The Importance of Home Inspection

You’ve put in an offer on a home you fell in love with, and the seller accepted. But the deal isn’t done yet if you’ve included contingencies, such as a home inspection.

While you might be tempted to skip the home inspection just to accelerate the closing of the deal, here are some solid reasons why you shouldn’t.

Illegal or Unsafe Installations or Additions Can Be Revealed

Many homeowners decide to renovate or remodel their homes without the help of a licensed and trained contractor. In many cases, the work done ends up to be shoddy and even unsafe. Even if a contractor was used, many times the work done was not according to building codes, or no building permits were ever applied for.

If a property has any illegal room additions or renovations, it can affect property taxes, home insurance, and its overall value. Even a brand new home that features systems and structures that were not done according code will wind up being your financial problem if you go through with the deal.

You’re Protected Against Potential Hazards

If you’ve purchased a foreclosed home in “as is” condition, chances are there are hazardous issues lurking within the four walls. Homes that have been boarded up often develop mold, which is dangerous to inhale and extremely expensive to eliminate properly and safely.

Home inspectors often find copper plumbing lines or knob and tube electrical wiring in old homes, which need to be removed in order for home insurance carriers to provide coverage for your home. If you don’t detect such issues before closing the deal, you’ll be stuck with these extra costs in repairs.

You’ve Got a Way to Back Out of the Deal

Home inspectors often find crucial information about the home that the average home buyer might not detect from a simple viewing. This allows buyers to have the opportunity to identify if anything will need repairing or replacing, and how much such jobs will cost.

If you’re not satisfied with the home inspector’s findings and report, you have one last chance to back out of the deal if your offer included a home inspection contingency.

It Presents a Negotiating Tool

A home inspection report can give you the opportunity to renegotiate the selling price or ask for repairs in exchange for the original agreed-upon price. For example, if the inspector finds that railings need to be installed on the back porch stairs, you could either ask the seller to knock off a few bucks to make up for the cost of such work, or ask them if they can perform this work before the closing date.

You can work with your real estate agent to understand what requests are considered reasonable enough to bring to the negotiating table.

The Blinders Are Taken Off

Many home buyers will fall in love with a home and become emotionally invested in it, even before putting in an offer. These home buyers may turn a blind eye to any potential issues with the property without the assistance of a qualified home inspector. A home inspection can reveal such issues, and help you get a better idea of the bigger picture when it comes to the biggest financial investment of your life.

Future Costs Are Better Understood

Unless you’re buying a brand-spanking new house, the property will have systems that are aging to some degree. Systems such as heating and cooling, plumbing and electrical only last so long – your home inspector will be able to determine the approximate age of each, and tell you how much longer you can expect these systems to last before they need replacement.

You’ll also be informed about how much such system repair and replacement can cost you, which will give you a much better idea of the future costs that you can expect at some point down the road.

Considering the magnitude of this purchase, you need to take your time and make sure you’ve covered all angles before diving in. You’re ultimately accountable for getting as much information about the home as possible before you sign on the dotted line. A home inspector can help unveil many pertinent details of the home, and provide you with the information you need to fully understand all the pros and cons that the home has to offer.