When buying a home, you have the right to complete many different types of inspections of the potential home you’re purchasing. A home inspection is actually one of the most common contract contingencies for home buyers. Whether you have purchased five homes or you’re going to buy your first home, a home inspection in almost every case is highly recommended.
Here are four reasons why you should get a home inspection before buying a house.
It Discloses Crucial Information
A thorough house inspection offers information regarding a home’s condition. As a result, the buyer will be informed of the immediate and long-term repairs, upkeep, and expenses that the house will require. If a buyer isn’t satisfied with the findings of the house inspection, the buyer has one last chance to back out of the purchase agreement. It is preferable to be safe than sorry.
Safety
Skipping a house inspection is a risky business decision that might have major ramifications. For example, if a malfunctioning electrical system is overlooked, it may quickly become a fire hazard.
Even if it’s a freshly constructed home, a home inspection is a great way to thoroughly explore the property you’re considering buying. Improper electrical wiring, deteriorated roofing, and plumbing defects are among the most prevalent house inspection issues.
Offers You an “Out”
It’s not uncommon for buyers to have contract contingencies in their offer, a home inspection contingency being one of the most prevalent. This allows buyers to back out of an offer on a home if anything unexpected comes up during the home inspection. For example, let’s say there’s significant work to be done on the electric wiring of the home. Some buyers would be okay with working through those issues, while others would prefer to walk away. Contract contingencies protect you from ending up with a property that needs a lot of work.
Price Negotiations
First and foremost, the purpose of the home inspection contingency is not to get a better price on a home because of minor issues found during the home inspection. Buyers who use the home inspection as a time to renegotiate with a seller even though an issue was seen before making an offer is one of the biggest things a buyer can do that real estate agents hate (and sellers). If there are some major problems that are discovered during the inspection, however, it may be appropriate to renegotiate the terms of the original accepted offer. Depending on the type of financing and terms of the original contract, deficiencies from the home inspection can be used as a reason for a reduction in the price or a concession from the seller towards closing costs.
