Losing their dream home – that’s a chance most home buyers aren’t willing to take. However, forgoing a home inspection – that’s a risk most home buyers in today’s competitive market are making.

The tough conditions have caused the majority to forgo the home inspection, what was once seen as a necessity. It’s estimated that only 15% of homes sold in Ontario are currently subject to a home inspection condition. That number was likely closer to 85% just two years ago, said Leigh Gate, president of the Ontario Association of Home Inspectors in a recent Storey’s article. There are both pros and cons to keeping or scrapping the inspection.

Pros
If you do decide that you’re going to skip it, one of the benefits is that your offer could look more appealing to the seller. This could put you above another interested buyer when placing an offer on a home, even if you both have similar offers. By forgoing the inspection, it also gives you the opportunity to save money on the inspection cost.

Cons
However, the cons of choosing to forgo a home inspection are extensive. If you accidentally buy a lemon, it could end up costing you a lot in repairs down the road.

The stress and financial burden of this unfortunate scenario is something to seriously consider before forgoing your home inspection. And, if buyers do end up purchasing a home that needs extensive repairs down the road, another huge con to consider is that many won’t have the budget for it. That’s because the cost of housing has risen
so dramatically, that many buyers are purchasing homes already at the top of their budget. Meaning, with the large mortgage payments, there might not be enough left over for unexpected repairs.

What do home inspectors look for?
Home inspectors can see and assess things that the average home buyer cannot, including mould in attics, structural issues, unsafe wiring and chronic wet basements. Getting a home inspection prior to purchasing a property is important so you don’t end up living in unsafe conditions for you and your family, or with extensive repairs a few years down the road.

Looking to buy? Work with a professional
If you’re looking to buy a home, especially in today’s competitive market, you’ll want to make sure you have an experienced realtor on your side. The de Denus Team can help. Founder and CEO Greg de Denus takes a passionate and client focused approach to help buyers make an informed, educated and profitable decision on their home.

Contact us Today!
If you have questions or would like to work with us, we’d be happy to help. You can reach out to us today at 905.385.9200 or hello@thededenusteam.com. You can also contact us through our website at: https://gregdedenus.com/contact/. We look forward to hearing from you!