Congrats on buying a new home! When you find the perfect location, neighborhood and floor plan, it is always a rush to sign on the dotted line and buy the house. In your rush, you may overlook basic problems with the house because you are so excited about the bigger benefits. This is why a home inspection is valuable. A professional comes in and looks closely for issues that may be serious down the road that may not be visible to the untrained eye.
1. Safety and peace of mind for your family
During a home inspection, the property is tested for dangerous chemicals and substances. Things like carbon monoxide, radon and mold can be detected during a home inspection. Make sure your offer states that you can cancel if harmful substances are found in the house.
2. Basis for pricing negotiation
If the home inspector finds that some things are missing or are not in great shape, you may be able to use the inspection to lower the price. For example, if you must repair the plumbing or electrical system, take the amount you will put into repairs and negotiate a lower price on the house.
3. Identify your own deal breakers
Your home is not likely to have everything you have ever wanted, and you must decide what you can work with and what is a deal breaker for you. A home inspection will cover things like heating and cooling systems, fireplaces, roofing systems and structural components of the home. Exterior features are also examined during the inspection. If the home has a balcony that you love but the inspector determines that it is unstable, you may decide that removing it is a deal breaker before you buy the home.
4. Know how much your home will really cost
You know the asking price, your closing costs and your monthly payment amount with insurance, but what about the things that may cost you each month? For example, a heating or cooling system that is on its way out may raise your utility bills each month. A home inspection will help you determine how much your house will cost you.
5. See the bigger picture
While you may only see what is right in front of you when you find what you think is the perfect home, a home inspection reveals the bigger picture and what you will deal with down the road. If you are thinking of buying a house and want to make sure your investment is protected, we encourage you to speak to an attorney about what is necessary in addition to a home inspection.
