Home buyers need to know what problems exist in the home before they purchase it, they will need to be given information on how much money will be required to make the necessary reparations, as well as how much money they will need to invest in their home within the first five years or so. A good home inspector will be able to identify all faults and flaws and be able to set out a timeline for when the repairs need to be completed. A knowledgeable inspector will also be able to tell the buyer approximately how much money they can expect to pay for those repairs.
"Peace of mind," stresses George Pappas, president of Pappas Home Inspections Inc. "That's the ultimate benefit of an inspection - gaining confidence and peace of mind."
When you sign an agreement of purchase and sale, your realtor should always have included a condition on home inspection. A buyer is usually afforded 5 to 10 days to contract a home inspector to have the home assessed. The buyer should be given a written report to read over to ensure they are buying a quality home….or at least a home they would be comfortable living in!
There is no formal licensing of home inspectors, but reputable companies adhere to the rigid standards of practice established by the Canadian Association of Home & Property Inspectors. It is important to trust your realtor and interview their recommended inspector, but also search out your own inspectors to interview. Be sure you are comfortable with their level of knowledge in the major elements of a home (electrical, structural, mechanical, plumbing and roofing). This is one of the most important decisions in a real estate transaction and is often overlooked by excited and emotional home buyers. A bad decision can cost you thousands of dollars in unexpected repairs.
Qualified inspection companies will provide a sample report to substantiate that they abide by industry standards. One of the key guidelines is that ethical inspectors neither perform the repairs nor do they refer clients to repair companies. To do so would be considered a conflict of interest.
It is your right to follow the inspector throughout the assessment so you can learn about the home you are hoping to purchase. You should always ask the inspector before you hire him if it is OK if you follow him through the house. Be weary if that is discouraged! You have the right to be there. Good home inspectors will encourage this, since the buyer will probably need to learn the locations of major valves and shut-offs in their new house.
In summary, understand the importance of the inspection, it is not just a formality in the process. Interview several inspectors to ensure you are hiring a qualified and highly knowledgeable inspector. Be sure to walk throught the home with the inspector to get a clear understanding of how the home works and go through the inspection report with the inspector so you know what needs to be fixed, when it needs to be fixed and how much will it cost to get fixed.
For more information on buying or selling real estate in Burlington, Hamilton, Oakville, or Toronto Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit the Sean Kavanagh Real Estate Resource Centre at www.seansells.ca, or at www.seankavanagh.ca I'd be happy to answer any questions to accommodate all of your real estate needs. Follow me on TWITTER or FACEBOOK! You can also contact me at 905-220-9198 or at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
Sean Kavanagh
Building Lasting Relationships and Exceeding Expectations
Source: AmeriSpec Home Inspection Service and Your First Home Buyers Guide
Welcome to my 8 part series on home inspections. Many home buyers underestimate the importance of a quality home inspection. A big mistake purchasers often make is to search out the cheapest home inspector on the block to conduct this vital stage of the home buying process. It makes not sense to me to have the cheapest guy inspect the largest investment you and your family will ever make. A quality home inspector will have experience in home structure, electrical systems, roofing and heating and cooling. A cheaper home inspector that does not possess this comprehensive knowledge base will miss important faults and flaws in the home that will end up costing you thousands of dollars down the road. Home inspectors are paid to help protect your largest investment, so why would you try to save $100 now on a poor inspection when it could cost you thousands down the road? I don’t know that answer, but many home buyers are making this same mistake.
I have compiled this series on home inspections with the help first time home buyers understand the importance of a home inspection and, even though you have just spent hundreds of thousands of dollars on your new home, spend a little extra to ensure you receive a proper and comprehensive home inspection. A home inspection can do more than just satisfy curiosity - it's an opportunity to learn as much as possible about your prospective purchase and its hidden potential... or pitfalls
Would you buy a used car privately off someone without having a qualified and objective mechanic give it a thorough once-over? Of course not. So when it comes to one of the most significant purchases you'll ever make in your life, a proper home inspection is not only necessary - it's essential.
Homes inspectors check all of the major systems in a home, such as the plumbing, electrical, heating and air conditioning. They'll also do a visual inspection of the foundation, doors, ceilings, roof, walls, windows, plumbing, ventilation, insulation, sewage system, lot and garage - at the very least. Their services are required to protect your investment and insure there are no structural issues or flaws in the house that you may not be aware of.
Unlike homebuyers themselves, whose observations are partial and often highly emotionally charged, a home inspector performs his role with an unbiased attitude and with the best interests of the customer in mind. By identifying existing or potential areas of concern, the inspection report will help secure your investment, avoid post-closing surprises and provide you with peace of mind. An insightful report is fundamental to ensuring you make the right buying decision.
The process usually takes about three hours, during which time the house is examined from the ground up. The inspection includes observation and, when appropriate, operation of the plumbing, heating, air conditioning, electrical, and appliance systems, as well as structural components such as the roof, attic, foundation, basement, exterior and interior walls, chimney and doors.
For condominiums, the magnifying glass is usually focused on elements such as the type of structure and its rain-sealing system; condition of the grounds, walkways, driveways and parking garage; condition of the roof; type and condition of the balconies; type and condition of windows and doors; and the level of finish, workmanship and care.
According to George Pappas, president of Pappas Home Inspections Inc., Toronto, inspections usually take about three hours for a two-storey detached house, two to three hours for bungalow and one or two hours for a two-bedroom high-rise condo. Costs range similarly, from about $365 for a condo to $425 for a bungalow or detached house (plus GST).
Home inspections cover about 1,000 check-points in approximately 400 items around the home. Findings are usually provided in the form of a comprehensive report, together with a recommended action, AmeriSpec says. It is important that such a report include an objective evaluation of the condition of the home, clearly relating existing defects and indicating potential problems.
For more information on buying or selling real estate in Burlington, Hamilton, Oakville, or Toronto Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit the Sean Kavanagh Real Estate Resource Centre at www.seansells.ca, or at www.seankavanagh.ca I'd be happy to answer any questions to accommodate all of your real estate needs. Follow me on TWITTER or FACEBOOK! You can also contact me at 905-220-9198 or at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
Sean Kavanagh
Building Lasting Relationships and Exceeding Expectations
Source: AmeriSpec Home Inspection Service and Your First Home Buyers Guide
What an exciting time for real estate! Forget what you have read in the papers or hear on the T.V. The real estate market has rebounded and we are on now on pace to break all time sales records in Toronto, Oakville and Burlington real estate markets. If you don’t believe me, look at the sales numbers for the month of June.
How do the numbers now compare to the pre-recession real estate sales numbers? Well, just have a look!
% Change from June 2008 to June 2009
* Toronto Real Estate Board has reported a 27% increase in units sold from this time last year and a 2% increase in average sale price from 2008.
* Burlington/Hamilton Real Estate Board has reported a 19% increase in units sold from 2008 and an increase in average sale price of 1.9% from this time last year.
* Oakville/Milton Real Estate Board has reported a 21% increase in units sold but they are still trying to catch up to last years average sale prices.
* Burlington on its own is up 19% in units sold (417 units sold in 2009 compared to 350 units in 2008) and an amazing 6% increase in average sale prices from June 2008! ($374,166 in 2009 compared to $354,864 in 2008).
If you were waiting for the real estate market to bottom, I’m afraid you have missed it! Inventory is being reduced and we are now moving out of a ‘buyer’s market’ into a more stable, balanced real estate market.
For more information on buying or selling real estate in Burlington, Hamilton, Oakville, or Toronto Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit the Sean Kavanagh Real Estate Resource Centre at www.seansells.ca, or at www.seankavanagh.ca I'd be happy to answer any questions to accommodate all of your real estate needs. Follow me on TWITTER or FACEBOOK! You can also contact me at 905-220-9198 or at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
I look forward to hearing from you!
Sean Kavanagh
Building Lasting Relationships and Exceeding Expectations
Sales of homes in Canada jumped 31.5 percent in the second quarter from the first and saw their first year-over-year quarterly increase since before the peak of the financial crisis, the Canadian Real Estate Association said on Tuesday. The report is the latest piece of evidence showing that consumers are venturing back into the home market, encouraged by low mortgage rates and signs that the worst of the recession is over. A total of 41,304 homes changed hands in the month of June.
Home sales totaled 147,351 units in the second quarter of 2009, up 1.4 per cent from the same quarter of 2008. Home sales rose 8.7 percent in June from May and they were up 17.9 percent from June 2008.
This is on par with the June record for the greatest sales month set in 2007 and is the fourth highest sales month ever for activity in any month on record.
If you were waiting to jump into the market when it had hit the bottom, you have already missed it. With sales volume and housing prices already at pre-recession levels, we can confidently predict that the housing market is on the upswing and will continue to improve.
For more information on buying or selling real estate in Burlington, Hamilton, Oakville, or Toronto Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit the Sean Kavanagh Real Estate Resource Centre at www.seansells.ca, or at www.seankavanagh.ca I'd be happy to answer any questions to accommodate all of your real estate needs. Follow me on TWITTER or FACEBOOK! You can also contact me at 905-220-9198 or at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
I look forward to hearing from you!
Sean Kavanagh
Building Lasting Relationships and Exceeding Expectations
5342 Cachet Crescent, Burlington, Ontario, L7L 7N6 - $489,900
One of a Kind Family Home on Quiet Crescent in the Orchard-North East Burlington with Fully Finished 1 Bedroom Apartment in Walkout Basement,Upgrades include: Hardwood Floors,Oak Stairs,High Ceilings, Upgraded Maple Kitchen with High Cabinetry, Island & walkout to Huge 2nd level Deck, Family Room with Vault Ceilings, Huge Windows & Fireplace, Main Floor Laundry, Interior Access to Double Garage, Spacious Bedrooms, Master with 5 piece Ensuite- His & Hers Vanity- Soaker Tub- Separate Shower and Walkin Closet, Stunning Sun Filled Suite in Lower Level with Full Kitchen, 4 piece Bathroom, Bedroom and Living Room with Walkout to Patio, Fully Fenced Lot Backing onto the Original Orchard- 3 car Driveway, Main Floor Laundry and More! Perfect for the Extended Family or Investment!!!
Don’t miss the opportunity to grab this great home for this great price!
Sean Kavanagh
905-220-9198
Building lasting relationships and exceeding expectations.
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