For experienced buyers and first-time homeowners alike, searching for your next home can be a stressful process. New homeowners have to balance finances, consider their future needs and so much more. So, when they finally find a home that fits their budget and plans, many homebuyers rush to finish the process. But there is one critical step you do not want to skip: the home inspection.
In this article, I cover what a home inspection is and how you can benefit from the insights it provides.
What Is A Home Inspection?
As a consumer, it’s understandable to want to know what kind of help you’re requesting. A home inspection involves a qualified home inspector assessing the condition of the property you are considering buying, including:
- Heating and cooling systems
- Plumbing
- Electrical work
- Water
- Sewage
- Fire and safety issues
In addition to evaluating these key components of a home, home inspectors also look for evidence of water damage, insects or any issue that might impact the value of your prospective home.
Why Is A Home Inspection Important?
As a homebuyer, it is often tempting to transition to the buying stage as quickly as possible. After all, most people searching for homes have been doing so for a long time, and once you find a home you are excited about, it is natural to want to secure the space.
Here are a few reasons you should let your home inspection work its magic:
- A Home Inspection Identifies Potential Problems. One of the worst feelings is regret. You are likely to have your home for at least the next 5-8 years. Regretting that decision can have a serious effect on your mental health.
- A Home Inspection Protects Your Investment. Purchasing a residence is a major investment, so buyers need to ensure they know what they are getting into. If you discover issues with a home after you’ve already purchased it, you may end up pushing past your budget. If there are any issues with the home, your real estate agent will be able to negotiate to have them repaired or corrected before you finalize the purchase.
- A Home Inspection Gives You Peace Of Mind. Buying a home is full of enough “what if” questions. Once the inspection is complete, you can rest assured knowing your prospective home is free of potential problems.
- A Home Inspection Saves You Money. Even if your home inspector discovers a small issue, that can make a big difference over time. Many issues with homes begin as minor problems. By identifying any issues with the home before you purchase it, you can avoid expensive repairs down the road.
Benefits Of A Home Inspection
On the whole, scheduling a home inspection allows you as a buyer to be fully informed about the potential costs of your new home, removing a lot of the uncertainty and potential for “buyer’s remorse.”
But even if you are feeling confident about your new home, there are still some ways you can benefit from your home inspection. Here are a few:
- Easier Access To Homeowner Insurance. Most mortgage companies require that homeowners have home insurance on their properties. But before you receive insurance, your insurer will likely require that you do a home inspection first. Integrating inspection into the buying process sets you on that path.
- Ability To Potentially Bargain. If a home inspection reveals issues with a home, homebuyers can use that leverage to either ask the seller to make repairs or in some cases even negotiate reducing the sale price by the cost of repairs.
- Checklist For Future Improvements. If there are issues with a home that are not currently causing problems, a home inspection provides a helpful checklist for ways to improve your home later on.
Home inspectors are experts in their field, and they will examine all aspects of the home inside and out. It’s important to remember that homebuyers have the right to terminate the sale if significant defects are discovered after the inspection has been completed. So, before you buy your dream home, be sure to get it inspected!
Final Thoughts
Whether you are a first-time or experienced homebuyer, you deserve to feel confident about purchasing your home. When you decide on a home, make sure to integrate a home inspection into your process. Of course, this is just an overview, and every situation is unique. If you have more specific questions about home inspections, please contact me to discuss your options. You can send me note on my contact page or give me a call at 914-447-4847.