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When considering buying a home, you might be wondering "Is spending a few hundred dollars on a home inspection really necessary?", and the short answer is yes, yes it is. The Inspection Period is arguably the most important 7-10 days of the entire homebuying process. Even if a home looks to be in great shape on the surface, a licensed home inspector is invaluable in providing data to that assumption. Home inspections save thousands of dollars per transaction and provide peace of mind for the homebuyer. They can also be a great tool for sellers as they prepare to list their home for sale. The inspection report will serve as a long-term ‘punch list’; defects that a homeowner can take care of over time to increase value and longevity of the home. Let's get into why it's a bad idea to buy a home without inspecting it.
Protect Yourself at All Costs
Safety first. A home inspection will ensure that the property is safe for inhabiting. Your inspector will check for things like mold, radon, electrical hazards, poor ventilation, etc. These are potential issues that the average person, and even your realtor, may not be able to spot, so bring in the professional. Identifying any sort of safety hazard before committing to the home purchase will be essential for negotiation purposes. You'll want to make sure any significant issues are remedied before closing.
Knowledge is power. The more you know about the property you are pursuing, the better. Your home inspection will reveal everything there is to know about the property; age of the HVAC system and roof, condition of the electrical wiring, plumbing, and the foundation, any issues with water intrusion, everything. Protect your investment by gathering all of the information you can on the property. 86% of home inspections find something that needs to be addressed. Most of these issues tend to be significant components of the home; roof, HVAC, windows, electric, or plumbing. Weather the minor upfront cost in order to protect your most valuable asset down the road.
Home Inspection is a Valuable Tool
Give yourself an out. Your home inspection will provide the opportunity to opt out of the purchase contract if your inspector finds any severe defects. This is essential not only for your peace of mind, but to protect yourself from making a poor financial investment. Think of the home inspection as a safety net, protecting you against any unforeseen issues. Getting a glimpse into the condition of the home will allow you some insight as to what potential repairs and maintenance may be needed down the road.
Negotiation is crucial. The inspection report is a great tool for you to use in collaboration with your realtor to negotiate your needs. The Inspection Period of the homebuying process provides an opportunity to request repairs, ask for seller credit at closing, or a price reduction if any defects found are significant and the inspection report is the centerpiece to this step. On average, home inspections will save a homebuyer up to $14,000 based on the contract price before and after the inspection period. A proper inspection enables the buyer and seller to compromise on a scenario that works for both parties. The buyer will not be stuck with severe home issues to deal with immediately after closing and the seller still benefits from a home sale without having to go back to the market and re-list their home.
Not Exclusively for Homebuyers
Preparation is key. As a seller, it can be massively beneficial to get your home pre-inspected before listing. In doing so, you will have insight to any significant defects before going to the market. This knowledge will give you an opportunity to address any issues that you may not have been aware of previously. A home inspection for a seller will provide peace of mind in knowing you are putting the best version of your home on the market. We have been in a heavy seller's market over the last few years with increased buyer traffic leading to multiple offer situations and higher sales prices. A home inspection prior to listing your property for sale will only add to its high demand.
Simplification is attractive. Utilizing a home inspection as a seller will likely lead to increased confidence in your home from a potential buyer's perspective. According to Home-Probe, Inc.:
On top of the financial gain from pre-inspecting your home, you will likely see less negotiating and far more favorable contract terms. It makes for a much easier, smoother transaction if you've done the leg work up front. Do your homework and reap the benefits.
Let’s Tie it All Together
Your home inspection will be one of the most important aspects of the homebuying process. The more you know about the property you are pursuing the better equipped you will be to protect yourself from financial harm down the road. Average cost of a home inspection can range from $300-$600 and is worth every penny. Whether you're buying or selling, give yourself some peace of mind and remove as much uncertainty from the process as possible. Your real estate professional will be able to refer you to a couple of home inspectors, otherwise give IPA Inspections a call.
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