Home inspections are a critical part of the home buying process; not only do they provide a more accurate picture of the true cost of purchasing a given property, but they give buyers piece of mind that they are making a sound investment. But inspections aren’t just important for buyers; sellers can also benefit from home inspections. Here are a few reasons why home inspections are a smart choice for everyone.
Purchasing a home is a big financial commitment so it’s natural that buyers would be tempted to try and save a few dollars by skipping a home inspection. But opting to go forward without an inspection means missing out on some huge advantages:
Real estate purchase contracts generally include provisions that make closing the deal contingent upon a satisfactory inspection. So, if you’re unhappy with what the inspection reveals, it often provides the last opportunity to walk away, protecting you from making a costly mistake.
LEARN ABOUT THE PROPERTY
Home inspectors are a great educational resource and their insights on how to best maintain your new home can save you big over the long term. To get the most out of an inspection, be sure to attend the walkthrough. Doing so will allow you to ask the inspector questions and get a better understanding of any potential problems by seeing them for yourself.
ALLOW YOU TO PLAN AHEAD
A well prepared inspection report will include the “life expectancy” of a home’s major features, such as the roof, plumbing system, and water boiler. Knowing when you can expect to repair or replace these items will help you make more informed budgeting decisions and better determine which insurance coverage is right for your needs. Plus, inspections will reveal any illegal additions or other code violations that can make future home renovation projects a real headache.
While a property may appear perfectly livable, home inspections can reveal hidden safety hazards like structural defects, carbon monoxide, radon, and mould. Having this information in advance will give you time to make sure these serious issues are addressed before you move in.
Many sellers see home inspection as a buyer’s issue, but that’s a mistake that can cost a seller dearly. For instance, a buyer’s inspection typically takes place relatively late in the sale process, leaving homeowners little time to complete repairs, potentially postponing or even destroying a potential deal. A pre-listing inspection, however, can alert a seller to any necessary repairs long before they become a problem. And with the extra lead time, sellers can shop around for the best price on materials and labor instead of having to shell out extra money to contractors rushing to complete last-minute work.