How to Avoid Costly Mistakes When Buying a Home
Lets face it, buying a home is a huge investment. The process is complicated, time consuming, and involves inputs from many different types of professionals. One important part of this process that is sometimes overlooked is the Home Inspection.
The choice to skip a home inspection can be a costly mistake that can have you paying for years. The calls that we get from customers who have skipped the Home Inspection are particularly hard due to the stress that the homeowner is under, worried about how bad it could be.
The reason the Home Inspection process is necessary during the process of buying a home is because it can uncover many issues in the home that are not visible at a glance or to the untrained eye. Issues identified during the home inspection can possibly mean thousands of dollars in repairs and, potentially, a devaluation of the home property value.
With that being said, here are 5 reasons why you should get a home inspection BEFORE you buy a home:
1. It’s Best Practice
Look at it this way: You wouldn’t buy a car before test driving it, right? By the same logic, you shouldn’t make such a large purchase of a home before having it fully evaluated so that you understand the homes true condition. A good home inspector can walk with you through the property and help inform you, based on the home’s age and condition, what type of issues are present and not immediately visible. The home inspector provide you with information that helps you go into the property transaction with your eyes open and potentially improve your negotiation position.
2. A Home Inspection Can Save You Money Down the Road
Whether you are expecting to stay in the home you want to buy long term, or its an investment you want to rent out, getting a Home Inspection before you buy can save you money down the road. It can help you identify hidden issues prior to the point of purchase. This doesn’t mean that you shouldn’t buy the house, it just means that you can request that the issues be fixed or request money off of the listed price in order to get the issues identified in the inspection repaired. A lot of issues noted in an inspection report are in the hundreds of dollars but some issues can cost anywhere from $1000 to $20,000 to fix. That is a lot of money you could have saved had you got a home inspector to walk through the home beforehand.
3. Home Inspections for Your Safety
One of the most important aspects of a Home Inspection is the evaluation for Safety Hazards. Most houses that are on the market are at least 20-30 years old. Houses of that age were built with different standards for safety. Getting a Home Inspection can help to inform you where the home is deficient in regards to safety and provide you with recommendations for improvments. Faulty electrical panels, water leakages, mold in the home, all these things pose health and safety risks that you can easily avoid by having the home inspected. If for nothing else have a professional home inspector walk through the house to ensure that you and your family are safe.
4. Knowing When to Walk Away
Sometimes homeowners can fall in love with a property, there’s nothing wrong with that. But that can cause you to miss red flags about the property. Getting a Home Inspection can help provide you with balance and a dose of reality. The main issues that usually cause people to back out of a real estate transaction are related to the following:
- Foundation Damage: faulty or damaged foundations that could lead to expensive repairs
- Environmental Issues: older homes may still have Asbestos, Lead, or Mold
- Roofing Issues: sometimes a roof may need immediate replacement due to age or poor construction
- Moisture Intrusion: some homes are prone to moisture intrusion issues due to failures in the waterproofing envelope, i.e Roof or Exterior, of the home
- Older Electrical and/or Plumbing Systems: older homes that have not been properly renovated or updated can need costly repairs to make a home safe and up to code. Most situations require opening the walls throughout the home to replace out of date electrical and plumbing systems which can be quite costly.
Depending on your situation, the issues listed above may or may not be a major concern to you. The goal of the Home Inspection is to make sure you are aware of the issues prior to purchase.
5. A Home Inspection Provides Peace of Mind
Peace of Mind is priceless. Knowing that you have done everything in your power to ensure that you are buying the home of your dreams will give you confidence in your purchasing decision. And then you can get on to the best part of a new home… enjoying it!