Walk a Kb or Two in my Moccasins- Nobody 'splained it to me like that!

Simple answers to Complex Questions and Complex Answers to Simple Questions. In real life, I'm a Greater-Toronto (Canada) Realtor with RE/MAX Hallmark Realty Ltd, Brokerage. I first joined RE/MAX in 1983 and was first Registered to Trade in Real Estate in Ontario in 1974. Formerly known as "Two-Finger Ramblings of a Forensic Acuitant turned Community Synthesizer"

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Sunday, September 12, 2010

What is a home inspection and should I have one done?

What is a home inspection and should I have one done?

From Zoocasa " Ask the Pros"

A....Robert Ede

Home Inspection is only as good as the Attitude, Skills and Knowledge of the person doing the inspection.

The process starts with the Seller; Buyer; Registrants & Inspector agreeing that no house is perfect.

Two Scenarios:

#1 House with several hidden problems that Seller is trying to conceal, let's call this worst-case at 25% perfect;
#2 House with normal wear & tear (ie is it 4yrs old, 34 yrs or 84 yrs) that has been kept up-to-date by original (house-proud)owner, call it best-case @ 99% perfect.

The majority of homes fall somewhere in between AND no house is perfect (I'm limiting this to mechanical, structural, major systems, land grading/drainage etc not easements, encroachments etc)

Most properties are 60-80% perfect and the only way to evaluate their imprections is to quantify (translate to money) the problems.

A home inspector's job is to by way of non-invasive tools, look (ie visually) for problems and imperfections and then outline the costs and urgency of affecting the repairs.

Sometimes it's not worth doing the repairs because another home at slightly higher price is available with far fewer problems and costs.

The formula is Purchase Price + Cost to Remedy deficiencies + Aggravation = Market Value


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