When your offer is accepted to buy a house, you find yourself paying for a lot of services here before the deal is finally closed. Spending all that money, you might be tempted to cut corners to save money. However, things like inspection should never be skipped, here is why:
1. It Provides an “Out”
A professionally done inspection could reveal faults or potential faults with the house. It could show the buyer the repairs and maintenance the house requires immediately. This provides the buyer with the chance to back out of the deal.
Placing an inspection contingency on your home-buying contract also provides you with safety and a peace of mind. Have the house tested for carbon monoxide, radon and mold. If any hazardous substance is detected, you would have the option of cancelling the deal.
3. Reveal Illegal Additions or Installations
Any addition or installation done on the house must be abide by building codes and regulations, otherwise this could affect the insurance, taxes, usability and the overall value of the house. Home inspection would reveal if any rooms, altered garages or basements were completed illegally.
If you are considering buying an “as-is” foreclosed property or short sale, inspection is even more necessary. Abandoned properties usually have dangerous mold problems that could threaten your health.
5. Negotiating Tool
Home inspection increases a buyer’s bargaining power. Inspecting a home gives the buyer an opportunity to demand for repairs or maintenance, or enjoys a price reduction as a compensation.
6. Forecast Future Costs
A good home inspector can be able to forecast the “shelf-life” of major components in the house. He can be able to determine how long the plumbing, heating and cooling or the water heaters are going to be functioning, so that you can make some wise budgeting decisions, and it will determine what type of insurances you should consider.
7. Determine “Deal-Breakers”
Home inspections also reveal the degree of spending or effort that is required to maintain the house in a personally acceptable condition. If you are not ready to be fixing problems like faulty gutters, cracked walls or ceilings, maybe you should pass on the house.
8. Learn to Protect Your Investment
Home inspectors do not only look for problems around the house, they can also offer you tips on how to upkeep the house in the safest and most cost-effective way. This could save you a lot of money in the run.
9. Reveal the Big Picture
Some people use home inspection as a tool to reveal the fine details of the house. You may like a house just for the painting of the walls or the its location, inspectors are hired to reveal about the house what you normally do not see.
Some insurance companies require a home be inspected. Sometimes certifications like wind mitigation and four-point inspections must be presented before you can be insured.