Buying a home is most likely the biggest investment you will make in your life. When you are about to drop a lot of money, you want to ensure you are getting your money’s worth, right? Often when we are about to make a high-cost purchase, we do some research before buying. We might even look at reviews, depending on what the product is. When buying a home, a necessary step is the home inspection process.
The Home Inspection Process
When closing a home sale, the buyer typically hires a home inspector to come to the house to perform a visible inspection. The purpose of this is to make sure the home complies with the state’s standards of health and safety or to identify mechanical issues. One of the benefits of working with a real estate agent is assisting the buyer with the home inspection process.
A buyer’s inspection occurs after the buyer has made an offer on the home and before the closing of the sale. Depending on the home inspection results, the buyer may be able to renegotiate their offer or request repairs if they find certain issues. Some sellers choose to get their homes inspected as they begin to prepare their houses for sale. Doing so allows them to fix any potential issues beforehand and save time in the closing process.
As a buyer, you may have a lot of questions about the home inspection process. You may have your heart set on a home and wonder what will happen if the home inspection process reveals too many problems with the house. You may be concerned about the inspection cost when you are already about to spend a lot of money on your new home. Is it okay to skip the home inspection process if the house is in newer condition or looks great when you and your realtor tour the home? These are all valid questions and concerns. However, skipping the home inspection may not be the wisest decision and could potentially cost you a lot more money in the long run.
Risks Of Skipping The Home Inspection Process
You might think you have a better chance of winning the bid on your dream home if you skip the home inspection. Experts agree this could be playing with fire. There are many risks of skipping the home inspection, such as unknown safety hazards you may not see when you tour the home. Common things home inspectors look for are:
- Water damage
- Structural issues
- An old or damaged roof
- Damaged electrical system
- Plumbing problems
- Insect and pest infestations
- Issues with the HVAC system
Safety Issues To Consider
The home you are about to buy could have unknown safety issues such as fire hazards and carbon monoxide hazards, too. A common finding during the home inspection is animal nests blocking the chimney on the roof, which can cause carbon monoxide to leak into the home slowly. Most people don’t get up on the roof and inspect the chimney during the home tour.
Home Inspection Process As A Negotiating Tool
Some other reasons you shouldn’t skip the home inspection are that it can be a negotiation tool. It’s a way of protecting your assets. You may not be aware of future costs, so it’s best to find out before you sign the contract. Be prepared that the home inspection could reveal some deal-breakers, especially if the seller is unwilling to repair the issues or drop the price.
The Benefits Of A Home Inspection
There are many reasons why you should get a home inspection. The number one benefit of having a home inspection before you close on a home is the overall cost savings. If the inspector finds issues that need repairing, it can save you money down the road by asking the seller to do the repairs to complete the home purchase. Most sellers will fix issues to ensure the home is safe, and they want to sell it quickly, and for the best price they can get. If they are unwilling or unable to handle the repairs themselves, it may save you money if you can renegotiate a lower price on the home to offset the costs of the necessary repairs.
As a buyer, you want to feel confident about the home purchase. The home inspection will help you plan ahead and know what maintenance is needed eventually. In most cases, the inspector will be able to look at the condition of the roof and HVAC system and let you know that they may need replacing sooner than later. Or they may provide the peace of mind that the house is in excellent condition, and other than regular home maintenance, you may have some time to save up for the big jobs later down the road.
If you are a buyer or seller in the DFW area and have questions about the home inspection process, contact us for tips!