After your offer to buy a home enters into contract,
the process of near-endless check writing
begins. There are many necessary costs, such as realtor and lawyer fees, and the
total of these expenses may have you looking for ways to save money elsewhere.
You may be tempted to skip the home inspection and its $200 to $500 invoice, but there are 10 good reasons why
you should get one.
1.
It Provides an "Out" A quality
home inspection can reveal critical information about the condition of a home
and its systems. This makes the buyer aware of what costs, repairs and
maintenance the home may require immediately, and over time. If a buyer isn't
comfortable with the findings of the home inspection, it usually presents one
last opportunity to back out of the offer to buy. This step is important when
purchasing a property because it may save you thousands.
2.
Safety A home inspection can
detect safety issues like radon, carbon monoxide, and mold, which all homes
should be tested for. Make sure that your home-buying contract states that
should such hazards be detected, you have the option to cancel the offer to
buy.
3.
Reveal Illegal Additions or
Installations A home inspection can reveal
whether rooms, altered garages or basements were completed without a proper
permit, or did not follow code. If a house has
illegal room additions that lack a permit, it affects the insurance, taxes,
usability and most of all the overall value. In essence, a buyer is purchasing
something that legally does not exist. Even new homes with
systems that were not installed to code will become the new homeowners'
financial "problem" to fix (and finance). The home for sale/purchase must pass
inspection.
4. Protection Home
inspections are even more critical if you are buying an "as-is" foreclosed
property or short sale. Dwellings that have been boarded often develop hazardous
mold problems, which are costly to remedy and pose health concerns. It is common
for home inspectors to find that copper plumbing lines and outdoor compressors
have been removed from foreclosed properties by people trying to sell copper to
recyclers for money.
5.
Negotiating Tool The home inspection
report presents an opportunity to ask for repairs and/or request a price
reduction or credit from the seller. Work with your realtor to understand what
requests can and should be made to negotiate a better
deal.
6.
Forecast Future
Costs A home inspector can approximate the installation age
of major systems in the home like plumbing, heating and cooling, and
critical equipment like water heaters. They can diagnose the current condition
of the structure itself, and tell you how long finishes have been in the home.
All components in the home have a "shelf-life." Understanding when they require
replacement can help you make important budgeting decisions, and it will
determine what type of home insurance coverage or warranties you should consider.
7.
Determine
"Deal-Breakers"Home inspections
can help buyers identify how much additional money or effort they are willing
and able to spend to take the home to a condition that is personally acceptable.
If you are unwilling to repair issues like faulty gutters, cracked walls or
ceilings, perhaps you are not ready to end your home buying
search.
8.
Learn to Protect Your
Investment The home inspector is a valuable educational
resource. He or she can suggest specific tips on how to maintain the home, and
ultimately save you thousands of dollars in the long term.
9.
Reveal the Big
Picture People use the home inspection
to understand the nuances of what may be the biggest purchase they ever make. People fall in love with a piece of property based on the color of the walls,
the location of the home, or something else; they are completely blind to the
issues that can make that dream home a nightmare.
10.
Insurance Some insurance companies
will not insure a home if certain conditions are found, or without the presence
of certifications like Wind Mitigation and four-point inspections. Qualified home inspectors can do these things at the same time as
their other services and save the home buyer time and money in the long run.
The Bottom Line It is
your responsibility to understand as many details as you can about the property
you may soon call home. Home inspections reveal the inner workings of the property allowing you to be informed
of all the perks and pitfalls the home has to offer.
