Home Inspections – Your Best Way To Avoid A Money Pit

By
Real Estate Agent with Best Buyer's Broker Realty

                                   

As a buyer, one of the smartest things you can do is get a home inspection. It's  arguably more important than getting an appraisal, because a proper inspection will prevent you from buying a money pit – at least not intentionally.

A good home inspection will identify both major and minor problems in the physical condition of the home. For example, the inspector can identify issues such as structural problems, (termite damage), mechanical problems (heating and air conditioning) or construction defects.

The home inspection report will identify the problem areas, explaining what needs to be either repaired or replaced, and it will give you an estimate of the expected lifetime remaining on the major systems in the home.

A home inspector will begin with a review of the home as a whole and then break it into sections, checking each area carefully looking for signs of wear and tear which is above the expected, normal wear and tear.

As a buyer, it may be very tempting to require the seller to do all of the repairs on the home before you buy it, however there are no hard and fast rules about who should pay for repairs in a home sale.

One rule of thumb suggests that anything which will require you to hire a professional, have the seller pay for the costs, either as a reduction in the sales price or before the sale takes place. It's up to you as a buyer, but if there's a long list of items which you need and/or want to do which can be done easily enough by yourself, don't bother asking the seller to do the repairs. Wait until you've bought the home and do the repairs yourself.

Source: longislandrealestate4buyers.com/

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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com

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Comments (4)

Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

Ira - love my home inspectors!  They have saved my buyers from exactly that very thing! 

Jan 23, 2012 09:41 AM
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

I just had a buyer cancell the contract on a "money pit"  In addition to termites, electrical, plumbing issues over $10K, the seller never got permits for the renovations.

Listing agent came "unglued" and claimed that the frame house was in "excellemt" condition...OMG! 

A good inspector is a necessity...

Eve in Orlando

Jan 23, 2012 10:01 AM
Vince Chinell
VICO Home Inspection - Branson, MO
CPI

Ira,  I know sometimes we are referred to as deal killers.  But I think it has more to do with the true condition of the house rather than the inspector.

Jan 23, 2012 10:47 AM
Dana Hollish Hill
Hollish Hill Group, JPAR Stellar Living - Bethesda, MD
REALTOR * Broker * Coach

I definietely recommend a home inspection. In the DC area, there has been a huge shift in the latest Regional Sales Contract. Sellers are no longer obligated to make any repairs. Buyers have the ability to conduct an inspection and ask for items they would like repaired and they have the right to void the contract if the seller refuses. In the past, the seller warranted that the plumbing, mechanical, and electraical systems and all appliances would be in normal working order. When a buyer's inspector found that these things were not working, the seller was under contract to fix them or void the contract.

This switch makes it even more important for buyers to get a thorough home inspection and determine that they can afford the repairs. If an appraiser finds and flags the items that are not working, there could be futher issues before settlement.

 

 

Feb 16, 2012 10:46 PM