A home inspection will give you a chance to discover more about the home before you purchase it. In case there are serious problems with the foundation, mold issues, or underground leaks, you will be prepared to ask for repairs, a reduced price, or walk away from the property.
The Importance Of Home Inspections
Finding a home does not mean that your investigative duties are over. Although most states do not have required inspections, your lender may require at the very least a pest inspection that will need to be conducted before they agree to approve your mortgage loan. If there are termites or other insects, the home owners will have to take care of the problem before they sell the home.
But what about full home inspections? Are they worth it? In most cases, the answer is yes. Although you will have to pay for a home inspection, it may save you a lot of money in the long run.
A thorough home inspection will include checking the following:
If you are buying a new or used home, it is best to have a home inspection before signing the final paperwork. Once the inspection report comes back, you will the opportunity to ask the homeowners for a price reduction, go ahead and buy the home anyway, or ask the homeowners to make the necessary repairs.
You will receive a varied reaction from homeowners. Many times, they will agree to lower the price a little.
When drawing up an initial offer for the purchase of the home, you should include a statement that allows you to withdraw your bid if any repairs are not taken care of or the price is not lowered due to the findings by the home inspector. If the contract does not include this, then you can still withdraw from the bid, but you may owe the agent commission fees.
Having a home inspection will give you peace of mind when you are buying a home. Since you will be taking out a mortgage, it is important to know what you will be buying, and the amount of money you will have to invest after purchasing the home. A home inspection will also help you make your final decision whether to purchase the home or to keep looking for another.