The Importance of Building Inspection
Purchasing a property is often one of the largest investments you'll make in your life. It's therefore essential to understand the condition of the building before finalizing your purchase in order to anticipate the short, medium, and long-term expenses you'll face.
Sell
August 11, 2022
Inspection: a tool for prevention, not negotiation
It's normal for an inspector to identify certain corrective measures, generally representing between 2 and 4% of the sale price. However, the inspection should not be seen as a means of systematically renegotiating the purchase price. On the other hand, if major problems are detected, the inspection clause included in your promise to purchase will allow you to address the situation with the seller or, as a last resort, cancel the transaction if the necessary work is too extensive.
Inspection and hidden defects
It's important to note that a building inspection does not protect against hidden defects. These defects, often not apparent at the time of purchase, can become apparent months or years after moving in. In the event of a dispute, it will be necessary to prove that the problem already existed at the time of the transaction, which will require the expertise of various professionals.
Why have your property inspected?
Before purchasing, it is strongly recommended that you hire a qualified, objective, and experienced building inspector. They will conduct a complete visual inspection and provide you with a detailed report on the condition of the main components.
According to the CMHC, here is the list of elements assessed during the building inspection:
✔ Roofing
✔ Foundations
✔ Plumbing and electricity (visible parts)
✔ Insulation and ventilation
✔ General structure
This report will help you assess potential work and better plan your budget.
How to choose the right inspector?
Your real estate broker can recommend reliable and experienced building inspectors. As in any field, the quality of services can vary, so it's crucial to choose a competent professional who can answer your questions and advise you if any anomalies are detected.
A well-conducted inspection gives you peace of mind and allows you to buy with confidence!
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