Why You Should Never Skip the Home Inspection
Let’s face it – buying a home is a costly endeavor. It’s tempting to look for opportunities to save a few dollars throughout the process, and many buyers discuss the option of skipping the home inspection for this reason. Although it’s not required by law and could save you anywhere from $250-$500, here are 4 good reasons to always complete a home inspection before purchasing a new home.
Your Health
A professional home inspection will detect mold, radon and carbon monoxide, all of which have serious health consequences and must be mitigated before anyone should live in the home. This is especially important for families with young children, who are even more prone to chronic illnesses caused by these environmental dangers.
Negotiation Tactics
Every buyer wants to get the best deal possible, and a home inspection can be a great tool for negotiation. For example, if the inspection uncovers a deteriorating roof that needs replaced within two years, a buyer can use this information to negotiate a lower selling price that takes into account the cost of a new roof.
An “Out”
Since a home inspection can uncover structural, electrical and other major issues that may require costly repairs or have long-term financial consequences, it also provides an opportunity for a buyer to back out of the deal prior to signing the purchase agreement.
Homeowner’s Insurance
A homeowner is required by law to carry insurance on the property, and some insurance companies may actually refuse coverage without a home inspection performed by a licensed inspector. Other insurance companies offer a break on monthly rates when a home inspection has been completed.
Savvy buyers should always enlist the services of a licensed home inspector before purchasing a property to protect their health, home and finances.
Image via Flickr/chrispotter