Pre-Purchase Inspection: Regulations are overdue

The housing market has been broiling across the country for months now, years even. Terms like “overbidding,” “multiple offers,” or “supply shortage” seem to crop up more readily each time a new property hits the market.

Hoping to stand out against fierce competition, some prospective buyers now forgo the benefits of a pre-purchase property inspection. But is that a risk worth taking? Does the end really justify the means here?

That has become a preoccupying issue, especially when we know that buying a house is often a lifetime investment. A good pre-purchase inspection is crucial in order to understand what it is that you’re getting yourself into. It’s not just a roadmap to help the acquisition, but also a guide to anticipate future maintenance costs. Just what you’ll need to maximize your investment.

How to protect yourself if there are no guidelines

The reluctance of prospective buyers is understandable. Adding to the stress of seeing their offers rejected is the challenge involved in obtaining a high-quality inspection. There is currently no professional organization, no mandatory training and no permit required for this important job. How, then, do you hire an inspector with confidence?

To be sure, there are several associations of building inspectors with a code of ethics and rules of practice. The drawback is that these features do not reflect official industry standards.

Furthermore, there’s no obligation for prospective home buyers to get a pre-purchase inspection. That’s a shame, especially in a booming housing market, because waiving a home inspection is tantamount to buying with your eyes shut and surrendering any recourse should a defect be discovered. At that point, you would be faced with costs significantly higher than regular inspection fees.

The time for action is now

The Régie du Bâtiment is currently developing standards for regulating the building-inspector profession and ensuring a rigorous inspection process. The government has procrastinated for too long about making inspections mandatory once an offer to purchase has been signed.

With more than 20 years’ experience in residential advisory services, we support the adoption of new practices. We’ve seen how the status quo is harming consumers and the housing market alike. It’s time for direct action to start regulating this essential step in the home-buying process.

There are solutions out there and the stakes are high. Come to think of it, society as a whole will reap the benefits if we manage this better.