Insurers want to know what they’re getting into and realtors want to ensure that insurance costs or availability won’t hinder a potential sale since lenders won’t close without proof of insurance.
At the same time, prospective buyers want to be alerted to potential problems long before they move in.
Buyers short on knowledge of home construction are in a tough position when it comes to hiring an inspector, as the industry is still loosely regulated.
For starters, look for the Registered Home Inspector (RHI) designations. This means an inspector has taken courses that are specific to home inspections.
Look for an inspector that has trades experience, the more experience the better. Just like any profession, the skills of a home inspector can be expected to improve with construction and inspection experience.
While standards vary from province to province (Alberta and British Columbia are the only provinces that actually require home inspectors to be licensed), most inspections include structural elements such as the age and type of roof, foundation, walls, windows, doors, insulation, basement and attic.
Electrical, plumbing, heating and cooling systems — including when any major improvements were made — are also part of a good home inspection. It should also report any evidence of pests or infestations.
The whole review should take about three or four hours and cost about $350. to $450., resulting in a written report reviewing every major home element.
Hire an inspector that you can inspect along with, who shares their insight and knowledge with you during the inspection.
It’s important to remember that an inspection is not a warranty. The report identifies issues uncovered the day of inspection and won’t necessarily predict problems that may arise a few months down the road.
Your insurance company is likely to be asking questions which have been determined during the inspection. They will also look into how long the home has been insured and with whom. A history of previous claims could make it more difficult to find a company willing to issue a policy.
Sometimes things don’t work out, due to poor home inspections, with a Buyer enduring unexpected repair bills that home inspectors should have uncovered long before the buyers had purchased their house.
Unfortunately, disappointed buyers may discover they have little recourse if they believe an inspector has missed something.
Complaints to the inspectors’ association might result in a reprimand for the inspector or even the loss of his license, but buyers looking for any significant financial settlement are going to have to turn to the courts. But keep in mind, a standard clause in most home inspection contracts, typically limits liability to the cost of the inspection fee.
Having a Yard Sale? Give me a call to borrow my Yard Sale signs, with my compliments!
