For home buyers, a home inspection can feel like just another expense to add to a growing list of costs to close on the home. Yet failing to have the inspection can be a costly mistake. In fact, your home inspection could end up saving you money in the long run. If your lender only requires an appraisal, you’ll feel tempted to skip the inspection. Here is a closer look at why you shouldn’t give in to this temptation.
Identify Problems That Turn a Home Into a Money Pit
You’ve probably heard stories from friends about buying a home that turned into nothing more than a money pit. You’ve looked over your chosen home with care and are confident this won’t be you, but can you be sure? A home inspector can look closely at the property to check for problems and give you confidence that you aren’t buying a home that’s going to need a roof next year or has a poorly functioning HVAC system. These problems can cost thousands, even tens of thousands, to repair, so you need to know about them before you sign for the home.
Avoid Serious Health Risks
Some problems, like mold or lead paint, can cause serious health problems for your family. While this might require a specialty inspection, it’s always best to know if the home has these problems. You do not want to buy a home that will make your family sick nor do you want to absorb the costs of remedying these dangerous situations.
Ask for Repairs Before You Buy
If the inspection does find a problem, it doesn’t mean that you need to walk away from the house, though you have that option. It does, however, give you some negotiating room with the seller. You can ask for the seller to do the repairs before you buy, or request a drop in price to cover the cost of those repairs that will be needed when you move in. This can save you thousands, particularity if the seller is motivated and is willing to make these concessions.
The bottom line is this – a home inspection is an expense in a time when you may be strapped for cash, but it is an expense worth the investment. The potential savings cannot be ignored, and the risk of skipping the inspection is too high.
For more professional advice about home buying and securing financing, reach out to Tom Cumpston at First Home Mortgage, your Maryland mortgage professional.