Buyers are often tempted to cut corners on things like home inspections to save money for fun items like furniture or a big-screen television. Don’t! A home inspection is one of the best investments you can make when purchasing a new home or other real estate.
Learn how to use a home inspection to your advantage with these pointers.
Plan and Prepare
Think of a home inspection as a fact-finding mission. Having a complete home inspection performed is one step toward finding out everything there is to know about the property.
Go beyond the basics by having water, soil, electrical, HVAC, pest and other systems thoroughly tested in addition to the regular home inspection. Hidden home defects often become apparent, including poorly performed repairs, forgotten faults, structural damage or other potential pitfalls, that could transform your dream home into a nightmare.
Avoid higher insurance premiums or more stringent mortgage terms by understanding the full history of the property.
Save Money
Almost every property has a few defects – even new homes – and buyers are often surprised how seemingly insignificant items can add hundreds or even thousands of dollars to the price of a home. Having an independent inspection performed often saves more money than it costs, since the sellers are forced to fix the problem or negotiate the price based upon the new information. Remember, once a defect is known the sellers are legally bound to disclose it to all prospective buyers.
Negotiate
Motivated sellers may not have the time or interest to fix all the problems on a property.
If you have more time than money, a home inspection provides a strong rationale to lower the purchase price or work out other alternatives while the home is being repaired or renovated.