Buying a home is expensive, so why spend more money on a home inspection? Well, having a professional perform a home inspection can actually help your wallet in the long run. You’ll improve your chances of avoiding unwanted housewarming “gifts” – like a surprise rain shower from a broken pipe – and decrease your chances of experiencing buyer’s remorse. Need a few more reasons for why home inspections matter? Read on!
The excitement of homeownership can skew perspective – as though you’re seeing through rose-colored glasses. Thankfully, a certified home inspector has no emotional attachment to your soon-to-be residence and can objectively identify structural, electrical and plumbing issues.
“Most home inspections aren’t pass or fail. What a good home inspection will do is prepare you for what’s coming down the road,” says Geoff McLennon, a real estate agent with RE/MAX Advantage in New Westminster, British Columbia. “Every home is going to cost money to own, but a good inspector helps you anticipate and plan for those costs. I like to think of the inspection guide as the user manual for your new home.”
Since home inspections are typically conducted after an offer is accepted, the inspector’s detailed report can – and should – be used as a negotiating tool with the seller.
“Provide the seller with a copy of the inspector’s report. Now that they’ve seen the report, the seller may have increased liability if they know about a defect and don’t fix it or disclose it. They are better off dealing with you now rather than later,” says McLennon.
Save Money Down the Road
Inspections can help you gain bargaining power, and with this bargaining power you can save hundreds or even thousands of dollars down the road. It’d be quite a burden to skip a home inspection only to later find out the entire home needs rewiring.
“People will spend half a million dollars on a home but try to save $500. Homes can come with some pretty expensive surprises, and most of the time it’s foolish to skip the inspection,” McLennon adds.
You’ve heard it before: “Safety first!” This is especially true for your new home. Home inspections not only uncover minor damages to the house but also life-threatening issues like lead paint, asbestos, radon and mold.
“Other than pointing out things that don’t meet today’s safety standards, one of the best things about using a home inspector is catching safety issues. I’ve had inspectors identify foundations that were moving or that the wiring in the home was only used for a few months before it was recalled,” says McLennon.
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