Why Home Purchasers Require A Home Inspection Before Taking Ownership
Homeowners often go through a variety of reasons for a home inspection that might include an appraisal, refinance, repair or the sale of the house. Overall, a home inspection is not very time-consuming. However, it can be expensive.
For the sale of the home, the price is often included as a condition of the sale. For others, the bill must be paid up front. Generally speaking, the nominal fee for a typical home inspection runs approximately $300, based on the region of the country. For the home buyer, this is an invaluable tool to understand exactly what in the home might need to be repaired or replaced either before the home is purchased, or soon afterwards. It offers a significant piece of mind and assurance that the home purchaser knows exactly what they are buying at closing.
Overall, a home inspection is usually done as a way to reveal any hidden flaws that might have been disclosed at the time of the sale. It ensures that the valuation of the property is correct and that there are no serious defects to the home including termite infestation, or crumbling foundation.
When properly performed, a routine home inspection can assure the purchaser that the sale price has not been inflated and that the home is actually worth as much is the realtor and the seller have claimed. Revealing any minor or major problems well in advance allows the purchaser to reevaluate whether they still would choose to buy the home or ask for a loan for purchase.
Many times as a result of a thorough home inspection, the potential homebuyer might choose to back out of the real estate deal, or offer the seller a much lower offer than what was originally appraised. In addition, the bank might not be so eager to loan out the requested amount of money knowing that there are necessary repairs to maintain the house right from the start.
Overall, the home inspection will include an assessment of the substructure or basement of the home, the cooling and heating system, the roof system, the electrical wiring, the attic, and any damage caused by insects or water. The exterior of the home will be thoroughly examined to look for any wet or dry rot, damage caused by insects, signs of termites, or any other type of damage or trouble.
Finding significant problems during the time of the home inspection is not necessarily a deal breaker for the seller. It allows them the opportunity to go back in and renegotiate the price of the home, or agree to make all or some of the corrections before the home changes ownership. In the end, this can be a win-win for both parties of the sale. For the purchaser they have peace of mind of knowing that all of the problems have been corrected. For the seller, they know that they will not be hassled in the future of selling an inferior product for a high price.
