6 Reasons to Get a Home Inspection
With any large investment, you wouldn’t put your money into something without doing research. That is where the home inspection comes into play. Sometimes inspections may happen after an offer is accepted and sometimes before one is even written (in multiple situations), either way we always recommend that an inspection be completed before purchasing a home. Below we have listed the top 6 reasons to get a home inspection.
1. Peace of Mind
By getting a home inspection, you are one step closer to knowing the full story of what you are purchasing. The inspector will often send an extremely detailed report that covers every aspect of the house that has been inspected. With this report you can know what needs to be fixed now, what can wait, and what is still in great shape. It gives you the knowledge to know how much your new home may cost you in small or large repairs in the near or far future.
Home inspectors get paid for what they do, because they are good at what they do. This is not only based on the knowledge they have, but also on the equipment they use. When hiring a professional inspector you know you are getting top of the line service that is backed by years of experience. You will also receive an in depth inspection report that can be used yourself for dealing with which issues to fix in the future, but also can be used in negotiations.
Often home inspectors have years of research as well as first hand observations with many different types of homes. This includes knowing how and with what materials different properties were built with in different years, and also includes knowing the current standards for home building. With this knowledge, inspectors often know common issues that arise with different properties as well as often being able to give advice on how to remediate.
When researching which home inspector to use, it can be good to see what equipment they are using for their inspections. This equipment can range from a moisture meter to an infrared camera. This is often more equipment than the average consumer may have, but is very important as moisture in the walls or ceiling can sometimes be hard to see without equipment and can cause a lot of damage in the future.
5. Negotiation power (Buyer)
After receiving a home inspection report, you as a Buyer can often feel great if there are no large issues, or you can feel anxious if there is lots that needs to be fixed. If the inspection reveals there are no issues with the property, then you can continue on with the buying process. If the inspection reveals lots of small or large issues that need to be fixed, then you must decide how you would like to proceed. Often the options are:
– Release the contract: If you feel the inspection has brought up issues that you consider to be a major defect, then you can often release the contract for this reason (proof may need to be provided)
– Ask the Seller to fix some or all issues: If you would like to continue with purchasing the property, you can sometimes ask the Seller to fix some or all of the issues that have been highlighted in the inspection report.
– Ask for a reduction on the purchase price: If you would like to continue with purchasing the property, you can also sometimes ask for a reduction in the purchase price. This is often based on professional estimates and must be agreed upon by the Buyer and Seller.
– Do nothing and continue the buying process: Sometimes if the report shows a few small issues, you may choose to deal with them yourself, and not bother asking for a reduction. (This option may occur more in hot markets, if you got a good deal on the original accepted purchase price, or if there is a back-up offer)
6. Negotiation Power (Seller)
Getting a pre-listing home inspection can be beneficial in couple ways as Seller. The first benefit is knowing about any issues so that you can put in the work to fix them yourself. Depending on the size of the issue, many Buyers don’t want to do the work themselves, and if they discover a big issue, it can scare them off. By knowing what needs to be done and dealing with it prior to listing, you can be assured that it won’t be the inspection that will collapse a deal in the future.
The next benefit is if you choose to not fix the issues yourself, you can still disclose the report to any potential Buyers, and explain your asking price includes the knowledge of the issues listed. This should help reduce the potential for further price reduction after an offer has been accepted because even if the Buyer chooses to do their own inspection you have already disclosed any issues to them so they cannot be brought up again for renegotiation.
All in all, we believe hiring an inspector is extremely necessary as it can save some large headaches in the future. If you are not sure which inspector to use, you should ask your Realtor for recommendations as they have often worked with a few in the area and can advise on the best one depending on the property.