Why You Need a Home Inspection
Buying a new home begins with an accepted offer, but quickly turns into a litany of costs that can add up for buyers. You might even be tempted to save a few hundred dollars by opting out of an inspection, but there are several important reasons we encourage clients to inspect properties before going through with the purchase. Inspections serve the purpose of revealing major defects and significant issues about a property. Even though it also might reveal some surface level things you realize you don’t like, the goal of inspection is to address or negotiate those major defects.
Inspections Ensure Safety
Perhaps the most important reason to inspect is safety. Inspection reports vary widely in length and scope depending on the company, but they should all include red flags that compromise safety, whether from structural issues or a hazardous issue like radon, mold, lead, or carbon monoxide. Once you have this information, you have the option of getting contractor quotes to inform whether you want to continue with the purchase of the property. You might be wondering if you should inspect an “as-is” property, and the answer is absolutely. Even though you will not likely be able to negotiate repairs, knowing exactly what you’re getting into is critical.
Inspections Support The Negotiation Process
If your home inspection reveals a significant number of critical issues, this information can be used as a negotiating tool. After getting bids for work to be completed, you can work with your agent to determine what next steps will work best for you. Unless, it is an “as is” transaction, the buyer must give the seller an opportunity to remedy any major issues and the buyer may not just walk away from the transaction. It could be a lower purchase price, a credit at closing, a home warranty, or work to be completed before closing.
What if the Inspection is Bad News?
Having detailed information in hand about the condition of the home does two things: it informs the buyer of concrete costs for repairs and/or maintenance of systems and it also offers the buyer a legal “out” if the inspection reveals more issues than the buyer is willing or able to take on. The inspection contingency provides exactly this opportunity to buyers and it is your right as a buyer to withdraw from the sale based on inspection if you choose. In our office, we are committed to working as hard to get you into a deal as we are to get you out of one, should you decide the property is no longer a good fit for your needs.