Yes, you should have an inspection!
So, you've
found a home you like, you can afford and is in the right neighbourhood. I liken
this to picking out a video in the store (a fading experience!). You've got it
locked up, but you haven't paid for it yet.
One of the most important
things you really must do, unless it is a new home under warranty, is to have
the home inspected. I know some people's brother's cousin's uncle has built
homes and could come do a walk through. Worse, some buyers have done bathroom
renos so know homes.
Worst, you saw a Mike Holmes show and know what to look for....
The best
money you'll spend is on a professional inspection. The inspector I favour has
had 30 years in the trades (carpentry, heating & cooling) prior to becoming
an inspector. All inspectors are definitely not created equal so do look for a
solid recommendation. Now in B.C. inspectors do have to be accredited so that
helps consumers.
An inspection does many things, one of which is
shielding you from buying a home with any major faults. Another thing is to
point out little fixes that will be necessary either immediately or in the next
few years. Delightfully most inspectors also produce a manual for you on your
home with descriptions and instructions on when to consider replacements and
what kind of materials have been used in the construction of your
home.
I'm in my 8th year of real estate and have had to collapse
less than a handful of deals based on severe problems. I have had price
negotiations based on significant but not deal breaking problems as well. Always
I pre-frame clients
that an inspector will find some fault -- but that we're not nit picking (most
contracts have a threshold for inspections: any problem over a certain amount
requiring immediate repair of either a set amount or percentage of sale
price).
In a home that's not new you should expect comments on usual wear
and tear. Minor things are not deal breakers, only information.
What
constitutes a deal breaker? Major foundation issues, unsafe building materials,
poorly done additions, roof leakage, poor insulation, faulty wiring, things of
this scope. What constitutes price negotiations? Anything over and above the
agreed upon amount for normal wear and tear, i.e. you find out the 7,000 furnace
is on its last gasp.
Once you've purchased the home there is no turning
back. If two days after you buy the stove goes kaput...it's your stove! The only
recourse you have for compensation would be if there was a latent defect (one
not easily discoverable by inspection) that the seller's knew about and failed
to disclose.
Ballpark price for an inspection is 450 - 500 and is the
best money you can spend. Obviously a great Realtor is going to make sure all
other subjects are met before asking you to pay for an inspection. (You'd hate
to pay 500 then find out you couldn't get insurance or that there was a problem
with the home title.)
So, yes, always yes, you should have an inspection
and you should use a licensed, professional, well recommended, honest,
knowledgeable inspector!