If you have recently put in an offer on a home, you most likely have put in some conditions or inspections. Our Anne Winch Real Estate Team would like to go over some of the inspections and why they are so important.
Financial
It is important to get pre-qualified financially before you even start to look at homes. A pre-qualification process through your lender is simply to look at your current situation and estimate how much you can afford. Your lender will look at any current income, debt, etc. to make this decision.
Once you understand what you can afford through the pre-qualification process the next step is the pre-approval. A mortgage broker or your lender will ask for specific information to complete this process and assure you that you can finance the mortgage. This is usually a condition that is on all offers to purchase, just in case you cannot get approval for your mortgage.
House inspection
Home inspections are an integral part of the real estate transaction. Our Anne Winch Ottawa Real Estate Team understands that as a buyer you want to make sure your new home will come out with no real issues. Some of the issues inspectors will look for are water damage, insects, mould, foundation problems, wiring, and any issues with the roof. These are just some things that may come out of a home inspection. Remember no house completely fails a home inspection. Home inspectors are there to give you a visual examination of issues that may be of consequence when you are selling or purchasing a home.
Electrical inspection
Purchasing an older home can inspire you with its good bones and a different appeal than cookie-cutter homes. You probably included an electrical inspection to make sure the home you are getting is sound. Some older homes may not have the best wiring and that is why it is one of the most important inspections you can get for a more mature house. You want everything to be in good working order.
If your wiring is not up to code you may have problems getting insurance on the property. It is easier to have a professional electrician come in and upgrade your wiring or you can negotiate with the seller and perhaps split 50/50 on the cost.
Septic
If you are purchasing a home that has a septic system, it is important to have a septic inspection done to ensure the system is in good working order. A technician will use various tools to take a look inside the tank and filtration systems. Cameras may be used to check the inside of the septic tank and locate the source of any problems, leaks, or other forms of damage.
Water testing
If the property you are purchasing is on a well, it is very important that you know the well is functioning well and that the water is good and it has ample flow of water. Testing of the water is needed to make sure there is no E. coli. You can get the water tested through your public health department in your municipality at a minimal cost to you. The seller may be able to get it done free through their public health department that deals with water testing in their area.
Conditions and inspections are important for anyone who is purchasing a home. You can always check with our Anne Winch Real Estate Team for our professional advice when you are putting in an offer. We are here to help you with any of your real estate needs. Let us know how we can be of help!