The Importance of Having a Home Inspection Before Buying
Although home inspections are not always mandatory, they are always an excellent idea. By having a home inspection performed, it is possible to minimize risks and make a fully informed decision before making a purchase. But not everyone is well-versed on the importance of having a property inspection performed before buying. With this guide, they can learn just why this step is a necessity—even when a lender does not say so.
What is a Home Inspection?
A home inspection is a professional, objective evaluation of the home and property, revealing any problems with its integrity. Through a professional property inspection, it is possible to discover if any areas of the lot or building are in need of repairs or upgrades. The inspection should always be performed by a licensed professional who has extensive experience in inspecting residential real estate.
Upon being called to the property, the inspector will come through the location, carefully looking at the:
The homebuyer should show up to the inspection to gain an inside look at the property they would like to buy. They can ask questions at that time, improving their understanding of the condition of the property. They will also receive a detailed report from the inspector afterward, as will the lender, if needed. The report will clearly depict all necessary repairs to get the building up to code and ensure the property passes inspection.
Reasons to Have a Home Inspected Before Buying
Without a home inspection, many problems can lie under the surface, costing the future homeowner a lot of money to rectify and potentially devaluing the property. Furthermore, the home could be outright unsafe to live in if its systems are not up to code.
Common problems revealed by an inspection include:
- Hazardous mold growth
- Faulty wiring
- Leaking in the basement
- Water drainage problems
- Broken or missing shingles
- Cracks in the foundation
- Defective heating components
Many of these problems lie just out of view, making it difficult for homebuyers and real estate agents to detect their presence. Without an inspectors' assistance, issues can go unnoticed until after closing, leaving the homeowner and lender holding a poor investment.
For this reason, many lenders absolutely require an inspection is performed before allowing buyers to close on the property. If the initial inspection reveals any issues, they may allow the buyer to negotiate to have the problems rectified. Then, they will need to have the property inspected once again to verify all is up to code and the property meets the ideal standards.
Who to Call for an Inspection of the Property
Homebuyers cannot order an inspection on the property until after submitting a bid and having it accepted. Only at that point can they call in their preferred inspector to take a look. Since this can eat up extra time, homebuyers should work with a real estate agent to vet the property before submitting a bid. Real estate agents will point out any potential problem areas, helping buyers understand their risk in bidding on that property.
Even with their help, however, it is impossible to fully predict if hidden problems will be revealed through the inspection. The buyer can only make an educated guess on the integrity of the property, then have their assumptions confirmed (or refuted) by an experienced inspector.
Aynor homebuyers are tasked with finding and hiring their own inspection professional, though real estate agents can help. Through their agent, it is usually possible to find an inspector who knows what to look for and can minimize the risk of buying a defunct property.
No matter if they are required by the lender or not, home inspections are an integral part of the homebuying process. Although it might be faster or less expensive to skip them, it is unwise to do so, as the inspection provides so many lasting benefits.