Buying a house is not an ordinary purchase as those who buy them are investing in them both financially and emotionally. It is a purchase that directly affects the buyer and the people closest to them. So it is important that you’re buying a house that is worth the price you’re paying for, and it can only be achieved by physically inspecting them. If you’re not yet sold on having a house inspected before you close the deal, here are some reasons why you should reconsider:
Safety
Table of Contents
Even if you’re planning to rent the house or sell it to a different buyer, ultimately, a person is going to live there, so safety should be a priority when it comes to inspections. If there are red flags not mentioned in the contract, it is up to the professionals to perform precise inspections on the house offered. This is crucial if you’re buying a foreclosed as-is property that may have boarded-up walls infested with molds and other pests. If you find hazardous materials during the exercise, it must be raised immediately while the property is still at the cooling period of the conveyancing process so that it’ll be easier to deal with any changes.
Provides Information
Aside from safety, there is still other pertinent information that would come up during an inspection. This may include right-of-way issues, fencing disputes, property limits, or problems with the surrounding environment. Many people may get hooked by how the property looks, the price, or its size, but it is during inspection where you’ll be able to get the big picture. You must be able to identify deal-breakers early on to prevent headaches in the near future.
Reveal Unwanted Installations
Unless specifically cited in the contract, you won’t know just by reading if the house was altered without a proper precise inspection. If there are unpermitted changes or illegal installations in the house, it can affect taxes, insurance, and the overall value of the property. The new owners are going to essentially buy these financial problems if they are not corrected before buying them. Illegal installations could be expansions without permits, construction that does not abide by the building code, and other systems that are not above the table.
Costs
An inspection report can be a useful tool when you’re trying to negotiate the price of the property. Together with the crucial findings mentioned above, you can request to reduce the price or have it corrected before you sign the deal. Also, it’s important to remember that everything inside the house, even the house itself, has a shelf life. The inspectors will be able to tell you how long they’ve been there and how soon you will need to replace them. This adds up to the costs when you purchase the house, so it’s important that you are aware of these potential expenditures early on and make the necessary arrangements to deal with them later. Negotiating the price is only part of the overall budgeting you’re going to have to do, anticipating the costs of repairing and replacing the components of the house.
Inspectors do not limit themselves to what they find in the house. They can also help you with the analysis and solutions to specific problems found during the inspection. If you are still at the planning stage of buying a house, don’t forego a thorough inspection so that you won’t have to inherit a costly dud.
Image Source: BigStockPhoto.com (Licensed)
Site Disclaimer
The Content in this post and on this site is for informational and entertainment purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by HII or any third party service provider to buy or sell any securities or other financial instruments.
Nothing in this post or on this site constitutes professional and/or financial advice. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content in this post or on this site.
You recognize that when making investments, an investor may get back less than the amount invested. Information on past performance, where given, is not necessarily a guide to future performance.
Related Categories: Real Estate, Reviews
