Buying a new home? Congrats!
By now you know that there’s a long list of things to do. One of the things you certainly need is a home inspection. It’s a fundamental part of the buying process.
Don’t confuse it with an appraisal. An appraisal is normally carried out by your loan company while a home inspection offers a more detailed examination of the property.
Not sure why you need a home inspection? Take a look at these five reasons you should hire one.
Home Inspection 101
A home inspection is generally a report on the home’s overall condition. As a buyer, it provides you with details on the structure, foundation, plumbing and other amenities inside the house you’re planning to buy.
It’s good to get a home inspection done as it lets you know before purchasing a property, the repairs that are going to be needed. You can then use this as a negotiation tactic during purchase.
These are some of the areas that will be inspected by your home inspector.
However, water testing is not included. Even if you were on the fence before, undoubtedly you can now clearly see why a home inspection is so important.
You Need a Home Inspection to Gain Confidence in Your Decision
Maybe buying your own home has been a lifelong dream. Like many others, one of the reasons you’re purchasing your home is to feel peaceful, comfortable and secure.
A home inspection prepares you for the future by reducing the stress that can come with a future discovery of problems with your home. It gives you confidence that you are making the right choice and that the home is for you.
Informs You of Pending Repairs
Remember a home inspection is a thorough investigation of the home you’re planning to purchase. If there are issues a good inspector is going to uncover the problem.
Some of the issues found by the inspector will be quite common. These include faulty plumbing, ceilings, broken windows, and improper wiring.
The goal of your home inspection is to rule out any major safety concerns. It’s not necessarily to help you find a perfect home.
Uncover Structural Problems
One main reason for a home inspection is to uncover any existing structural issues with the home. Structural issues are very costly, up to thousands of dollars can be spent. A home inspection is one way to not only uncover but to avoid such expenses.
A good home inspector will be able to discover structural damages. Some of the things they’ll definitely notice are huge ceiling and wall cracks, along with more finer details that might not be readily noticed.
Future Expenses Outlined Beforehand
Buying a home is costly enough, let alone having to spend money on repairs and associated expenses. However, a home inspection can help you budget. It is a great map of where to start budgeting for future expenses.
With the information you get from a home inspection, you can go ahead and prepare a budget for replacement or upgrading expenses. Some common things that you may have to look at in your replacement and upgrading budget are plumbing, roofing and electrical.
A Way Out
Real estate agents often fear the home inspection process as it can be a decisive factor in whether someone buys a house or not. It’s a challenge for them in the sense that many home purchase transactions face a hitch when a report is full of negatives.
Both buyer and seller will often be unable to reach an agreement on the repairs requested. In some circumstances, despite the concessions and repairs that the seller offers, a buyer just doesn’t feel confident in the home following the home inspection. So they use the home inspection as a way out.
Indeed, a home inspection that reduces your confidence in buying the home is a way out of any further negotiations on the property, if you so desire. However, it can be the launching pad for negotiations.
Home Inspection and Negotiation
While a home inspection is not contingent on you getting a better price for the home, some buyers use it as a negotiation tactic. Real estate agents and sellers find it frustrating.
The truth is if major problems are discovered during the home inspection process then it’s fine to renegotiate the original offer. The findings of the home inspection may warrant a reduction or a concession.
You can also use the findings to request that the homeowner carry out repairs. The homeowner can agree or disagree but at least a home inspection opens up this window of opportunity.
Here are some questions to ask prospective home inspectors when you call them in order to select the right one for you:
- Are you the holder of any special certification?
- Are you registered?
- Is it possible for me to be there during the home inspection?
- May I please have your references and testimonials?
- What does your inspection entail?
- What are your fees?
- Is it possible to obtain a copy of your report?
Decide if all or only some of these questions need to be answered in order for you to feel comfortable hiring someone. Once you know what you are looking for it will be easier for you to make the right decision.
As a potential homeowner, you might feel that you don’t need a home inspection but you certainly do! It’s must be on your to-do list when buying a home.
The thorough report it provides is great for informing you of any repairs or structural damages that are present in your home. It’s excellent for starting negotiations or even backing out of an offer. It certainly grants you peace of mind about your choice.
Also, remember to ask the essential question outlined above before you choose a home inspector. If you would like a home inspection, please do not hesitate to contact us.