Have you bought a home or are in the process, but not sure what happens after you sign on the dotted line? You’re not the first one, so I decided to start a new video series where I take you through what to do after buying a house. Last video I gave you a list of all the items on the checklist and these subsequent videos are going into detail one by one. Today I’m talking home inspections, more importantly, what to look for in a home inspection, cost of a home inspection and the home inspection process. Enjoy!
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Haven’t bought a house yet, but are thinking about it?
Hey Everyone it’s the Realty Queen and I’m back with my next video in my new video series called: So You Bought a House, Now What? So this video is going to be talking about the home inspection. Now, most likely you would’ve made your offer conditional upon a home inspection and usually probably give yourself about 5 business days to do so. The first thing you’re going to need to do is obviously hire a reputable home inspector. Once you do that, you’re going to have to actually schedule an appointment at a convenient time within your 5 business days of your condition for the home inspector to come to the property and inspect the property. Now, you obviously are allowed to be present during the home inspection and your realtor will be there as well. The cost of a home inspection usually cost anywhere between $300 – $450 and that amount will be due by yourself at the end of the home inspection so you got to make sure you have that money available to pay the home inspector. Now, what is a home inspection? So basically a home inspection gives you a general review of the workings of the house in terms of what kind of condition the home is in, if there are any major repairs that are needed and things like that. So, some of the keys things that you’re probably going to be looking for in a home inspection is to make sure that: a) the house has good bones in terms of a good foundation and b) especially if you’re buying an old home in Toronto there’s a lot knob and tube wiring or aluminum wiring so you want to check for that and most likely in any home you buy pretty much in Toronto it is going to have some knob and tube wiring or aluminum wire that will have to be replaced but it’s better to know upfront so you know the cost involved. Obviously you’re going to be looking at your furnace. The home inspector is going to be looking at your furnace and the condition that it’s in and how old it is and the expected life expectancy as that can be another repair that you will need to do down the road. Another key thing that the home inspector is going be looking at is your roof. Roofs can be costly to replace and they do have a span of usually about 20 years so it depends how old the roof is you may have to replace it right away or you may not have to replace it for some time. And then of course the home inspector is going to walk around the house and usually the home inspection takes about 3 hours and just go over and look at every nook and cranny to see if everything is in order and in place. Now keep in mind that although a home inspection is great and it will give you a good overview of what’s going on in the home, the home inspection will not reveal everything as the home inspector clearly can’t look behind the walls unfortunately so you got to also remember that and at the end of the day, when you’re not buying a brand new house, there are bound to be some problems whether it’s, you know, a couple weeks from closing, a few months from closing, or down the road from closing so make sure to always have a reserved fund saved up for any major repairs or even minor repairs that may happen when you own a home. So I hope this has been informative, and make sure you come back next time where I’m going to be discussing mortgages and the financing condition. So remember not to miss a video. You can follow along on my blog at www.realtyqueento.com , catch me over on twitter @REALTYQUEENTO and say hello on my Facebook page at Facebook.com/realtyqueentoronto. But really the best way not to miss a video in this series of: So You Bought a House, Now What? Is to subscribe to my channel. All you have to do is hit the button below and away you go. So we’ll see you back here next time.