Making the decision to purchase a home is a big one, and it's important to be aware of all the potential risks and rewards. As a buyer, you may be able to back out of a home purchase based on the results of a Canadian home inspection. When making an offer on a home, it's common to include a contingency clause based on the results of an inspection. This way, if the report turns out to be less than desirable, you can cancel your offer and withdraw.
The Canadian Association of Home and Property Inspectors (CAHPI) maintains rules and codes for its members, so choosing an inspector who is a member of CAHPI can provide greater security. A home inspection offers buyers the opportunity to obtain a professional opinion on the general condition of the property they intend to purchase before it's too late to reverse the deal. It also allows potential buyers to have an experienced professional inspect the property before buying it. A home inspection ensures that your money is well spent and that you don't run into unexpected surprises once you've purchased it. If you have a contingency clause for home inspection, you can usually void your homebuying offer if there are problems with the property that haven't been previously revealed by the seller.
Some buyers forgo the contingency of home inspection to make their purchase offer more competitive, especially if there are multiple buyers in line. According to statistics, almost 90% of all homes purchased have some type of defect discovered during inspections. It is also recommended to carry out a pre-purchase inspection of newly built homes, although the new home guarantee (or “new home guarantee” in Quebec) covers new construction in most Canadian provinces. Your real estate agent should be able to recommend a home inspector who can attend your home inspection to answer questions, translate anything that might be confusing, and make sure that all aspects are covered. If you want to go one step further, you can also ask if they are members of the Canadian Association of Home and Property Inspectors (known as CAHPI).