The Importance of Getting a Home Inspection When Buying a Home
There is no reason anyone needs to be unpleasantly surprised after closing on a home. With a home inspection, a buyer can be on equal footing with a seller. Buying a home may be the largest single purchase an individual will ever make, so it makes sense for a buyer to do their due diligence. Part of this responsibility often includes a home inspection. A first-time homebuyer would do well to get to know what a home inspection entails, and how it can be very useful when making a decision on purchasing a property.
While some people are obligated to do a home inspection, others choose to forgo this process. When it comes time to purchase a home, it is important for buyers to make sure they are fully informed about their options.
What to Know About a Home Inspection
A professional home inspection will provide a potential buyer with a good idea about the overall condition of the home, including any potential red flags. Most new homeowners do not have substantial extra funds after closing to do extensive renovations or to shore up a crumbling foundation. It is helpful to know about any significant cosmetic and structural issues of a home before jumping into a purchase.
In most cases, buyers will get details on the condition of:
- Heating systems
Some professional inspectors also provide photos of issues to provide an accompanying visual to a potential buyer. Some lists may get long, as more minor cosmetic issues may be included.
Home inspections are not necessarily expensive. Buyers may have to shell out about $450 for the inspection. When compared with the potential problems that may come with buying and fixing a home, it is rather inexpensive.
In many cases, the sale of the home is made contingent upon the home inspection, giving a potential buyer a way out of the contract, should they feel uncomfortable with the details uncovered.
Are Home Inspections Mandatory?
Some buyers do not get much of a choice when it comes to a home inspection. A mortgage loan borrower may have to have a home inspection performed on a home, because it is a requirement tied to the mortgage loan product and lending institution. If a mortgage loan is necessary, buyers should speak with a trusted lender about all the requirements related to the desired mortgage loan.
Explore the Home Inspection Process
In some situations, findings from a home inspection can be an advantage for the buyer, and the buyer can use it as a platform for negotiation. They may get the seller to address and pay for the repairs as part of the sale. Another option, when this is not possible, is to offer a lower asking price in light of the new information from a thorough inspection. Working with a reputable agent can help with negotiations.
Buyers often find a home inspection advantageous to the home buying process. While not always a requirement, a home inspection can reveal the current condition of a property and any serious structural damage or flaws in construction. An experienced agent can provide more information about what to expect from a home inspection and any next steps.