Do I Really Need A Home Inspection When Buying A Home?

Do I Really Need A Home Inspection When Buying A Home?

The answer is a resounding YES! You may be thinking, I'm already spending so much money buying the home, why do I need one more expense?

Here are the Top 5 Reasons a Home Inspection is important when buying:

To Save Money. The cost of a home inspection can vary, depending on a number of factors. One could expect to pay $300-$500 depending on the age and square footage of the home (more depending on larger or luxury homes). Spending the few hundred dollars on a home inspection now can save you thousands on hidden defects that only a licensed professional inspector can find.
To Be Able To Negotiate. Information that the inspector obtains may help you negotiate a lower price.

To Have the Seller Perform Necessary Repairs. If you do not want the out of pocket expense or the hassle, you can ask the Seller to perform any repairs that an inspector identifies.

Information is Knowledge. Having a home inspection gives you knowledge of what you are buying and what you are getting into. The last thing you want when buying a home is a big surprise that could financially impact you. A home inspection helps minimize surprises after buying

Your home is your biggest investment. A home inspection can help you make the decision on whether to proceed with buying a particular home or not.

>>>
It’s easy to get swept up in the excitement of buying a new home and forget to make the important decision to have a home inspection conducted soon after you are under contract.

Home inspections are an instrumental part of the homebuying process that can save you a lot of time and money in the long run.

Remember that a VA home appraisal and a home inspection are not the same thing. Appraisals will not provide you with a detailed look at a property that can help uncover deep-rooted problems and potential pitfalls.

Here are five great reasons to have a home inspection before you buy:

Don’t Judge a Home by Its Facade

Especially for those buying newer construction, a home inspection may feel like a waste of money. No matter the age of the home, there can be costly troubles unknown to the average buyer. Problems with wiring, plumbing or structural issues may not be visible during a showing and you’ll want to get an expert opinion. Even before you get to the interior, you can do your own preliminary inspection. Simply walk around the home’s exterior and look for potential problems.

Save Money

Home inspection costs vary but a good rule of thumb would be to expect to pay from $300 to $500 depending on size and age of the home. That’s a good sum, but perhaps think of it this way: Those who skip out on the expense may realize in a few years that an inspection is much cheaper than rewiring the entire house.

Negotiate

One of the advantages of having a home inspection performed before you buy is the power it might give you to negotiate a lower price. If a home you’re really interested in is on the edge of your price range, information gathered during the home inspection may give you the bargaining power to talk down the price. You can also insert language into a purchase contract that allows you to back out of an agreement if the inspection turns up problems.

Seller’s Repairs

Not only are you able to negotiate a lower price, many buyers include clauses in their contract requiring the seller to make the repairs necessary before any money is exchanged. If the seller is unwilling to complete the repairs, estimate the cost and ask them to take that amount off the total. Solid facts about the quality and condition of the home can give you valuable bargaining power.

Remember that a seller’s repairs are not eligible to be included in seller concessions. VA guidelines allow the value of seller concessions to equal up to 4 percent of the selling price, but that 4 percent comes is in addition to any negotiated repairs. Learn more about seller concessions here.

Know What You’re Buying

In the end the most important reason to have a home inspection before you buy is to really know what you’re buying. Research your potential home like you would any other major purchase. The more you know, the fewer surprises there will be down the road. Home inspectors can help you make a decision based on your current budget as well as your future time and money investment.