Purchasing a home is a huge investment and should not be taken lightly. A home will serve as the cornerstone of memories and significance for those buying or living in the residence.
One of the most common practices and contract contingencies in the home buying process is the home inspection. Home inspections are highly recommended, and there are many benefits on selecting to have one performed.
Most realtors will always advise their buyers to hire a home inspector, as one of the largest overall benefits is avoiding any unfortunate surprises for the home buyers. Your realtor will be able to recommend a credible inspector to do the job. Qualified home inspectors have the knowledge, training, and experience to identify any concerns or issues in the home, and can assist home buyers in making decisions based on their finds.
The Benefits of Home Inspections
1. Uncover Any Major or Underlying Issues
Your new home may look perfect on the surface. Home inspectors can identify any major defects, safety concerns, and potential threats the home may have, then offer suggestions on how to move forward in fixing them. The inspector will recognize any code violations on the property, and will look for signs of physical, electrical, or structural issues that home buyers would not see in plain view. Common issues such as improper electrical wiring, worn roofing, inoperable windows, and plumbing deficiencies can be an easy fix once they are brought to the seller’s attention. Potential structural issues can include significant cracks in the ceiling or foundation walls, or out of level door frames. Structural issues can be extremely expensive to fix, and by performing a home inspection, buyers can avoid these types of costs.
2. Forecast Future Expenses
Home inspections can save the home buyer money, as the inspection might uncover costly repairs they may have had to pay for in the future. Home inspections can also point out potential future issues- such as needing a new roof in 6-7 years for example. This allows the home buyers to begin budgeting for these necessary costs, so nothing comes as a shock in a few years. They can also help determine where expenses for replacement or upgrades may arise in the future such as:
- Air Conditioning
- Heating Systems
3. Home Inspections are Worth the Cost
Most home inspections will range between $300-$600 depending on the size of the home. Compared to the overall cost of the home, the inspection is a small cost, and well worth it- even if you feel extremely comfortable with the home you’re purchasing. Unfortunately, buyer’s who decide to wave the inspection often regret it, and wish they had spent a few hundred dollars to perform the inspection.
The amount of money an inspection can potentially save a home buyer, by pointing out issues or repairs, will pay for the inspection itself multiple times over. Buyers will save money overall if the inspector identifies leaks in the basement, safety hazards, or an oven at the end of its life expectancy. The inspection will cover any defects found, and potentially save the buyer these expenses.
4. Sellers Can Fix Issues to Pass Home Inspections
Often times, once home inspectors identify issues or concerns with the property, negotiations can be made that result in the seller paying to solve the issues so that the purchase of their home is successful, and the buyer does not cancel their contract. Most homeowners take the necessary steps to make sure their home is safe and will pass inspection. Sellers also understand that home inspections are thorough, and they are looking to bring problems to the surface. Typically, a seller will ensure their home is in excellent condition.
5. Buyers Feel Confident About Their Purchase
Once a home successfully passes inspection, buyers can feel confident, satisfied and certain about their purchase, and avoid experiencing buyer’s remorse. Home inspections are invaluable to homebuyers. Purchasing a home is an immense decision for any person so it is important to have it evaluated first.
6. Peace of Mind
The main reason for performing a home inspection is to make sure the residence is safe to live in. By waiving a home inspection, a home buyer is creating unnecessary stress and anxiety through the home buying process. Home inspections are relatively inexpensive and will address any concerns that need to be taken care of before the closing and move in date. Achieving peace of mind, and knowing your new home is safe and secure, is well worth it!
Conducting a home inspection is highly recommended, for the multiple reasons listed above. Review the report with your home inspector and realtor and address any concerns you may have. You’ll be happy you chose to do so!