4 Key Reasons Buyers and Sellers Need a Home Inspection
When it comes to real estate transactions, sellers are eager to complete the moving process and many buyers are eager to cement that purchase for their dream home. Each party has their own goal: sellers want to get the highest return on investment, while buyers want to buy a reliable home at the best price possible.
Many sellers invest in a pre-sale inspection in order to get a realistic idea of the home's value and prevent contract contingencies when closing the deal. However, buyers are often advised to have an additional inspection right after the contract process begins. Because things can change quickly within homes, the following information explores four key reasons why home inspections are so important in the real estate world. Keep reading to become an expert on home inspections.
What Buyers See Isn't Always What They Get
With an older home, serious issues can lay behind even the most beautiful exteriors and interior walls. Even with newer construction homes, a home inspection isn't a waste of time or money.
Regardless of age, costly troubles can hide in any home. A qualified home inspector can detect everything from structural issues to what lies behind the walls and where the eyes can't readily see. Avoid expensive problems with a preventive home inspection.
Spend a Bit Now… Save Money Down the Line
While a home inspection can cost between $300 and $500 up front, it can prove to be money well spent after moving into a home. For sellers, a good home inspection can equate to being able to prove to buyers the true value and condition of their home.
Because home inspectors are certified and trained to expertly examine hundreds of home factors such as foundations, cosmetic issues, and minor and major systems on properties, they can discover potential issues before the sale is completed. Major problems covered in home inspections that might be considered for contract contingencies or buyer negotiations include:
- Roofing issues
- Poor or faulty electrical wiring
- Window compromises
- Water heater issues
- Plumbing problems
These issues may not only be costly to repair, but could also result in danger to occupants. Being aware of these in advance can help buyers avoid disaster and overpaying for the property.
Home Inspections Can Create Negotiation Opportunities
The art of negotiating a home's price is best done by professional real estate agents, but with a home inspection on hand, buyers are able to negotiate a better deal and dictate what's important to them to determine what they might want to have fixed prior to buying. In cases where sellers don't want to repair serious issues discovered during inspections, price negotiations or seller concessions may come into play and alter the terms of a conventional mortgage. Legal stipulations giving buyers the chance to cancel contracts if the seller backs out of concessions or repairs can be inserted into agreements, should inspectors find problems.
Buyers Know What They're Buying, Sellers Know What They're Selling
Most people have experienced the disappointment of having a much-anticipated package arrive broken or to be not as advertised. Imagine making one of the biggest purchases of a lifetime, only to move in and start experiencing costly issues. Researching a home requires experience, and there is no one more valuable to determining condition than a professional home inspector. Skipping this step could lead to making a huge 'money pit' mistake that costs significant amounts of money in home improvement costs.
Home Inspections Save Everyone Money & Stress
The results of not investing in a home inspection—or even two—can equate to a financial mishap on either the seller's or buyer's side. This small investment is well worthwhile when making such a huge purchase, and a local professional real estate agent is the perfect person to help buyers find the most reputable inspectors in town.