8 Reasons why you MUST INSIST on obtaining an iVerify Home History Report
- The information contained on these report will affect the value of your home both positively or negatively, by insisting on obtaining our report you can make sure you have all the information needed to determine if the known history of the home will positively affect your purchase.
- The information presented on these reports are factual pieces of information that other institutions or company know about YOUR home. We feel you should also know about them.
- Did you know insurance companies look at your homes history to set premiums? Therefore it is imperative you understand exactly what these records show. A home with a history of sewer backup or other types of lost can mean much higher cost in insurance premiums vs. a home without claims.
- (Ontario properties only) Knowing if any building permits were taken out or left open on your home is essential; it could mean uninsurable problems or even illegal additions or alterations. Outstanding building permits can definitely affect the value of your home. There are over 230000 outstanding building permits in Ontario alone!
- Aging municipal infrastructure such as sewers and water mains are rapidly becoming the biggest expense for municipalities across Canada. Insurance companies understand this and are charging policy holders for the risk augmentation. Repeated floods or sewer backup claims could indicate bad infrastructure that could cause uninsurable problems and even much higher costs in insurance premiums.
- A history of grow op or Clandestine lab is a serious Stigma for a property to carry and will substantially affect its value. In fact the most recent survey indicates that 96% of Ontarian’s would want to know if their home once housed a clandestine lab. The potential for mould, chemicals, structural/mechanical alterations as well as returning criminals are part of the potential long term issues with these properties. As much as it seems like a good deal, you must remember it’s the law to disclose this, whether remediated or not.
- (Ontario properties only)Your home is most likely your biggest investment of your life, although some people think previous sales prices aren’t important, we feel that seeing a positive value curve on our timeline can indicate a great indication of how you can expect your investment to grow over a long term period.
- A seller property information statement ( SPIS ) provides information only to the best of the actual owners knowledge and should NEVER replace the use of the iVerify home history report. The iVerify reports goes beyond the previous owners and looks up the address against over 10 million data points across the country to make sure we capture all available data. No more “he said she said” !
By: Alexandre Morin Founder @ iVerify
April 24th 2014