Why is a Home Inspection so Important? Have you ever thought about saving the money and skipping on a home inspection? For your sake, I hope not! Let me tell you why.
As a buyer you want to buy a home with good investment possibilities. If you didn’t why would you buy a home. These days you can rent for nearly the same price as owning a home. But you know that owning a home brings you options that you can’t get when renting; Investment options. You can add-on, landscape, update, remodel, and other endless possibilities. Do you own a home now? If so, how many things have you changed in your home without a licensed contractor? Okay, you don’t need to answer. The truth is realistic, you own your home right? Of course you have done some DIY work, understandable. And did you know that most of the things you have done probably needed a permit. Well, you are not the only ones. Most likely so did the sellers that are selling you a home. Some sellers have gotten the proper permits and went by the book. These are the owners that get the most profit from the sale.
A home inspection can find hidden things that can cost you a lot of money. I know $300 to $500 seems like a lot of money to just throw out on the table, but the amount you will be spending if you don’t get that inspection and buy a home with hidden issues can be ten times that amount or more. An inspector can find many hidden problems like dry rot, infestations, mold issues, past leaks, and many other things you can’t see with an untrained eye.
Jill and Herb, a married couple with children, found their dream home. It was perfect. A three bedroom, three bathroom home with a 10X10 walk in closet, beautiful big kitchen, and all on three acres. They were so excited that they hurried to get their offer in understanding that they were offering fifteen thousand less than the sale price and they asked for the seller to pay closing costs. They knew it was far fetched but this is all they could afford. They were in shock to find out the seller had accepted with in two hours without any counter offer. Jill and Herb ended up getting into a little spat about how Herb could save money by performing the inspection on his own. Jill wouldn’t have it and made sure they hired a professional. Herb’s ego was a little crushed, but after the inspector found water damage all over downstairs and in the crawl space, he easily forgave Jill. The inspector explained that to repair the damages more than fifteen floor boards, that were dry rotted, would need to be removed and two cornering walls would need to be replaced. One of the walls was a supporting wall. Jill and Herb didn’t have the money to make these repairs and thankfully backed out of the sale with earnest money in hand.
Most damages to a home will show up on a seller’s disclosure, but when a home is foreclosed on and the bank has taken possession the bank has no legal obligation to provide a disclosure because the bank has not lived in the home. Brand new homes have the right of exemption also, because the contractor has not lived in the home. Brand new homes don’t always sell right away and may have been sitting unoccupied for quite awhile and it is beneficial to have an inspection.
Don’t make a decision you will regret. An inspection may save your investment money. Don’t be the investor stuck in a damaged home that you can’t get rid of. Be the investor that hired the inspector and found that costly damage before you bought the home.
