In this overheated market which is called the GTA we have all seemingly swallowed the notion that a single family home should be edging towards the million dollar mark. Two bedroom condo’s routinely sell for 3-400K and we see all this and accept that because of demand these prices represent what we can view as “value” in the GTA market. We accept it because, well, there is simply no other choice if you want a property in this area. In light of this it does make one scratch one’s head when compared to these sky high prices, the value of a home inspection is continually questioned.
To be clear let’s lay it out that a home inspection, although they do vary in price based on property, average around $500. In this market that represents about 1/2 of a 1/100th of a percent of the price of the asset you are considering. And to be accurate we are dealing with an asset, not a home. That is how you need to evaluate real estate, and the reason that most people can’t.
When you are considering a home purchase, whether an upgrade, or a first time into the market you have a million things swirling through your head. This is especially true if you have kids and are considering their school proximity, the safety of the neighbourhood etc on top of the “wants” that you and your partner have already identified. What you are doing is picturing yourself living in the house, and if it suits you this house now becomes a fixture of your imagination which leads to an emotional attachment to the the offer process and the house itself. This is exactly why you need an objective professional to evaluate the house as the bricks and mortar asset it is and not the imaginary future “home” you are starting to envision.
Ultimately a professionally trained and certified home inspector will help you realize your “dream” by making sure that you are grounded in the reality of having an accurate picture of the house you are getting ready to buy.