If you’re buying a house, one of the most important steps is getting a home inspection. Although they’re not required to get a mortgage, a home inspection protects you against purchasing a money pit. Even the most beautiful homes can hide nasty secrets that could cost you thousands, so taking the time to hire a professional home inspector is crucial.
What is a Home Inspection?
A home inspection is simply when a professional inspector looks over a property and checks for potential issues. It’s a non-intrusive process, so you don’t have to worry about them breaking down walls, but your inspector will thoroughly look over all aspects of the property. A few of the things they check is the HVAC system, the plumbing, electrical, the attic, and the foundation. Home inspectors also check appliances like the water heater, refrigerator, washer and dryer, and stove to make sure they work correctly.
What are the Risks of Not Getting a Home Inspection?
There’s many reasons why you might consider foregoing a home inspection, like trying to beat other offers in a competitive market. However, doing so could put you (and your finances) at risk. No matter how good the property looks, the potential issues you can’t see could be hiding beneath the surface, just waiting to cause a host of problems.
Normal buyers can’t detect unseen costly repairs or dangers like asbestos, notice a termite infestation, or see a system that is not functioning properly. These things can be devastating on the wallet, and if you don’t identify them before the sale, you’ll be responsible for the cost of fixing them.
No matter how desperate you are or the emotional connection you have with the property, you never want to buy a house without getting it inspected. You don’t want to find yourself going to turn on the heat six months after your purchase only to find it doesn’t work. A simple inspection could have saved you thousands!
How to Protect Your Investment
The best way to protect your investment is hiring a professional home inspector to look over the property before you buy. They can identify issues early, saving you time and money. A home inspector can identify mold or water damage or see that the roof needs replacing. They’ll check the water heater and let you know if it’s running properly.
These discoveries are all too common, so it’s a smart idea to make the sale of the home contingent on what the home inspector finds. You can usually work with the seller to come to an agreement, either having them fix the problems or lower the price to account for the repairs.
If you aren’t able to agree on the terms, you’re able to back out of the sale and get back your deposit if your purchase is inspection-contingent.
Once you’ve purchased the house, you’re financially responsible for all repairs if you waive the inspection contingency. Sometimes, the repairs are minor, but other times they’re major and costly.
Final Thoughts
If you skip a home inspection, you’re risking expensive and time-consuming repairs. Investing in a professional inspector can save you thousands, so you’ll have peace of mind knowing your home is safe and ready to provide years of enjoyment.