Why Should I Have a Home Inspection?
You may have already fallen in love with a home and are anxious to close. You’ve also likely have heard that you’ll need to pay for a home inspection. Here’s why you need to have the home inspected and seven benefits of an inspection before you buy.
What Is a Home Inspection?
A qualified, objective home inspector typically performs a home inspection after a home purchasing contract is signed. This visual non-invasive inspection assesses the condition of a home. The report may reveal that a specialist may be required for additional examination.
After a home inspector assesses the property, you and your bank will receive the inspection report. If your home purchasing contract has a “home inspection contingency” clause, you may choose to cancel the sale or to negotiate repairs based on the report.
7 Benefits of a Home Inspection
A inspection can reveal thousands of dollars of necessary repairs. For example, if the inspection report shows major structural issues, are you willing to absorb the costs? If not, the homebuyer has an “out.” You can walk away from the purchase if your home purchasing contract has the “home inspection contingency” clause.
2. Negotiation Tool
Some homebuyers use a home inspection as a bargaining tool to lower the purchasing price or negotiate repairs with the seller instead of walking away.
3. Reveal Potential Safety Issues
Besides using the home inspection report as part of negotiations, the report will also expose any safety concerns, such as mold or termite infestation.
4. Help New Homebuyers Budget
By diagnosing the problems, new home buyers can get an estimate of what the repairs may end up costing them. This allows the new homeowner to budget well for immediate and long-term maintenance costs.
5. Chance to Make Repairs Before Moving In
Knowing what repairs you need to make will give you the opportunity to get them out of the way before you move in. This convenience saves you from living through the noise and dust of repairs and makes the construction easier too.
6. Can Help Save Money in the Long Run
An inspection can reveal problems that may result in higher utility bills. On the other hand, if you catch it in time, you can save yourself some money.
For instance, if your report uncovers that you are missing insulation, you can easily have it installed before moving in.
7. Peace of Mind
While peace of mind may not be a measurable benefit, a home inspection helps homebuyers know exactly what they are getting into.