Over 5 million homes are expected to be sold in 2019.
The real estate market is getting stronger and more homes are being sold every year since 2008. If you’re 1 of the millions of American purchasing a home, it’s essential that you know what you’re buying. That’s where home inspections come in.
But why get a home inspection?
They can reveal hidden costs that aren’t visible to your eye. In the long run, that could potentially save you thousands of dollars.
But there’s more reason than that to get a home inspection – there’s nine. Keep reading to find out what they are.
Why Get a Home Inspection?
Below are the top nine reasons why a house inspection before buying is important.
1. Know What You’re Buying
The average cost of a home in the US is $188,900. It’s one of the most expensive items you’ll ever buy. You want to be sure that you’re avoiding any additional or future costs that will make that number larger.
By conducting a thorough inspection of the general condition of the home, a certified home inspector may reveal any number of issues you were unaware of. These trained professionals know what to look for. They’ll check electrical work, roofing, plumbing, insulation, and even structural features.
2. Go Beyond Residential Inspection
A certified home inspector performs a general or residential inspection of the universal condition of the home. They’re usually qualified to perform additional inspections for an extra cost. At the very least, they can make recommendations on inspectors.
These inspections can give you additional insight into what you’re buying.
Consider a termite or wood boring organism inspection. In this inspection, the inspector checks for structural damage by insects that could be costly to fix. It might also be costly to have those organisms removed entirely.
A radon inspection that checks for the radioactive gas might also be a good idea. This hazardous gas can build up in the attics and basements of homes. It’s formed when radium breaks down in homes built over granite.
To fix a radon problem, you may be required to seal your floors and foundation. You may also need to seal your water drainage systems. All of these repairs could cost thousands of dollars.
You can also look into a water testing and/or septic tank testing. There are inspectors for carbon monoxide and mold as well.
3. Check for Compliance
If the former owners of a home built any additions or made any major renovations that aren’t legal or compliant, a home inspection can reveal that information.
If you get caught with a room that’s not up to code, you’ll have to cover the cost of fixing it. Un-permitted rooms can affect your insurance, taxes, and the overall value of the home. What’s worse, those rooms might be unsafe for you and your family.
4. Prepare for the Cost of Repairs
A home inspection will prepare you for the costs of repairs related to the structure, roof, exterior/interior, HVAC, ventilation, and more. They provide you with a report at the end of the inspection. This will detail what improvements are recommended, what repairs are absolutely necessary, and the general costs of these items.
Sometimes, a purchase contract includes a clause that the buyer must cover any repair costs. If your contract doesn’t have that, you should add up the cost of repairs and add that to the cost of the home. That gives you a more accurate idea of what you’re paying for your new home.
5. Insurance
A home inspection is a key component of getting the most of your insurance. You may find it difficult to get home insurance if certain conditions are found. A home inspection can prepare you for that issue well in advance.
Your home inspector will check for uninsurable conditions. They’ll also check for certifications such as wind mitigation. Depending on where you live, these requirements will vary.
6. Negotiations
If you sign an agreement without a home inspection and the chance to review your decision, you’ll be stuck with whatever repairs or operational costs arise. There’s no legal recourse once the deal is done.
When you find costly repairs and don’t have a clause that requires the seller to make them, you have a chance to negotiate the sale price. You may ask them to take the amount off of the sale price or cover some or all of the costs.
If you don’t wish to purchase the home as is and the seller won’t renegotiate, the home inspection gives you one last chance to walk away from the deal.
7. New Constructions Have Issues, Too
The age of a home has no impact on whether or not you should get a home inspection. Just because you’re buying a brand new home doesn’t mean you should skip the inspection. There are plenty of issues that can arise in a new construction home that you’ll need to look for.
These problems might include electrical wiring and plumbing. There could also be structural problems that you should know about before closing the deal.
8. Save Long-Term Costs
What you’ll spend on hiring a certified home inspector varies depending on where you live, how old the home is, and how big it is. You can expect to pay anywhere from $300 to $500 for a 2 to 5-hour inspection.
While that upfront cost is a bit hefty, it can save you a lot of money in the long run. Paying for a home inspection now will help you negotiate the cost of the home or at least have the repairs made before you move in and become responsible for them.
9. Educate Yourself
Even if your home inspection doesn’t reveal any repairs or potential operational costs, it can give you more insight into your home. A home inspector can tell you how to best maintain the home and what you need to look out for. Ask them questions and listen to their recommendations to care for your home in the best way possible.
Buying a Home?
If you’re buying a home and asking yourself, “Why get a home inspection?” you now know how important they really are.
Beyond revealing costs and repairs you’re likely unaware of, they can help you negotiate the sale price and give you one last chance to walk away from the deal. They’ll give you peace of mind that what you’re buying is safe, sounds, and worth the money you’re spending.
Don’t skip out on your home inspection. Schedule an appointment with us before you sign on the dotted line.