5 Reasons Why You Need to Get Your Home Inspected Before Buying a Fixer-Upper
By Lisa Walker | December 2022
Buying a fixer-upper is often a gamble. And you don’t really know what you’re getting until you’ve had a complete home inspection conducted on the property. Hiring an inspection service is essential when buying any house, but it’s especially true of fixer-uppers.
Here, Realtor and broker Donna Bulika shares what home inspections entail so that you can make your buying decision with confidence.
What Is a Basic Home Inspection?
State Farm notes that a basic home inspection is a more limited inspection. It’s typically completed by someone who might have a general idea of what they’re looking for but doesn’t have training in specific areas.
Inspectors who are certified may provide this type of inspection as well, but it would be clear that the inspector was not certified by the company (such as an inspector who has passed the exam to become a general contractor).
What Is a Full Home Inspection?
The Village Home Inspector explains that a full home inspection includes a lot more than a basic inspection. It looks at all the major systems in your home, like heating and cooling systems, electrical systems, plumbing systems, and structural integrity of the home.
It’s crucial to hire a professional who has experience in this type of process. A professional inspector will be able to help you assess the potential value of your potential purchase by examining all the major systems that may need repair or replacement.
5 Reasons Why You Need a Home Inspection
If you’re considering buying a fixer-upper, you need to make sure that you have a home inspection conducted before buying. The following are the five primary reasons a home inspection is essential:
- You’ll know what you’re getting into
- You won’t buy on impulse
- You can learn from others’ mistakes
- Help to keep your purchase in perspective
- You’ll know what repairs need to be made
With this information, you can make an informed decision as to whether you should or shouldn’t buy the fixer-upper.
Why Is a Home Inspection Important?
One of the reasons why you want to get your home inspected before buying a fixer-upper is to make sure that it doesn’t have any major structural problems in the foundation or frame.
Another reason is to make sure that the plumbing, electrical, and heating systems are all up to code.
In addition, you want a home inspection because it could help you determine how much it will cost for repairs and when you need to move in order to avoid costly renovations.
There’s also a chance that there might be some asbestos or lead paint on the walls. The cost to rectify a job like this could be more than the home’s worth.
And finally, as mentioned previously, a home inspection will give you an idea of what you’ll need to do in order to live comfortably in your new home.
Many people buy fixer-uppers with the intent of making it a vacation rental or even tenant housing. If you do business in Canada, it is therefore important that you establish your business properly complete with the government of Canada if you want to claim the necessary tax deductions.
This is a key point to remember when you are looking at buying a fixer-upper. You can maximize your investment if you take the right approach to your purchase. Be sure to speak with experienced Realtor and broker Donna Bulika for further insight into fixer-upper properties and which ones are likely to be the better buy.
With over 15 years of experience in the real estate industry, Toronto-based Realtor and broker Donna Bulika has a wealth of knowledge in the areas of buying, selling, property management and real estate marketing. Team up with Donna today by calling 416.797.6226!
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Please contact Broker Donna Bulika for advice on purchasing real estate in Toronto and to book your private consultation by filling the form below or calling/texting at 416-797-6226, or email email@example.com