The Importance of a Home Inspection
If you are purchasing a home, you should definitely consider getting a home inspection. A home inspection can be very valuable and will more than pay for itself if it turns up any serious defects in the home you’re thinking of purchasing. If you’ve been told you don’t need a home inspection when buying a house, there are some things you really need to know.
Can You Put a Price on Peace of Mind?
Many prospective homebuyers decline a home inspection because these inspections can be very costly. The amount of money you spend on a home inspection, which usually ranges between two-hundred and five-hundred dollars, can more than pay for itself if problems are detected. For example, you may find a home that looks absolutely beautiful with a number of upgrades and improvements. You can get the house for about five-thousand less than what the seller is asking and the area is a very hot market. Everything may look peachy keen, but what happens if a home inspection turns up serious foundation issues and a problem with the roof? It’s no longer such a great deal, is it?
Buying a house is a huge financial investment, so you definitely want to confirm the condition of the home that you want to buy. Only a home inspection can provide you with the information you need when making an offer to purchase a home.
Who Should Conduct a Home Inspection?
A home inspection should be conducted by a qualified professional who is skilled at conducting this type of inspection. Your real estate agent might be able to provide you with the names of qualified inspectors in your area. You can also get referrals through friends or family members or other people who have recently purchased a home.
Home inspectors have extensive experience in conducting home inspections, so there really is no suitable substitute for their expertise. At the end of the home inspection, the home inspector will verbally discuss his or her findings with you. You will also be provided with a written report outlining the results of your home inspection. Most home inspectors encourage and request that the homebuyers participate in the process.
If the home inspection uncovers any issues, your realtor can negotiate money for repairs as part of your final sale. Depending on the negotiation, you might be provided with cash at the time of settlement to cover the cost of the repairs or your realtor might negotiate a lower selling price for you. The sellers might also simply be given the option of fixing the issues prior to closing.
Many prospective homeowners pass up the opportunity to order a home inspection when they put in an offer on a home. Some mortgage lenders will actually require you to get a home inspection before they lend you money, because banks know how to protect an investment. Take their lead and make sure you include findings of a home inspection as a contingency in your offer to purchase a home.