When buying or selling a home, the last thing you want to worry about is another expense. Moving can already be a costly project, and we naturally want to cut down on excess spending where possible. However, when it comes to home inspections, it’s better to think of that cost as an investment. It can help you in the long run.
Buying a Home
Whenever we make big purchases, we should be thorough in making sure it’s exactly what we’re looking for. This is why we tour homes with a real estate agent before making an offer. But there’s no way we’re seeing everything we need to know during a quick tour. It pays to have an experienced eye have a look at the situation.
There are only apartment essentials we can see while walking through a home. A lot of the big concerns are not visible on the surface. Having a professional home inspection can reveal what’s behind the scenes, so to speak.
Underneath the Surface
Home inspectors look at all the fine details. They check in the roof for rusting nails, insufficient insulation, weak structures, growing flea infestations, and possible leaks. They check crawl spaces for possible flooding, plumbing issues, and pest problems. They check wiring to make sure there aren’t grounding issues or fire hazards. You name it, they can inspect it.
Some home inspectors even have tools that allow them to see into walls. This helps them look for mold or water damage. This is something you and your real estate agent won’t see on your own. Home inspectors give you a better perspective on the whole home.
Negotiating a Home Price
In negotiating, the one thing you absolutely must have is leverage. Going in with a complete home inspection report can give you an advantage in your conversations with the seller.
Consider a home that’s worth $300,000. The seller is asking $310,000, but you’re willing to go over a bit because you love the house. There’s one problem: The home inspection has revealed mold growing under the carpet in the main room. You want the home, but if you’re already paying extra, you may feel like the seller should be responsible for the costs of replacing the carpet. With your home inspection report in hand, your agent can negotiate on your behalf. You may be able to get the cost of the replacement subtracted from the total price.
In a buyer’s market, home sellers are often willing to make concessions. They’re so happy to have an interested buyer, that they’ll do what it takes to get the deal across the finish line.
Buying in a seller’s market isn’t as fun. Time is of the essence because there are so many other people looking to buy your dream home. You may be tempted to skip the inspection so you can make a quick bid. If that’s what you feel you need to do to secure the home, you may need to act now. But, buyer beware. It’s possible that there’s a costly underlying problem in the home that none of the bidders know about.
In a competitive bidding situation, buyers rely on superficial information, like location, square footage, and number of rooms. Some buyers will even make an offer sight unseen. But what if the floorboards are rotting out? What if the roof is leaking? These are not cheap fixes, and if you can find out about them beforehand, you may save yourself a lot of trouble.
Inspection is Protection
You can protect yourself from getting into a bad situation by getting an inspection before a purchase. You can also protect your current home by finding potential problems before they get out of hand. It may cost you a few hundred today, but it can save you thousands later.