When purchasing a new home, especially in a hot real estate market, you may wonder if you really need a home inspection. You may be hesitant to pay for another expense or perhaps you just want to close the deal quickly. It’s not wise to forgo the inspection when buying a home. Here are 6 reasons that buyers need a home inspection.
Buyers Need a Home Inspection for Peace of Mind
Hopefully, the home inspection reveals no major problems and the main benefit you receive is peace of mind. This is the best-case scenario in a real estate transaction. If you skip the inspection, you may wonder if something in the house is about to break or if safety issues exist.
Learn About Expensive Requirements
In some cases, the inspection discovers that the home has expensive requirements that you need to know about. You may be spending every bit of your savings on the downpayment and closing costs and simply don’t have the money to replace a failing roof. It’s important to get a home inspection to learn about urgent requirements that a home needs, some of which you may not be able to afford.
Buyers Need a Home Inspection to Know What to Expect
With your home inspection, you’ll receive a detailed report that will help you determine what to expect as far as maintenance requirements. Your inspector will also be available to answer any questions you may have about owning the home. Your report should be kept on hand for your years as the homeowner as a reference tool.
Make Sure You Are Paying a Fair Price
Your idea of what is a fair price for a house might change when you learn the accurate details of its true condition. If the home needs a repair that costs $20,000, your idea of the house’s worth changes. While a home inspection is not the same as an appraisal, it will give you an idea of what you feel it is worth.
Renegotiate Based on the Results
Many buyers use the results of an unfavorable inspection outcome to renegotiate the deal. You might still want to buy the house knowing that it has termite damage, but not for the original asking price. Perhaps you will agree to buy it for the original price, but only if the seller repairs the issue first. You are able to negotiate after your inspection.
Include a Home Inspection Contingency in Your Offer
Protect yourself by writing a home inspection clause into your offer. Your real estate agent will help you do this. By including this contingency, you are not legally bound to purchase the home after the inspection.