Should You Get a Home Inspection?
It is human nature to seek perfection in our endeavors. When looking for a new home, you want it to be in excellent condition, right? And one way to help accomplish this feat is by conducting a home inspection to verify that everything is seamless from the basement to the roof.
We’ll take you through what a home inspection entails, why it’s necessary before purchase, and the scenarios that result from the process plus how to handle them. So let’s fire away.
Home Inspection: What Does It Entail?
A home inspection is a comprehensive examination of a home’s condition from the roof to the foundation, and it usually happens just before or after a home for sale goes under contract with a buyer, depending on local customs. The primary focus areas typically include structural issues, plumbing problems, water damage, electrical systems, roofing condition, insect or pest infestation, and HVAC system issues.
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The process is conducted by a qualified and certified home inspector of the buyer’s choice and at the buyer’s expense. For an average-sized home, the process takes at least three hours to complete. During that period, the inspector examines the home’s interior and exterior while noting any damages or breakages within the house and its surroundings.
After completing the visual assessment, the inspector then takes anywhere from a few hours to 2 days to generate a report stating the home’s defects and concern areas. The report also captures the positive aspects and suggests the critical maintenance needs of the structure.
Why Is It Essential When Purchasing a Home?
Pointing Out Observable and Possible Defects
It may be difficult to notice any defects in your potential home from the outlook, especially if you’re untrained for a home inspection. But a qualified home inspector points out everything in black and white without bias – as well as educating you on things you need to do to maintain the home after you are the owner.
Determining the Home’s Real Value
When a house gets damaged, its real-time value depreciates, and the only way to establish that is by conducting a thorough inspection. So, as a homebuyer, you should insist on assessment for the sake of fair pricing.
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Peace of Mind
As a potential homebuyer, you’ll agree that it’s better to know the structure’s defects beforehand than knowing after you’re settled, right? Imagine spending thousands of dollars on repairs and maintenance later on, and there’s nothing you can do about it because you already closed the sale.
What Scenarios Result From Home Inspection, and How Do You Handle Them?
There are two scenarios following a successful home assessment with a few possible outcomes. In the end, you can either proceed with the purchase as is, ask for repairs, negotiate the price or a credit, or cancel the deal. Let’s dig deeper.
Scenario 1: All Clear
Here’s the best possible scenario where, after an all-inclusive assessment, the inspector finds no discrepancies or damages that are concerning enough for you to make any requests. You, therefore, have the green light to proceed with the purchase at the original offer.
Scenario 2: Requesting Repairs, Credit or Price Adjustment
Here, the inspector finds considerable issues that you feel need to be addressed. You can request repairs be made by the seller prior to closing, or ask for a credit back at closing for an agreed upon amount so that you can do repairs after closing or ask for a lowered price – in all cases, using the report as evidence of need. The seller may agree to your requests or counter to do some repairs but not all or a lower credit than requested, etc. The seller may also decline to do anything. It really can turn into a re-negotiation, at which point, either party may cancel the deal if they don’t like the terms. Similarly, if the inspection report is concerning enough, you can just outright cancel the contract instead of asking for anything from the seller.
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Final Remarks: Choosing the Right Home Inspector
As a future-oriented homebuyer, it’s pivotal that you look for a reliable home inspector before digging deeper into your pockets. Doing so will guarantee that you get value for your money, determine the real price, have peace of mind, and get the home insured.
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