Hardly anyone could contest the fact that buying a home is often the largest financial investment you will ever make. Some buyers even go so far as to spend their entire life’s savings. So, with such a significant commitment, why would anyone ever put themselves at risk by foregoing a home inspection? Throughout Canada right now, the answer is simple: low inventory, high competition.
Why home buyers are willing to waive an inspection
For the last couple years, the Canadian real estate market has been unlike anything we’ve seen in a very long time. Homes are selling for thousands of dollars more than they’re worth, and what’s even more, they’re selling within days of listing without condition. Potential buyers are going so far as to waive home inspections to ensure they have the most competitive offer and best chance of getting accepted.
In many cases, home buyers fear if they don’t do this, they will be left in a perpetual cycle of lost bids – and their realtors may not be doing much to dispute this narrative. In others, sellers are actually refusing access to their homes for inspections to be conducted. While this may have been a red flag to home buyers in the past, the current market is causing buyers to overlook this as a small inconvenience rather than the major risk that it is.
What CHIC is doing to combat this
Canadian Home Inspectors for Consumers (CHIC) is a newly formed, national industry coalition intent on educating home buyers on the importance of a home inspection and advocating for their rights to have one.
“Canadians are making one of the biggest financial commitments of their lives without the information they need to make an informed decision. This creates huge financial risk with unforeseen problems lurking,” said Alan Carson, CHIC coalition member and CEO of Carson Dunlop. “From wet basements, mould in attics, and structural problems, to unsafe electrical systems, obsolete HVAC or plumbing systems, and worn-out roofs – the list goes on.”
What we’re seeing now is much like the sellers’ market Calgary experienced in 2007. Just as the case back then, we are seeing many homes being sold despite having significant problems, all because sellers knew there would not be an inspection.
By supporting the Home Buyers’ Bill of Rights and spreading the word on the importance of a thorough home inspection – for both buyers and sellers – CHIC hopes to be a much-needed voice of reason for those considering a home purchase without an inspection.
We understand that the market is tough right now and those eager to get into a new home feel pressured to make decisions based on what will win them the bid. However, here at Accurate Home Inspections, we support CHIC’s mission and urge you to remember that such a monumental commitment should not be made lightly. The only way to protect yourself, your family, and your financial investment is to be well informed about exactly what you’re buying. You can’t do this without a full home inspection performed by a professional inspector.
While others may still choose to make offers without condition, think twice and know that the age-old words of advice are true: it’s always better to be safe than sorry. If you’re considering buying a home during this hot, sellers’ market, don’t do it alone. Contact Accurate Home Inspections and ensure you have all the information you need to make a sound decision. We are always more than happy to discuss your options and how you can get the assurance you need while remaining competitive against other buyers.