A home examination before buying a home is highly recommended to get a clearer picture of what you are purchasing. Although a pre-purchase inspection is not required for getting a mortgage loan, it can help protect you against costs and headaches later on.A pre-purchase home inspection examines the condition of the home and is recommended in all Canadian provinces whether you are buying a 5-year-old or a 50-year-old property. An inspection report contains information such as detailed observations on the condition of the property, details on defects, necessary work and water damage, and photos of the property. An inspection takes place after you have submitted an offer and it has been accepted by the sellers of the property. If dealing with a mortgage, it’s a good idea to look for a list of building inspectors in the area while waiting for pre-approval. A pre-purchase inspection costs between $500 and $600.For the buyer, a pre-purchase inspection can help dodge a bullet if the inspector discovers serious problems with the property. Or if the buyer agrees to undertake necessary works on the property, it can also allow the buyer to try to negotiate a lower price for the property.
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Disclaimer: This article is for informational purposes only and should not be considered as financial or investment advice. Real estate investments carry risks, and individuals should conduct thorough research and seek professional guidance before making any investment decisions.
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