Purchasing a home is likely one of the biggest expenses you will ever have. Even if you are able to negotiate a great price for the home, it can be tempting to get around some costs that are considered optional. This includes the home inspection.
Depending on where you live, a home inspection will cost between $400 and $1,000. Saving a few hundred dollars upfront might seem like a good deal. However, down the road, it could end up costing you tens of thousands of dollars.
You Want to Know What You Are Purchasing
You would not go to a fast-food restaurant and just take whatever food they give you. You want to know what you are paying for before you get it. The same principle applies to the most expensive purchase you will probably ever make.
During the inspection, the inspector evaluates the condition of the home’s major systems. They do this by visually inspecting the features. Next, the inspection switches to evaluating the performance of the home. A thorough inspection will include the foundation, the roof, the plumbing, and the HVAC system.
Once the inspection is complete, they will give you a simple, clear, and easy-to-read home inspection report. You can use this report to make an informed purchasing decision.
Pay Money Now to Avoid Future Costs
An inspector can tell you the approximate age of the major systems in your home. Each system in your home has a shelf life. You need to know before you purchase the home when these systems will need to be replaced. This will allow you to budget accordingly.
If the inspector finds that there are massive repairs that are needed or that there are major expenses on the horizon, you can walk away from the sale or use this information to negotiate a lower price. Minor problems can be repaired by the current homeowner prior to the sale.
If you use an inspection in this way, the couple of hundred dollars you spent will pay for itself many times over. Even if there are no repairs needed, the peace of mind that comes from having a home inspection is worth its weight in gold.
Addressing Safety Concerns
In addition to highlighting potential expenses, a house inspection can highlight safety concerns. There may be electrical issues, plumbing issues, or major issues with the foundation and structure of the home that could present a potential danger. You have the right to know about these things before moving in.
A homeowner might not disclose these things to you out of malice or because they don't know that these conditions exist. A house inspection allows you to go into the purchase with your eyes wide open.
A home inspection may also include cosmetic issues. These may not need immediate repair, but they will probably need to be repaired or replaced in the long term. Knowing the cost of repairs in advance can help you make an informed buying decision.