After your offer to buy a home enters into a contract, the process of near-endless check writing begins. There are many necessary costs, such as realtor and lawyer fees, and the total of these expenses may have you looking for ways to save money elsewhere. You may be tempted to skip the home inspection and its $200 to $500 invoice, but there are 10 good reasons why you should get one.
1. It Provides an “Out” A quality home inspection can reveal critical information about the condition of a home and its systems. This makes the buyer aware of what costs, repairs, and maintenance the home may require immediately, and over time. If a buyer isn’t comfortable with the findings of the home inspection, it usually presents one last opportunity to back out of the offer to buy. (This step is important when purchasing a property because it may save you thousands.
2. Safety A home inspection can detect safety issues like radon, carbon monoxide, and mold, which all homes should be tested for. Make sure that your home-buying contract states that should such hazards be detected, you have the option to cancel the offer to buy.
3. Insurance Some insurance companies will not insure a home if certain conditions are found, or without the presence of certifications like Wind Mitigation and four-point inspections, according to Haskett. “Qualified home inspectors can do these things at the same time as their other services and save the home buyer time and money in the long run.”
4. Protection Home inspections are even more critical if you are buying an “as-is” foreclosed property or short sale. Dwellings that have been boarded often develop hazardous mold problems, which are costly to remedy and pose health concerns. Greg Haskett, VP of shared services at HomeTeam Inspection Service says it’s common for home inspectors to find that copper plumbing lines and outdoor compressors have been removed from foreclosed properties by people trying to sell copper to recyclers for money.
5. Negotiating Tool Realtor Jennifer De Vivo of Orlando-based De Vivo Realty says the home inspection report presents an opportunity to ask for repairs and/or request a price reduction or credit from the seller. Work with your realtor to understand what requests can and should be made to negotiate a better deal.