How Important is a Home Inspection?
It’s pretty standard procedure to have a home inspected by a professional home inspector before buying it. The thought of skipping this crucial step in the home buying process does cross many buyers’ minds. Why add extra costs to one of the most expensive purchases you will ever make? It’s tempting to simply omit this step but is it wise?
A home inspection can reveal many things, some of which can be very serious! If a home inspection shows major defects, you can back out of the purchase offer without any penalties. This is why it’s such an important tool for buyers and their peace of mind.
As with most things you buy, you want to know as much about what you’re buying as possible so that you can make an informed decision. A home is a major purchase and an inspection will provide you with important information that will help you decide whether the home is a smart purchase or a money pit.
Is the Cost of a Home Inspection Worth It?
On average a home inspection starts at about $700 and when you take into account that it could save you thousands of dollars down the road, not to mention uncover potentially dangerous and life-threatening issues like mold and faulty wiring, the answer is yes.
An inspector will look at the exterior and interior parts of a home. Usually, the exterior inspection covers the exterior walls, foundation, garage or carport, and roof and the interior covers electrical, plumbing, HVAC, water heater, laundry room, bathrooms, and fire safety.
The inspection takes about 2-3 hours. You should be present to walk through with the inspector and see, in person, any of the issues they may find. The inspector will advise you which issues are cosmetic and which need your immediate attention. They will draw up a report detailing all their findings, including safety issues, what items need replacing and what can be repaired or serviced as well as what is ok for now but you need to keep an eye on.
What Are Some of The Risks If You Opt Out of an Inspection?
Aside from helping you make an informed decision about whether or not to purchase a home, the inspection report can also be used as a budgeting tool. A good inspector will produce a clear and detailed report and even advise you with regards to the regular maintenance of the major systems in the home. This way, you can have an idea of future costs and be able to budget accordingly.
Without an inspection, you’re essentially walking into the unknown. You’ll be making a major purchase without knowing what you’re getting yourself into. And you won’t be able to budget with any accuracy for future costs. Also, you’ll be hard-pressed to find lenders that will offer financing on a home without an inspection.
Better Safe Than Sorry
Is a home inspection worth it? Well, what are peace of mind and the power to make good decisions worth? At the end of the day, a home inspection is not a cost, it’s an investment. It can potentially help you dodge a bullet of huge costs, headaches, and a home you can’t live in. And that’s priceless!
