The Importance of Home Inspections
May 11, 2018 | nella
It’s important to understand the nuances of a home purchase. After all, this is very likely the largest purchase you are ever going to make. One of the most important decisions you’ll make as a homeowner is whether to have the home inspected.
There are various arguments for and against home inspections. The list below will show why the benefits of a home inspection outweigh any costs incurred.
The outside of the home won’t tell you the whole story. A home inspection will provide you with every detail of the home. After an inspector has a closer look at the home, you’ll know whether the home has mold, if the foundation is sound, and even details about whether the electrical wiring was done correctly. These are just a few things you would never be able to uncover on a simple tour during an Open House, and which an inspection can help you understand about your potential home. An inspection can also help you determine whether a few imperfections are worth moving forward with the purchase of the home.
An inspection can save you money in the long run. Most inspections run anywhere between $300 to $500. This seems like a lot of money, but if it can save you from replacing the roof or having to tent the house because it’s infested with termites, then that money is well-spent. What if you moved into the home and you didn’t know that the air conditioning is faulty, and just one year later you end up having to replace the entire HVAC system? This could potentially cost you thousands. Your inspector will be able to give you a solid gauge on the house, saving you a lot of money in costly repairs.
Give yourself negotiation power before you buy. If you know you’re purchasing a house that needs work – or what HGTV calls a “fixer-upper” – then you have negotiating power. Use the inspection report as leverage, and you could even negotiate thousands off the price of the home.
Negotiate seller’s repairs into the contract of the house. If the house doesn’t need a lot of work but you’re hesitant about moving forward with the purchase based on some necessary repairs, then you might want to consider proposing that the seller make the repairs. This can be written into the contract. While it doesn’t necessarily take extra cost off the price of the home, it can save you a good chunk of money in the long run.
Have a detailed understanding of the home you’re purchasing. Your inspector will be able to give you a very detailed report about your home. When you’re moving in, you’ll know how old the wiring, roof, and air conditioning are, and how soon you may need to replace some of these items. There shouldn’t be any surprise repairs that need to be made because you’ll know anything that could potentially go wrong with the home.