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“Somebody who buys a home without a home inspection, that’s a foolish decision to make. You’re spending $500,000 at least on a piece of property; spending $500 on an inspection makes sense,” BC-based investor Hans McFarlane, told Canadian Real Estate Wealth. “People are skipping home inspections quite a bit, but no realtor, no professional is ever going to put their name on any document that says I recommend you skip an inspection.
“For a new investor, for someone who doesn’t have the resources to deal with the problems that need to be dealt with, it’s foolish to not get it done.”
In markets such as Toronto, many are skipping the home inspection in a bid to win bidding wars.
But that can be a costly mistake, according to mortgage broker and investment author Enza Venuto, who says a few hundred dollars can often save thousands in the long-run.
“If a person does not use a home inspector, they’re doing the wrong thing. They’re a must in today’s environment. Even on new properties, not just old properties, new construction require it as well. I know there’s Tarion, but sometimes issues arise and we recommend clients use a home inspector on homes and on condos,” she said.
And investors will have an easier time securing financing when they have the home inspected, according to Venuto.
“Even seasoned investors … if we don’t use an inspector, the lenders may want to know more details about the property,” she said.
Frenzied bidding wars in Toronto forcing buyers to rush offers
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In red hot markets, many are foregoing home inspections in a bid to quickly close on competitive properties. Do you make sure to use inspections?