Home inspection process matters most when getting ready to take property into your name that could be relatively problem free or be a total money-pit.
When it comes time to buy a home, the inspection is a pivotal part of the process. Here are seven reasons why that is.
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Why bother with the home inspection process?
Why bother? After all, it costs money. For a buyer, the list of expenses that arise out of the purchase process is long. There’s your down payment, earnest money deposit, future house payment. Then, after closing, there’s new furniture, dishes, linens, and so on. These are just a few examples of where your money will be going.
[bctt tweet=”A home inspection that isn’t likely to uncover much and doesn’t matter in the grand scheme of things, right? Wrong!” username=”johninphoenix”]
With all of these expenses to worry about, the last thing you want to shell out more money. A home inspection that isn’t likely to uncover much and doesn’t matter in the grand scheme of things, right? Wrong! The last thing you really want is to buy a home, only to be later saddled with a roof issue that’s going to run you $25,000. Then, you’ll be wishing you had gone forward with that home inspection process.
In case you need more convincing, here are seven reasons why the inspection matters:
1⃣ You’ll avoid inheriting big problems. We already discussed the roof example, but what about the air conditioner? Repairing your A/C unit could easily come with a $6,000 or $7,000+ price tag.
2⃣ The seller may contribute to repairs. If any big-ticket repairs come out of the inspection, the seller will most likely participate in getting those repairs squared away.
3⃣ You’ll be able to negotiate repairs and maybe even the home’s price. Sometimes, so many repairs need to be done that it puts you in a position to negotiate a lower price on the home itself.
4⃣ You’ll have the freedom to walk away from the deal if the seller won’t agree to do their part repair-wise, despite your reasonable requests. At that point, the only cost you’ll be on the hook for is the inspection. This way, the decision to either inherit the issues that come with the home or to simply move on is yours to make.
Sometimes, so many repairs need to be done that it puts you in a position to negotiate a lower price on the home itself.
5⃣ You might find that there’s unpermitted space in the home, which is one more item you can use as a bargaining chip in your negotiations. If the house is said to be 2,700 square feet, but you discover that a 400-square-foot patio was added to the home without a permit, that means it also went unaccounted for in the appraisal.
6⃣ You can project future maintenance costs. By obtaining a report from the inspector, you’ll have a nice little list of what your estimated repair costs will be later.
7⃣ You’ll have a maintenance “work list” to refer back to for years to come. Whether it’s recaulking around your tubs and showers or replacing the weather seals around your doors for energy efficiency, you’ll have an idea of when basic repairs like these should be made.
These are just seven places that the home inspection process shines.
If you have any questions about this list or anything else related to real estate, please reach out to me. I’d be happy to help however I can!
Condo Inspection Checklist (Condo Home Inspection) – by Joy Bender
Buyer Questions: Should I Get A Home Inspection? – by Karen Highland
Home Inspections: What Buyers and Sellers Need to Know – by Bill Gassett
Understanding the Inspection Period – by Ellen Pitts
How to Negotiate After a Home Inspection – by Anita Clark
Important Repairs to Request Before You Close on Your Home – by Danny “Wheels” Margagliano