According to a recent study by NerdWallet, approximately 28 million Americans plan to buy a home in the coming year. However, especially in a seller’s market, some homebuyers disregard the need for a home inspection, hoping to quickly get a property under contract. Home inspections are an important part of the buying process. This assessment is necessary to help the buyer make a well-informed decision about their investment. Here are some reasons to order a home inspection when purchasing a property.
Order a Home Inspection to Learn About Health and Safety Hazards
Without a home inspection, you may not know about issues that could be health and safety concerns. A home inspector is able to detect problems such as plumbing leaks, outdated electrical wiring, and lead plumbing pipes.
Your home inspector will point out structural concerns such as sloping floors, cracked walls, and damage to the foundation.
Health hazards that are present in some homes include mold growth and/or asbestos-based insulation. The inspector will highlight any health and safety issues so the buyer is better informed about the true condition of the property.
Aid in Negotiations
If major issues are found during the inspection, the buyer can request that the seller make repairs. Alternatively, a lower purchase price can be negotiated. In the latter situation, the seller won’t be responsible for updating the home but instead, the buyer will be allowed to purchase for a lesser price and make future repairs on their own.
Your real estate agent will discuss your options and help you through the negotiations phase of purchasing a home.
Order a Home Inspection to Create a Maintenance Plan
Home inspectors provide a report detailing their findings. This information helps a buyer to plan for the future maintenance needs of a property. After a thorough home inspection, you will know what repairs and improvements will be required over the next few years. Using the inspection report, you can budget for these items in the future.
Some of the major repairs to brace yourself for include a new furnace and roof repairs or replacement. Your inspector will often be able to estimate the age of these systems, so you’ll know when to budget for upgrades. When considering the value of your home, the future maintenance needs of the property will help you determine whether the asking price is fair.
For example, if a home is listed at a low price but will require major repairs a few years later, this may not be a smart financial investment. It may make sense to buy a home in better condition with improved features for a higher price.
Many buyers make the costly mistake of waiving a home inspection. The inspection assesses a house for safety, structural integrity, and the condition of its systems and components. Failing to perform this inspection may lead to unexpected problems and costly repairs in the future.