The Importance of a Home Inspection
By Kendra Thurston
Home inspections provide protection for the largest investment you will make in your life. A home inspection is a thorough examination of your home conducted by a certified home inspector.
A home inspection is not a mandatory part of the home buying process but it can be beneficial to the buyer. When a buyer decides on a home to purchase, their real estate agent will submit a purchase contract to the seller. The buyer and their real estate agent will discuss possible contingencies and additions to the purchase contract. One of these contingencies is to request a home inspection that is an expense to the buyer. Home inspections help buyers make informed decisions.
A home inspection can take over two hours depending on the size of the home. A properly certified and licensed home inspector will take their time to check the structure, roof, plumbing, electrical, and all major systems in the home. A home inspector will thoroughly examine the home in its entirety including the attic or pool. The home inspector will provide the buyer with a completed inspection report that gives a detailed account of the home and its condition. Home inspectors will note any problems that need further examination by a specialist. Buyers can use the home inspection to make decisions regarding their purchase.
A home inspection report is helpful to buyers as they plan their finances. A home purchase is a large investment and knowing the future repair costs is helpful to financial planning. Buyers can make the decision to purchase a home even if they know the roof will need to be repaired shortly or the AC needs to be replaced. An informed buyer will be better able to manage their finances.
The inspection report can be used as a bargaining tool. If an inspection report shows major issues, buyers can choose to negotiate with the seller. An inspection report will note any issues with the roof, mold, or improper repairs made. Buyers can use the inspection report to ask the seller for some type credit on the home. A seller may choose to offer the buyer a credit to offset the repair price, a reduction in the purchase price, or not to negotiate. If the seller chooses not to negotiate, a buyer can choose to purchase the home in its current state.
Many buyers finance their home purchases with a mortgage. Mortgage companies could require their buyer to have a home inspection.
The home inspection not only informs the buyer of their purchase but also the mortgage lender. Lenders are interested in making sure that their interest is protected and may require home repairs based on the home inspection.
A home inspection is a beneficial expense for a buyer. It helps buyers become more knowledgeable about their future investment giving them an opportunity to protect themselves. A home purchase is a large investment and spending a small amount to purchase a home inspection will protect it.