overlooked.Such has been the case during Victoria’s bidding war frenzy over the last few years, during which many prospective buyers forfeit their right to a home inspection for fear of their bid being rejected.
According to Garry Pigéon RHI, GPS Property Inspections, there was an uptick in calls from people who’d foregone their right to inspections, and later discovered thousands of dollars in repairs. He says that’s a mistake that can be easily avoided. Whether you’re an end-user in the market for a new home, a seller, or an investor, home inspections are integral to saving money down the road. “Just imagine buying a property only to find out the roof needs replacement”, warns Garry.
“Buyers of investment properties should also obtain a thorough inspection and report of all the major building systems” adds Garry who is also a certified commercial property inspector. “Investment property buyers have a different perspective than traditional home buyers though repair and/or replacement costs affect both. Understanding the physical condition of a home and its associated systems is critical to purchasing decisions.”
“Home buyers and investors should consider their return on investment (ROI) similar to commercial property investors; major repairs means a longer ROI and potentially far less profit.
”For sellers, pre-listing inspections are also important”, says Bohdan from Victoria Real Estate. “For starters, transparency is a bargaining chip. You may get a higher price if you obtain a pre-listing inspection. The seller can decide if they want to repair it or not, but you’ll avoid problems later. If you’re more transparent, even if you decide not to fix it, you have better negotiating power because the buyer will be comfortable.”
Garry Pigéon, with GPS Property Inspections, has inspected over 2500 homes in the last 10 years; everyone from buyers to sellers, and even realtors, reap the benefits of a professional inspection.
“Home inspectors are there to represent the client’s best interest and provide honest third-party objective feedback about the home’s condition. From a realtor’s perspective, inspectors are part of the team whose ultimate goal is to help the client” says Ingrid Jarisz from Newport Realty.