Reasons Not To Skip A Home Inspection
You’re fixed on a house that you truly want to buy, your Realtor is encouraging you to get your house professionally inspected, except you don’t want to spend any MORE money than you have to. Surely you can skip out on that $500 home inspection... right? Wrong! Skipping out on a home inspection can cost you more money in the long run! Here are a few reasons why you should get that home inspection.
1. You Can Back Out Of The Deal
A home inspection reveals hidden problems your house has. There may be a gas leak waiting to happen, or there’s mold in all of the rooms. A home inspection can give you the option to back out of a deal if the house proves to have too many problems. Would you rather spend $500 to have your home inspected before you close the deal, or would you rather spend thousands of dollars repairing your home after you’ve moved in?
2. Provides Safety
Safety is the number one priority in every home buyer’s mind. People don’t want to move into a home that has mold, uneven floors, cracks in the foundation, or serious plumbing problems. A professional home inspector should detect these major problems and report them to you and your Realtor. If you're uncomfortable with the amount of safety concerns with your home, you have the option to back out of the deal.
3. Reveals Illegal Add-Ons
If it’s discovered that a room or a renovation was done illegally, you can back out of the deal because this discovery can affect the insurance, taxes, and overall value of the home. If you decide to buy the house without an inspection and your home has illegal add-ons, you’ll have to fix the problems yourself which can cost you thousands of dollars in the long run.
4. Negotiating Tool
A home inspection can also be used as a negotiating tool. If the home has too many problems and the seller is asking for too much money, you can ask for a price reduction since the value of the home is not what they’re making it out to be. You can use your extra cash to renovate the home to your desire and add more value to it. Or you could ask the seller to fix these problems before you buy the home and pay them the original price they asked for if you don't want the trouble of renovating.
5. Forecast Future Costs
A home inspector can tell you how long appliances, finishes, and equipment have been in your home. The seller might say they recently renovated the home, but your inspector can let you know that “recently” meant 20 years ago. If you decide to buy the home, you’ll have to pay for those renovations yourself and that’s an extra couple thousand dollars you know you have to budget for.
It’s safe to say that budgeting for a home inspection is the best way to go. You learn more about the home and weigh the pros and cons of purchasing the home. You can always get your money back after a home inspection, and trust us, it’s better to be safe than sorry! If you're needing to refinance your home, looking to update, or looking to buy a new home, check out our Mortgage and Home Equity loans that might help you out!
A home inspection reveals hidden problems your house has. There may be a gas leak waiting to happen, or there’s mold in all of the rooms. A home inspection can give you the option to back out of a deal if the house proves to have too many problems. Would you rather spend $500 to have your home inspected before you close the deal, or would you rather spend thousands of dollars repairing your home after you’ve moved in?
2. Provides Safety
Safety is the number one priority in every home buyer’s mind. People don’t want to move into a home that has mold, uneven floors, cracks in the foundation, or serious plumbing problems. A professional home inspector should detect these major problems and report them to you and your Realtor. If you're uncomfortable with the amount of safety concerns with your home, you have the option to back out of the deal.
3. Reveals Illegal Add-Ons
If it’s discovered that a room or a renovation was done illegally, you can back out of the deal because this discovery can affect the insurance, taxes, and overall value of the home. If you decide to buy the house without an inspection and your home has illegal add-ons, you’ll have to fix the problems yourself which can cost you thousands of dollars in the long run.
4. Negotiating Tool
A home inspection can also be used as a negotiating tool. If the home has too many problems and the seller is asking for too much money, you can ask for a price reduction since the value of the home is not what they’re making it out to be. You can use your extra cash to renovate the home to your desire and add more value to it. Or you could ask the seller to fix these problems before you buy the home and pay them the original price they asked for if you don't want the trouble of renovating.
5. Forecast Future Costs
A home inspector can tell you how long appliances, finishes, and equipment have been in your home. The seller might say they recently renovated the home, but your inspector can let you know that “recently” meant 20 years ago. If you decide to buy the home, you’ll have to pay for those renovations yourself and that’s an extra couple thousand dollars you know you have to budget for.
It’s safe to say that budgeting for a home inspection is the best way to go. You learn more about the home and weigh the pros and cons of purchasing the home. You can always get your money back after a home inspection, and trust us, it’s better to be safe than sorry! If you're needing to refinance your home, looking to update, or looking to buy a new home, check out our Mortgage and Home Equity loans that might help you out!
If it’s discovered that a room or a renovation was done illegally, you can back out of the deal because this discovery can affect the insurance, taxes, and overall value of the home. If you decide to buy the house without an inspection and your home has illegal add-ons, you’ll have to fix the problems yourself which can cost you thousands of dollars in the long run.
4. Negotiating Tool
A home inspection can also be used as a negotiating tool. If the home has too many problems and the seller is asking for too much money, you can ask for a price reduction since the value of the home is not what they’re making it out to be. You can use your extra cash to renovate the home to your desire and add more value to it. Or you could ask the seller to fix these problems before you buy the home and pay them the original price they asked for if you don't want the trouble of renovating.
5. Forecast Future Costs
A home inspector can tell you how long appliances, finishes, and equipment have been in your home. The seller might say they recently renovated the home, but your inspector can let you know that “recently” meant 20 years ago. If you decide to buy the home, you’ll have to pay for those renovations yourself and that’s an extra couple thousand dollars you know you have to budget for.
It’s safe to say that budgeting for a home inspection is the best way to go. You learn more about the home and weigh the pros and cons of purchasing the home. You can always get your money back after a home inspection, and trust us, it’s better to be safe than sorry! If you're needing to refinance your home, looking to update, or looking to buy a new home, check out our Mortgage and Home Equity loans that might help you out!
A home inspector can tell you how long appliances, finishes, and equipment have been in your home. The seller might say they recently renovated the home, but your inspector can let you know that “recently” meant 20 years ago. If you decide to buy the home, you’ll have to pay for those renovations yourself and that’s an extra couple thousand dollars you know you have to budget for.
It’s safe to say that budgeting for a home inspection is the best way to go. You learn more about the home and weigh the pros and cons of purchasing the home. You can always get your money back after a home inspection, and trust us, it’s better to be safe than sorry! If you're needing to refinance your home, looking to update, or looking to buy a new home, check out our Mortgage and Home Equity loans that might help you out!
All comments within the New Horizons Credit Union blog are the responsibility of the commenter, not the blog owner, administrator, contributor, editor, or author. By submitting a comment on our blog, you agree that the comment content is your own and to hold New Horizons CU and all subsidiaries and representatives harmless from any and all repercussions, damages, or liability.
Comments
Post a Comment