The home-buying process is anything but straightforward. It is a backbreaking job for any home buyer that requires going back and forth with home-hunting and making offers that fit the bill. You’re still one step away from hitting the jackpot even after landing the home of your dreams because you still need to get through all of the various home inspections.
Luckily, this is the stage where the ball’s in your court, as it allows you to ensure everything you have paid for is functioning properly. And if not, it’s a bummer, but the bright side is that you can file for repair work to be done!
Here at GreatBuildz, we speak with homeowners every day about the best improvement projects for their homes. GreatBuildz is a free service that connects homeowners in Los Angeles, Orange County, Ventura with reliable general contractors.
To retort, waving the right of inspection can be disadvantageous for homebuyers and a lost opportunity, and here’s why!
How Do Home Inspections Benefit Home Buyers?
Home buyers are now more vigilant than ever about purchasing homes. They make sure to bank on adequate information before investing their time and money in properties. Therefore, when a home seller or agent approaches house listings, buyers tend to plump for the listings that include house inspections.
This is because there are many advantages to getting your new home inspected. Primarily, it safeguards home buyers against undisclosed hazards in the contract. It also ensures that the new property owner can identify any issues that need rectification before the keys officially get handed over to them.
During a close inspection, many factors only meet the eye, such as dampened walls, excessive moisture, and electrical issues. This should be a home buyer’s cue to address repair work and forecast future maintenance costs associated with the problems. Additionally, inspection checklists and procedures include equipment such as horizontal lifelines that make it easy for workers on top of flat roofs to focus on their tasks while staying safe.
Above all these, a home inspection validates the buyer’s investment decisions. It reassures them; after all, home buyers who purchase properties to live in them expect their homes to be their sanctuary.
To summarize the importance of home inspection, a team of experts is assigned to inspect newly bought homes to assess the property’s health (both exterior and interior), increasing the property value significantly. Hence, there’s no rational reason for buyers to waive the right of inspection; in fact, make sure your real estate agent or seller schedules a home inspection as a part of the contract.
A Buyer’s Perspective
If it’s an older property, opting for home inspection services is consequential, as there could be several potentially dangerous underlying damages behind the walls, especially with electrical lines. Even if the house has had some recent renovations done, an old property buyer should never skip the home inspection. The biggest mistake one can make as a home buyer is not getting a home inspection, period!
Benefits of Home Inspections
Regardless of the property age, costly maintenance work can underlie any home. This is where the superheroes come in, the home inspectors. They are qualified to inspect homes to identify and detect all infrastructural issues for homeowners. In the long run, it can also aid in preventing costly repairs.
1. Concealed Problems
Your brand new home can be your dream abode inside and out for various reasons. It could be the floor space, the design or size of the kitchen area, or the backyard pool that caught your eye. Initially, it may look in top-notch condition at first sight, but behind the interiors, it could be hiding loopholes.
The home inspection process will give you access to the infrastructure veracities. Your home inspector will check every inch of your home and discover red flags beneath the curb appeal. Remember, an ideal home is not limited to the designs and excellent paint job; it’s also about what’s behind the perfectly painted walls.
Related: 9 Scary Ways Your Home Might Be Hiding Damage
2. Final Call
After you shake hands with the seller, it becomes obligatory for you to finalize the deal. This is where you play your cards by requesting a home inspection to help with further contingencies. In many cases, home inspections have resulted in a deal cancellation, and trust us; the home buyers have no regrets.
After all, if you have been saving for a mortgage deposit for years, you want to make sure you’re able to maximize your savings and your investment – sometimes that means taking a step back to ensure you’re getting your money’s worth.
If the list of repair work is longer than you expected, this is your chance to slide in a revised price. Ultimately, you have the option to back out of the deal. A home inspection makes room for you to weigh your options.
3. Long-term Maintenance Costs
Cost is not a hindering factor for a home inspection. An inspection can vary from $250 to $500, depending on your home’s size and type. It is usually the most expensive to get a single-family unit inspected.
If you add on specialized inspections such as HVAC, it will increase your home inspection costs significantly. Although, it is worth the price. A reliable home inspection will prevent you from spending thousands on maintenance and repair costs.
A home requires regular maintenance due to things breaking or wearing out. This cost should be budgeted into your home-buying costs. First, have a list of items with the help of your inspection report that need to be repaired. And make a separate list of maintenance costs that may incur every six months or yearly. This should be accumulated into your budget.
Although a new home is less likely to have a long list of maintenance costs, it is still a good practice to consider hidden costs for better financial management.
4. Structural Problems
The home inspector will assess every element of your house structure. If it does not qualify for the national or state standards of housing, the inspection report will say so. This indicates red flags and gives you one last chance to revisit whether buying the property is a good idea.
Leakages are never a good sign. A new roof is costly. Depending on the home’s interior, it can cost you $10,000 or much more. It is one of the most big-budget maintenance costs for a homeowner.
However, the inspector’s job is to look at the roof and identify its condition and age to determine whether it is in good working order. The report will also point out any roof problems the house owner should be aware of.
6. Safety First
A vital part of the home inspection is ensuring the home is safe and sound. The inspector will carefully scan the electrical system and ensure it is fine. Living in a home with an unsafe electrical system can hamper the quality of one’s life.
7. Negotiation Leverage
One prominent advantage of undergoing home inspections is that it allows you a great deal of leverage. With any discrepancies, you should contact the seller immediately to fix the underlying issues in the report.
Take this opportunity to revise the seller’s asking price or simply request the seller to consider lowering the cost due to the additional repair work. They could also contribute to the repair work listed on the home inspection report. Either way, use this leverage to make it a fair deal.
8. Peace of Mind
Last on this list is having peace of mind, which is often undermined during home-buying. After the sale of the house has been finalized, the buyer is expected to have guaranteed peace of mind. An inspection report offers assurance to the new buyer.
Plus, for a home buyer, it’s not an everyday purchase. A home costs a lot of money; for many, it may even mean spending their life savings financing a new home; hence having peace of mind becomes essential before moving into a new home.
A home inspection is proof of your new home’s health report, which is gold for any homeowner.
Home inspections are essential steps in the home-buying process that potential buyers should never consider skipping. Getting an inspection guarantees peace of mind when making such a significant investment decision. And, if you compare, the cost of home inspections are quite a small price to pay to identify the actual condition of your potential new home. You are actively eliminating any loopholes that may surprise you in the future and cause you to spend thousands of dollars on maintenance.
Any reliable realtor would suggest homebuyers opt for a home inspection service before purchasing a home. After all, details create the bigger picture.
When it comes to finding the best contractor for your project – GreatBuildz is simplifying the contractor search. GreatBuildz is a free service that connects homeowners in Los Angeles, Orange County, Ventura & San Diego with reliable, thoroughly screened contractors and provides project support from start to finish.
Call now (818.317.3567) to chat with a real person about your next renovation project or visit our website for more information: www.greatbuildz.com