Buying a home can be expensive. Not only does that new home come with a hefty price tag, there’s all sorts of fees and closing costs associated with the purchase. It can be easy to try to cut costs, and the home inspection seems like a great place to do it, right? Well, not so fast. Before you forego that $200-$500 home inspection fee, read these reasons why you shouldn’t skip a home inspection.
- It Provides an “Out.” A quality home inspection can reveal critical information about a home and its systems. This allows the buyer prepare for maintenance and repairs that may be needed immediately or in the future. If a buyer isn’t comfortable with the potential costs, it presents one last opportunity to back out of the offer to purchase.
- Safety. A home inspection can determine any safety issues such as mold and carbon monoxide. You want to make sure you are purchasing a home that is free from these types of hazards. Make sure that your contract states that in the event that safety hazards are detected, you have the option to cancel the contract.
- May Reveal Illegal Additions or Installations. A home inspection can disclose whether rooms were completed without a proper permit or did not follow code, which means in essence, that the buyer is purchasing something that does not exist. This could be come a costly issue to fix.
- Protection. You want to protect yourself as a new homeowner against costly issues. Home inspections become even more critical when buying an “as-is” foreclosed property or short sale.
- Negotiating Tool. The home inspections provides a great opportunity to negotiate by asking for repairs or a reduction in price, which could mean a better deal for you as the potential homebuyer.
- Forecast Future Costs. A home inspector can help diagnose the current conditions of the structure and systems and approximate the costs of fixing and/or replacing things like plumbing, heating and cooling systems, or water heaters. This will help you make important decisions in budgeting, and help you determine what type of home insurance coverage or warranties to consider.
- Reveal the Big Picture. Home buyers fall in love with the aesthetics of a home – whether it be the color of the walls, the backyard, or the location. They can be completely blind to the issues that make a dream home a nightmare. A home inspection helps a home buyer get a picture of what they are buying.
- Insurance. Some companies will not insure a home that has not undergone an inspection. By getting a home inspection now, you could save time and money later.
Home inspections reveal the true picture of a property, allowing the buyer to be informed of all the perks and pitfalls a home has to offer. It is your responsibility to understand as many details as you can about the property and to ensure you are making a wise investment. Still think that home inspection is a good way to cut costs?
Get in touch for more helpful tips and recommendations when it comes to home buying and the home buying process.