Want to know why a home inspection is beneficial for a homebuyer?
You have reached the ‘CORRECT DESTINATION’.
Obtaining a home inspection is one of the most critical steps of the purchasing process.
A home inspection helps you to identify all the exterior and interior problems existing in the house yet to be purchased by you.
It further adds an extra dimension to your purchasing process by making it a profitable investment and evaluating the real value of the property.
So, we’ve compiled the key elements of a home inspection to help you through this step of the home buying process.
Ideally, an inspector will discover anything wrong with the home during an inspection.
This allows you and the seller to determine how you will handle repairs before you finalize the purchase.
Even if you do wind up having to pay for these predetermined repairs, knowledge is power and it’s best to know the full picture without any unwelcome surprises.
Step 1 – Select a Home Inspector
There are many places to find recommendations, but don’t just take someone else’s word as an end-all-be-all in your hiring process.
Talk to the inspector to learn more about their process.
Home inspection costs vary by location.
According to the Home Buying Institute, the cost of a home inspection typically falls between $300 and $500.
Step 2 – Schedule and Attend your Home Inspection
As the homebuyer, you are responsible for setting up the home inspection, usually within a 10-day window of the seller’s acceptance of your offer.
We recommend accompanying the inspector so you can ask questions along the way.
Your inspector will use a checklist to look at safety and code compliance, structural components (foundation, roof, chimney), infestations, mechanical components, and plumbing/electrical systems.
Step 3 – Review your Inspection Report
After completing the inspection, your inspector will deliver a full home inspection report outlining both minor and larger issues to address.
Look over it with your real estate agent to decide what to do next.
Step 4 – Determine your Next Steps After the Inspection Report
You can purchase the home as-is, ask for repairs at the seller’s expense, or decide not to purchase the home.
If you do request repairs, you may be able to negotiate with the seller on payment, but some state laws mandate that the seller pays.
When deciding what repairs to request, think about the cost of the repairs and the amount of work that will go into them.
Save your leverage for the bigger fixes that you cannot do yourself.
Purchase contracts typically allow an “out” if you decide the home isn’t right for you, but you’ll need to discuss this with your realtor before putting in an offer.
With your home inspection report in hand, you should have peace of mind, knowing the key details about the home you are buying.
SUMMING UP!
A home inspection may force you to put some extra bucks on the property yet to be purchased but also saves you from making a huge financial blunder.
It protects you from getting penny-wise but pound-foolish by constructing a fail-safe procedure in the high-risk world of real estate.
As a homebuyer or an investor conducting a home inspection should always be your priority.
We wish you luck in finding your dream home or investable real-estate property and also enjoyed reading this blog as well.