There are countless other potential issues that only an experienced professional inspector would be able to identify, such as walls or water stains during your viewing of the property. These inspectors are trained to evaluate every nook and cranny of the building, from the foundation and basement to the attic and roof. They leverage specialized tools and expertise to detect problems that would easily go unnoticed by an untrained eye. For example, thermal imaging cameras can identify areas of poor insulation leading to energy losses. Moisture meters can pick up unseen dampness that could signify leaks or water damage.
Common and costly issues uncovered
Building inspectors have found all kinds of expensive issues in properties that were initially invisible to prospective buyers.
- Roof issues – An ageing, damaged, or improperly installed roof can easily cost $10,000-$20,000 or more to replace, depending on the size and type. Inspectors check for curled, missing or cracked shingles, proper flashing, ventilation and more site Source.
- Foundation problems- Foundation cracks, sinking, moisture intrusion, and structural defects are serious issues that can run into tens of thousands of dollars for repair. Improper grading or drainage around the foundation is also a common culprit.
- Electrical system defects– Outdated electrical panels, insufficient circuits, amateur wiring jobs and electrical code violations not only pose safety risks but can be very costly to remedy properly.
- Plumbing system troubles- Everything from ageing pipes and fixture leaks to improper installation of fixtures or appliance hookups can turn into expensive plumbing nightmares if not caught early.
- HVAC breakdowns- Whether it’s an old, inefficient furnace ready to quit or improperly installed ductwork causing energy losses, HVAC repairs and replacements can hit your wallet hard.
- Exterior issues- Problems like damaged bricks/siding, cracked stucco, rotting trim, and more can lead to big bills. Water intrusion is also a major concern that the inspector checks.
This is just a small sample of the kinds of trouble areas inspectors routinely find. The repairs and remediation for major issues like these missed in a home purchase can easily reach five figures or more. And that doesn’t even account for the headache, hassle and disruption of unexpectedly having to coordinate major renovations after moving into your new home.
Bargaining power of knowledge
In addition to avoiding costly surprises, having an inspection report allows you to enter negotiations from an informed position of strength. If significant issues are uncovered, you can request that the current owners perform the repairs and renovations before finalizing the sale. Or you can negotiate to have the purchase price reduced to offset the expected costs you’ll have to incur to remedy the problems.
Many sales deals have fallen through or been renegotiated as a direct result of inspection reports that uncovered substantial unanticipated issues with the property. The sellers are then on the hook to either complete the repairs to keep the buyers interested or drastically reduce their asking price. Conversely, having an inspection report that gives the home a relatively clean bill of health can provide investment is on solid ground.