Reasons you shouldn't skip a home inspection
There are a couple of tips that every real estate agent will give you. First, realize that location is paramount when it comes to property value. Second, the sooner you start tackling the local real estate market, the better. And, finally, you shouldn't skip a home inspection. And seeing that people are often unsure of why home inspections are important, we will take a closer look at what they entail and what information they provide.
Top reasons why you shouldn't skip a home inspection
A thorough inspection is an essential part of any large-scale investment. Whether you are buying a car, investing in a business, or purchasing a piece of land, you need to know where your money is headed. You can and should hire a professional to help with the inspection, especially if you trust them and have worked with them before. However, you should never wholly delegate your inspection and skip being present while it is performed. Even top inspectors can skip or miss something, so it is always helpful to be around. Homes can have numerous minor hidden issues that can go unnoticed. This makes inspecting them even more necessary, especially during the first stages of a purchase.
If you are new to home purchasing, know that safety is paramount. Whether you are looking for your dream home or figuring out where to live, you first need to think of safety and then about everything else. Luckily, one of the first things you will learn from a thorough home inspection is whether it is safe.
Home safety should always be your number one priority.
Mind you, an unsafe home doesn't simply mean one that is going to fall over. Lead issues, mold trouble, pest infestation, and electrical wiring issues can all present serious safety hazards. Some of these can be quite hard to notice, as they can remain tucked away until the problem occurs. So, it is always a good idea to have an experienced inspector question the previous owners, and look through the entire home.
Knowing what you are getting
Every home looks beautiful on the first impression. After all, there is hardly an owner out there that won't invest into making it look top-notch. And no real estate agent will put a home up for sale without staging it first. But, as it is most first impressions, they can be deceiving. All that staging and sprucing up can serve to hide serious issues. Therefore, without a detailed home inspection, you might buy something in a far worse state than you previously thought.
Revealing illegal alterations
Homeowners sometimes forget that almost all home alterations must be legally approved. Depending on the state, different home improvements may require a permit. Even room placement, fence installation, and home systems can be considered illegal. And, if a home doesn't have the necessary legal paperwork, it can come back to bite you when you try to get insurance or pay taxes. So, it is always a good idea to ensure that the home you are checking out is entirely legal.
Any lack of legal paperwork can cause you considerable trouble down the road.
Figuring out the actual cost of your home
A common mistake that people make is that consider the asking price for a home as its actual cost. Of course, the price you pay for your home will be a large part of it, but you also have to add the cost for repairs, insurance, taxes, and quality of life alterations. With those added up, the true cost might be substantially higher than the asking price. Luckily, you won't have to pay for everything at once, as certain issues can be postponed. Nonetheless, you will have to pay for it.
This is another benefit of performing a home inspection that people are unaware of. An experienced home inspector will not only point out the issues but will also give you a rough estimate for fixing them. This should provide you with a good idea of your long-term budget and how you should approach your home payments.
Gathering resources for negotiation
While we are on the subject of figuring out the cost of a home, it is essential to note that no asking price is set in stone. Your negotiation skills, and the resources you acquire, can play a significant role in reducing the asking price. Much like you would negotiate with your residential movers when having your household items transferred, so should you employ these tactics when inspecting a home. Skillful, well-researched negotiators can bring the price down up to 20%, which by no means is a small amount.
Once you understand the basics of a home negotiation, you will realize why you shouldn't skip a home inspection.
Unfortunately, negotiation skills can be hard to acquire, even more so if you don't have much prior experience. But, fortunately, the resources necessary for negotiation are surprisingly easy to come by. Namely, the primary method of doing so is a home inspection. By carefully inspecting a home, you can pinpoint all the aspects that can bring down the value. Various elements that the current owner "forgot" to mention can serve as leverage once negotiations start. The more things you can point out, the more reason you have to ask for a lower price. You will need to have an experienced realtor by your side for this kind of inspection as only they know all the tiny details that can play a significant role.
What to keep in mind during the home inspection
By now, you should have a good idea of why you shouldn't skip a home inspection. Doing so is not only lazy but can ultimately be quite detrimental to your purchase. The one thing that we would advise you to keep in mind, especially if this is your first time buying a home, is to try and consider what the current owner doesn't want you to see. As we mentioned, it can be surprisingly easy to get dazzled by the first impression. Any homeowner or relator will give a terrific presentation of why the home is definitely worth the cost. But, you need to look past what they are showing off and focus more on what they are not saying, rather on what they are not.