Buying a home has a lot of out of pocket expenses before you ever get to the closing table. There’s the down payment, the appraisal fee, and all those other closing costs to consider.
Unfortunately one expense that buyers might be tempted to forgo is the home inspection.
For most loans an actual home inspection is not an item that is required by your lender. So when you’re being “$500’d to death”, it can be tempting to just let it slide since inspections cost a few hundred dollars depending on the size and features of the home. PLUS, if there are multiple offer situations, a home inspection can drastically decrease the appeal of your offer.
It may could you big-time if you don't have a whole house inspection.
Think of a home inspection sort of like test driving a car that you’re considering buying. You would never buy a car without driving it around for a minute would you? You want to make sure nothing is broken, smoking or not properly functioning before you make that big purchase. Buying a home is no different, just the signs of a problem with a home aren’t always simple to spot with the naked, untrained eye.
That’s where your home inspector comes in. While there are limitations to a home inspector’s capabilities to spot trouble (such as the inspector isn’t going to pull up the carpet in every room to make sure the foundation isn’t cracked) there’s a lot that they can see that you would never think to look for. Typically inspectors will check the age and functioning of your heating and air units (with some exceptions, but will advise a heating/cooling professional do further inspections or tests), appliances, roof and sub-flooring, and other major home systems. Knowing about problems with the property gives you the opportunity to negotiate with the seller to have some of the big ticket items fixed as well as giving you a big picture view of what exactly you’re purchasing. Big problems spotted by your inspector during your due diligence period can save you thousands of dollars and prevent you from proceeding with the purchase of a majorly flawed home, a concept that is invaluable. While it may be tempting to save the money or let it slide in order to make yours the winning bid foregoing a home inspection is never a wise decision. Here is a link to the National Property Inspections website for more information and to find an Inspector in the Edmond and Oklahoma City areas. Call (405) 348-WEBB (9322). Or, if you enjoyed this post, please become a fan on Facebook.
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