Why Every Potential Homeowner Should Invest in a Home Inspection
After a seller has accepted an offer, but before finalizing a home's purchase at closing, it's a good idea for buyers to have a professional home inspector carefully examine the property. Homes may have major flaws or other hidden problems not seen during a tour. A professional inspector will look at every nook and cranny in the house and outline their findings. It's for this reason, along with the following five, why buyers should always have any home they're considering purchasing inspected.
Allows the Option to Back Out of a Purchase
If a house fails inspection or is found to have significant flaws, a buyer is allowed to back out of the sale. No one wants to invest their money into a home that will turn out to be a “money pit.” Having a professional inspection conducted will make certain this doesn't happen. If significant problems emerge or issues arise that the seller won't fix, an inspection contingency allows the buyer the right to back out of the purchase agreement.
Provides Peace of Mind
A home is a significant investment and not a decision to be taken lightly. Because of this, knowing the property is free of major flaws offers huge peace of mind. Buyers want to ensure the house they're putting their hard-earned money into is solid and safe.
Uncovers Safety Issues
Home inspections are quite meticulous. They also give buyers the ability to make a sound decision or leverage for further negotiating if flaws or safety issues are discovered during the process. Every home will have some issue—the bigger concern is if any of them are very costly or unsafe. Some problems inspectors might find include:
- Structural issues such as significant cracks in walls/ceilings or the foundation
- Faulty wiring (or wiring that isn't up to code)
- Plumbing problems
- Unsafe gas connections
- Septic or sewage issues
- Worn roofing
- Broken windows
An inspector finds these types of issues, and buyers can rest assured any potential safety concerns are addressed. Additionally, these findings give buyers the ability to negotiate a lower price for the home or the seller to make necessary repairs for major or minor problems. Sellers can then decide whether they'll make any concessions.
Identify Potential Future Expenses
Home inspectors can identify current issues, but with their careful eye, they can also inform buyers of potential brewing problems—problems that may be costly in a few months or years. This helps new homeowners plan for future expenses.
An Inexpensive Investment
Considering how expensive it is to buy property, a home inspection is a smart investment. The average inspection costs between $300 and $600, largely depending on the property's size and what real estate market it's located in. This is not a huge expense in the larger picture when inspections can uncover expensive or unfixable problems.
Not sure how to hire a home inspector? Most buyers get a reference from their real estate agent. However, the American Society of Home Inspectors also has a search tool to find good inspectors in the buyer's area.
The importance of a home inspection being done on any property being considered for purchase cannot be understated. A professional home inspection only takes a few hours—usually half a day if the inspector is extremely thorough. Buyers should plan to be present for the duration of the inspection. Any buyer moving towards purchasing should always ensure a home inspection contingency is a part of the deal. It's an investment any buyer won't regret.