Buying property is one of the largest decisions most people make. A careful property inspection — not just a walk-through — is how you avoid paying for someone else’s deferred maintenance. Whether you are buying a home to live in or making a property investment, work through these ten checks before you commit.
1. Structural condition
Look past paint. Check foundations, cracks, sloping floors, roof condition, and signs of water in the basement or around windows. For condos, ask about the building’s reserve fund and any planned special assessments. A professional home inspection is worth it on almost every purchase.
2. Location and access
Location still drives value. Consider commute times, transit, schools, grocery access, and noise. For property investment, also ask who the likely tenant is and whether the area supports that demand.
3. Documentation
In Ontario, confirm title, any easements, and for condos the status certificate. Review surveys, permits for past renovations, and utility accounts. Missing paperwork slows closing and can hide legal risk.
4. Utilities and systems
Test heating, cooling, plumbing, and electrical capacity. Ask the age of the furnace, water heater, and roof. Older systems are not a deal-breaker, but they should be priced into your offer.
5. Land boundaries and outdoor areas
Know where the lot actually ends. Fences, driveways, and decks sometimes sit over the line. Drainage, grading, and basement waterproofing matter as much as interior finishes.
6. Neighbourhood development
Check city planning applications and nearby construction. A new transit line can help a property investment; a noisy industrial site next door may not. Walk the block at different times of day.
7. Potential rental income
If you might rent the property, estimate realistic rent from comparable listings — not optimistic asking prices. Subtract vacancy, maintenance, insurance, property tax, and management. That number decides whether the property investment works.
8. Operating costs
Get a full picture of taxes, utilities, condo fees, and insurance. Two similar purchase prices can produce very different monthly costs.
9. Presentation versus substance
Staging and fresh paint help a showing. They do not replace a property inspection of the roof, plumbing, and electrical. Separate “looks cared for” from “is sound.”
10. Your hold period and exit
Know why you are buying and how long you can hold. A house that is perfect to live in for ten years may still be a weak short-term flip. Write down your assumptions before you fall in love with the kitchen.
If you want a second set of eyes on condition, cleaning, or how a rental would actually run in the GTA, First Service Properties can help you think through operations before you buy.
