Definition of Home Inspection
A home inspection is a thorough analysis or review of a property completed by a hired professional. This professional will provide a document that lists the current condition of the home and property, based on visual inspection of the premises.
Why is this term important?
Completion of a home inspection is important to confirm that you are buying a home that is safe and does not have serious structural flaws such as cracks in the foundation or flooding damage. Keep in mind, however, that professional home inspectors can only inspect what is visually apparent on the premises. This includes the condition of a roof, any outbuildings, as well as the safety and condition of the home’s visually accessible electrical wires and heating, ventilation and air conditioning systems. Most buyers will add a condition of home inspection prior to the completion of a home sale in Canada.
Prior to hiring a home inspector, it’s important that you know your province regulations surrounding the inspector’s certifications. Check the National Home Inspector Certification Council (NHICC) for details and confirm that the inspector has memberships and designations from places such as the Canadian Association of Home & Property Inspectors (CAHPI) or the Canadian National Association of Certified Home Inspectors, Inc. (CanNACHI). The average price range for home inspections in Canada is $270 to $378. Low-end costs ring it at $200, and high-end costs can get as steep as $479. Factors of cost include property size and square footage, the age of the home, and time it takes to complete the inspection.
Examples of term
If you have found a property you would like to purchase, then you make the purchase offer and include a condition of a home inspection. This home inspection would take place prior to the sale is completed. Shortly after the inspection, you will receive a document from your inspector detailing all of their findings. Inspectors look at everything from appliances to mold but they cannot inspect elements that are covered up or hidden. It is recommended that you go through the walkthrough with the inspector to fully understand the report. The report could save you a lot of money and stress in the long term.