Whether you are getting ready to buy your first home or your tenth home, getting a home inspection is a vital part of the property evaluation process. Don’t be fooled into thinking that avoiding the inspection can help you save money. You can expect to pay several hundred dollars for a home inspection, depending upon the size of the property, but that is a small investment compared to the money you stand to save should the home have severe problems that aren’t apparent to the naked eye.
1. A Home Inspection Gives You Extra Room to Negotiate
If your home inspector informs you that the back porch is rotting or the roof needs to be replaced, you may opt to only purchase the home if the seller agrees to fix the items in question. A seller is always free to refuse your offer or respond with a counteroffer, but knowing exactly what is wrong with the property you wish to purchase allows you additional negotiation room with the seller. Even if the problem will be expensive to fix or the home is a foreclosure, it never hurts to ask the owner for contingencies.
2. Some Mortgages Require an Inspection
If you plan to finance your home with an FHA loan, expect a home inspection to be required. FHA loans require home inspections to prevent buyers from ending up in a property that is uninhabitable or a safety hazard of any kind. Some lenders require a home inspection even if the buyers plan to finance the property with a conventional loan. Not only does a home inspection benefit the buyer, it benefits the lender as well. A buyer who purchases a safe and structurally sound home is less likely to abandon the property and stop paying the mortgage.
3. Home Inspections Let You Prepare for the Future
If you obtain an inspection report that lets you know that the home needs work you hadn’t originally anticipated and the seller refuses to remedy the situation in order to close the deal, this doesn’t necessarily mean that you shouldn’t buy the home. It does, however, let you know that at some point in the future you will need to make repairs to the property. By getting a home inspection, you can prepare yourself for any additional costs that may arise.
4. A Home Inspection Lets You Walk Away
In some cases a home that is beautiful on the outside can be falling apart on the inside. A faulty electrical system, extensive crawlspace mold, or termite damage can all cost you thousands of dollars to fix. Provided that your original offer was made contingent on an accepted home inspection, you don’t have to try to plead with the seller to share the cost of repairs or start cashing in your investments to get the home fixed. You have the right to drop your offer and search for another home that is lower-maintenance than your first choice.
In addition to potentially saving you money, your home inspection report can save you the stress of lying awake at night in your new home wondering if anything is going to go wrong. Consider it a gift of security to yourself and your family. If you wouldn’t buy a used car without having it checked out by a mechanic, don’t purchase a home without ordering a home inspection report.
Real Estate eBroker Inc. serving all of California.
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