Buying a home is an exciting step in anyone’s life. But sometimes new home buyers forget about the importance of a home inspection.
In most cases, a home inspection contingency will be part of your purchase contract. Hiring a home inspector to walk through your future home is an elemental step of the home buying process. It can help you save money and time as well as help you avoid the unfortunate experience of being unpleasantly surprised.
Here are five key reasons to have a home inspection before you purchase:
1. Your New Home Might Be Hiding Something
It’s essential for new home buyers to hire a home inspector to look beyond the walls and doors of their home. No matter how old or new your house is, there may be hidden problems lurking. Issues with plumbing, wiring, mold and structural issues may be invisible to the average home buyer. That’s where the home inspection contingency comes in.
2. A Home Inspection Can Save You Money in the Long-Run
While the costs of a home inspection vary, you should expect to pay between $300 and $500 depending on the age and size of your future home. It may seem like a high expense now, but in most cases, a home inspector will catch small details that could save you thousands of dollars later. There’s nothing worse than buying a home you thought was in perfect shape, only to find out you’ll need to dip into your savings to repair a huge problem.
3. A Home Inspection Contingency Gives You Room to Negotiate
One of the benefits of having a new home inspection conducted before you buy your house is the potential negotiating power you may obtain. If your dream home is just above your budget, a home inspector will help you gather information that can give you a chance to negotiate a lower price. We also recommend arranging your contract so that if you do find any major problems, you have the option to back out of the deal.
4. The Sellers Can Repair the Home
On top of negotiating a lower price for your home, many buyers include details in their contract that require the seller to make certain repairs before purchasing the home. If your seller does not want to do the repairs themselves, your home inspector can help you estimate how much they will cost. Then, deduct the total from the cost of the home.
5. Home Inspection Contingencies Help You Know Your Home
The critical importance of a home inspection lies in knowing your home before you buy it. Researching the history of the house can help you know what to expect, and the home inspection gives you a first-hand look at any quirks or unique elements about the house — which can mean fewer surprises later.
Buying a new home is one of the most significant investments you will ever make, and at CENTURY 21 Core Partners, guiding individuals and families through the home buying process is what we do best. If you’re interested in connecting with our experienced team contact us today! We’re happy to help in any way we can.