After your offer to buy a real estate property enters the contract phase, what follows is a virtually endless check-writing process. You’ll be faced with numerous unavoidable costs, such as lawyer and realtor fees – the combination of which could have you seeking cost-cutting measures elsewhere.
You may be tempted to save a few hundred dollars by skipping home inspection, however, there are several good reasons why you shouldn’t. Here are a few of them.
Safety is, of course, the number one reason why getting a home inspection is critical. According to a survey conducted by the National Association of Realtors, home inspections are the leading cause behind real estate deals hitting the dirt. Many of these deal-killing inspections came up with legitimate defects that the seller was either unaware of, or was trying to hide from the buyer.
An experienced professional can detect health and safety issues, such as the presence of mold, carbon monoxide, and radon. Therefore, make sure that the home-buying contract you draw up includes a clause that states that should such problems be detected, you have the right to cancel the offer.
A Good Negotiating Tool
A home inspection report from a reliable company provides you leverage during the negotiating process. Depending on what’s in the report, you get the opportunity to either request credit or a price reduction from the seller and/or ask for repairs. To negotiate a better deal, consult with your real estate agent to determine the requests that can and should be made.
A Valuable Educational Resource
Furthermore, a home inspector can serve as a great educational resource during the home buying process. They can provide you with specific pointers on how you can keep the property in the best shape possible, potentially saving you thousands of dollars in the long run.
Provides You an Idea of Future Costs
A professional home inspector can accurately determine the age of major systems, such as the electricals, heating and cooling, and plumbing, and critical equipment such as furnaces and water heaters. They can also what condition the structure itself in.
Each and every component of a home has a “shelf life”, and knowing when they require repairs or replacements can help you in making vital budgeting decisions as well as determine the type of warranties and insurance coverage you should go for.