It is simple to get carried in the thrill of purchasing a new house and forget to make the vital decision to have a home inspection performed soon after you’re under contract.
House inspects are a vital part of the process of purchasing a house. It can save you a lot of money and time in the long run.
Keep in mind that a home inspection and home appraisal aren’t the same thing. Appraisals won’t offer you with a comprehensive look at a house that can help uncover possible pitfalls and issues.
Here are several reasons why you should have a property inspection before buying one:
Understand What You Are Purchasing
Understanding what you are actually buying is the most vital reason to have a property inspection before purchasing a house. You’ve got to know your possible house like you would in any other big purchase. You’ll face less surprises in the future if you know more about the property. Home inspectors can help you make a choice based on your existing budget, as well as your future money investment and time.
Aside from being able to negotiate a lower price, a lot of buyers include clauses in their contract necessitating the seller to make the required repairs before any money is exchanged. Estimate the cost and ask them to take that amount off the total if the seller isn’t willing to do the repairs. Obvious facts about the condition and quality of the house can offer you great bargaining capability.
Keep in mind that seller’s repairs aren’t qualified to be included in the concessions of the seller. VA guidelines enable the value of seller concessions to equal up to 4% of the listing price. However, that 4% is in addition to any repairs that are negotiated. There are a lot of blogs out there that can help you learn more about seller concessions.
The power it may offer you to negotiate a lower price is one of the benefits of having a property inspection conducted before you purchase. If a property you are actually interested in is within your budget, details obtained during the home inspection might offer you the bargaining ability to lower the price. Also, you can also add language into a purchase contract that enables you to back out of the contract if the inspection turns up issues.
The costs for home inspection differ. However, an excellent general rule to follow will be to expect around $250 to $600. This depends on the age and size of the house. This is a huge amount. However, you might end up saving a lot of money if the house you’re planning to buy turns out to have a lot of expensive issues.
Do Not Judge a Property by its Look
This is particularly true if you are purchasing a newly built home. It might feel like a waste to hire a home inspector. However, there can still be problems within the house even if it is constructed recently.