Yes, you should have an inspection!

So, you've found a home you like, you can afford and is in the right neighbourhood. I liken this to picking out a video in the store (a fading experience!). You've got it locked up, but you haven't paid for it yet.

One of the most important things you really must do, unless it is a new home under warranty, is to have the home inspected. I know some people's brother's cousin's uncle has built homes and could come do a walk through. Worse, some buyers have done bathroom renos so know homes. Worst, you saw a Mike Holmes show and know what to look for....

The best money you'll spend is on a professional inspection. The inspector I favour has had 30 years in the trades (carpentry, heating & cooling) prior to becoming an inspector. All inspectors are definitely not created equal so do look for a solid recommendation. Now in B.C. inspectors do have to be accredited so that helps consumers.

An inspection does many things, one of which is shielding you from buying a home with any major faults. Another thing is to point out little fixes that will be necessary either immediately or in the next few years. Delightfully most inspectors also produce a manual for you on your home with descriptions and instructions on when to consider replacements and what kind of materials have been used in the construction of your home.

I'm in my 8th year of real estate and have had to collapse less than a handful of deals based on severe problems. I have had price negotiations based on significant but not deal breaking problems as well. Always I pre-frame clients that an inspector will find some fault -- but that we're not nit picking (most contracts have a threshold for inspections: any problem over a certain amount requiring immediate repair of either a set amount or percentage of sale price).

In a home that's not new you should expect comments on usual wear and tear. Minor things are not deal breakers, only information.

What constitutes a deal breaker? Major foundation issues, unsafe building materials, poorly done additions, roof leakage, poor insulation, faulty wiring, things of this scope. What constitutes price negotiations? Anything over and above the agreed upon amount for normal wear and tear, i.e. you find out the 7,000 furnace is on its last gasp.

Once you've purchased the home there is no turning back. If two days after you buy the stove goes kaput...it's your stove! The only recourse you have for compensation would be if there was a latent defect (one not easily discoverable by inspection) that the seller's knew about and failed to disclose.

Ballpark price for an inspection is 450 - 500 and is the best money you can spend. Obviously a great Realtor is going to make sure all other subjects are met before asking you to pay for an inspection. (You'd hate to pay 500 then find out you couldn't get insurance or that there was a problem with the home title.)

So, yes, always yes, you should have an inspection and you should use a licensed, professional, well recommended, honest, knowledgeable inspector!