Every potential home buyer has to decide if they want to spend money on a home inspection. If the choice is not to have one, you waive the rights to hiring someone to ensure the home is in the condition stated. This means that you are going to trust the sellers to disclose any known issues about the home you want to purchase. This can be risky business when buying a home. This very brief guide will offer you information to make an informed decision.
What is a Home Inspection?
A home inspection is your protection before the final purchase to ensure that there are no major issues with your new home. It is not a guarantee or warranty that nothing will happen in the future. But the inspector will offer a professional opinion of the condition at the time of inspection. An inspection will vary depending on the home’s specifics, but should include the following areas: foundation and basement integrity and structural integrity, the following systems: plumbing, electrical, heating and cooling; condition of: windows, doors and frames, walls, floors and ceilings, as well as the attic and insulation.
Why do I Need a Home Inspection?
A home inspection could possibly save you thousands of dollars. Buying a home is usually the largest investment of your life; you want to know that it is a wise investment. An inspection can identify major repairs that may need completed or structural issues that could be very expensive. The inspection report allows you leverage to negotiate costs if there are major repair issues. Even if there is nothing negative on the inspection report it allows you the peace of mind that your new home is a good investment.
Home Inspection Mistakes
The worst mistake is to not have a home inspection, the next in line is to not inspect a new construction home because no home is perfect! Once you do realize that you should have a home inspection, don’t make the mistakes of choosing the wrong inspector or for the wrong reasons; interview and check out references for your inspector. Be present for the inspection. Not being present during the inspection takes away the opportunity to ask questions and get more detailed information than just the written report.
What is a Home Warranty and is it Necessary?
A home warranty is a good idea to protect you from large out-of-pocket expenses if components fail in the future. Make sure that you know the requirements of your warranty. There could be deductibles or service fees, and you also want to know what exactly is covered so that you do not get charged a service fee to find out your problem is not a covered item. Sometimes home inspectors offer a short-term warranty, usually 90 days, sometimes 12 months. These are usually limited warranties.
As a home buyer, skipping the home inspection could be very detrimental to your out-of-pocket expenses. Buyers sometimes try to cut corners on cost, but home inspection is not a place that it is wise to forego. The few hundred dollars you spend on a home inspection could possibly save you thousands on repairs.