Why Skipping a Home Inspection Can Cost Buyers Money
Home inspections are performed at a time when many home buyers are already planning to spend tens of thousands of dollars on a home purchase. For some home buyers, the thought of spending an additional $300 for a home inspection can sound unappealing. However, home inspections can be a valuable negotiating tool for home buyers. In fact, an inspection from a reputable inspector can help some home buyers get a reduced price for the home they wish to purchase.
Many Home Defects Are Hidden
Many home defects are not readily noticeable for home buyers who lack experience in construction and home building. Cracks in the walls, corrosion on pipes and water stains on floor joists are all potentially signs of serious problems in a property. However, many home buyers may look past these defects when performing their own home inspection. Working with an experienced professional home inspector can help home buyers catch problems that they might not otherwise see.
Some Defects Can Be Very Costly
Some of the most serious structural defects can be very costly to repair. For example, the average cost to replace an old, damaged roof is approximately $6,600. This cost can soar to as high as $30,000, depending on the location of the property, the size of the home, the type of materials used, whether it is recently built or older, and so on. For another example, foundation repair can cost between $2,000 and $6,000 on average.
For many home buyers, finding out that the roof needs to be replaced or the foundation needs to be repaired after purchasing the property could be potentially devastating. Knowing about a leaky or damaged roof before the close of escrow enables home buyers to protect themselves, and could potentially save the home buyer tens of thousands of dollars in home repairs.
Inspections Present a Chance to Ask Questions
A good home inspection can be a valuable experience in more ways than one. Home buyers hoping to get the most out of their inspection are advised to attend the inspection and watch the inspector at work. Many home inspectors will point out defects and discuss the maintenance of the properties they inspect. This helps homeowners develop a clearer understanding of the home inspection and its results.
In addition, home buyers can use this time to ask the inspector about the various systems of the home and the kind of maintenance those systems may require in order to continue functioning. This can give home buyers an advantage when they finally move into their new property, and can help home buyers become better homeowners.
Renegotiations Are Possible
Should your home inspector uncover serious defects with the property that you’d like to purchase, it’s possible to renegotiate the price of the home. Only after the home inspection contingency has been lifted is the home buyer locked into the sale of the home. Knowing the defects of the property can help you decide whether or not you’d like to renegotiate the price of the property. In this way, a home inspection can potentially save home buyers tens of thousands of dollars on home repair or tens of thousands of dollars off of the mortgage itself.
Work With Your Real Estate Agent
If you’re in the middle of purchasing a home and trying to decide whether or not a home inspection is necessary, talk to your real estate agent. He or she can talk to you about your particular home purchase and can help you decide whether or not a home inspection is necessary for your particular purchase. Your real estate professional can also help you find a reputable home inspector in your area.