If you’re tempted to skip your home inspection to save money during the home buying process, we can assure you it’s not worth the risk. The home inspection is a crucial step and paying the $200 to $500 fee for your home inspection, could save you thousands of dollars down the line.
Here are 5 reasons why the home inspection is necessary:
First and foremost, the home inspection verifies that a home is up to code and in safe, working condition. Dangers like mold, carbon monoxide, and radon, can all be detected early during a home inspection. It’s always better to be safe than sorry.
Reveals Unpermitted Modifications
If there are any modifications that were completed without a proper permit, such as room additions, or a garage conversion, they will be revealed during the inspection. Illegal modifications can affect a home’s insurance, usability, taxes, and even its value. If a home inspection reveals changes that weren’t permitted, the new homeowner will take on the responsibility to fix and finance the problem.
Provides an “Out”
A home inspection paints a picture of the overall condition of the home. It can shine a light on what might need immediate repairs or maintenance. If the inspection reveals significant issues and the home buyer isn’t comfortable with the findings, it provides one last opportunity to back out of the sale. The bottom line is that a home inspection makes the buyer aware of what repair costs they’ll need to spend down the line on the home.
Presents an Opportunity to Negotiate
Once the inspection is complete, the ball is in the buyer’s court. Buyers may request that sellers make repairs, that they provide a credit instead of repairs, that they adjust the sales price, or some combination of those options. Sellers then can respond and negotiate to reach a mutual agreement regarding the request. If the parties aren’t able to reach an agreement, then the buyer has the option to cancel the contract as long as they haven’t waived their inspection contingency.
Predicts Future Costs
Once the inspection process is complete, the inspector will give you a summary of the inspection along with a report. All systems have a “shelf-life”, and an inspector will be able to give you an installation and replacement date. From this information, you’ll be able to create a maintenance timeline and make important budgeting decisions. You’ll also take the inspector’s feedback into account when you choose your home insurance and warranties.
We recommend attending the home inspection so that you can ask the inspector questions. It’s also the most time you’ll be able to spend in the home before the sale is complete.
If you have any other questions about home inspections, we’re happy to help! Give us a call at 562-896-2456. If you’d like more information about the home buying process, download our FREE Home Buyer’s Guide.