Is a Home Inspection Really Worth It?
Purchasing a home is the largest single financial investment many people will make in their lifetime. Before committing to such a huge responsibility, many buyers choose to have a home inspection conducted by a licensed professional. While not always mandatory, home inspections are the most direct way to determine what kinds of issues are present in the home that the prospective buyer may want to plan for or negotiate around.
In today’s hot real estate market, stories of buyers foregoing home inspections are becoming more common. While some may be asking if a home inspection is really worth it, it is important to consider the long-term implications of foregoing this step in the homebuying process. Read on for more information on why a home inspection is definitely worth the price.
When the Seller Disagrees
When the seller does not think a home inspection is necessary, this is typically all the more reason to insist that one is conducted. Even if a home inspection was recently done on the home, it is impossible to know what new issues may be present without an up to date inspection as close to the closing date as possible.
Many times, the most costly repairs are those that are hidden to the untrained eye. For example, electrical work can be wired incorrectly and pose a fire hazard even if the lights or appliances in question appear to be working fine. Improper venting of a furnace or gas water heater can lead to carbon monoxide and other toxic byproducts remaining inside the home. Vulnerabilities in a roof can lead to expensive leaks.
All of these are examples of issues that only a trained home inspector can spot. Even if you find yourself falling in love with the house you are looking to buy, resist the urge to comply with foregoing a home inspection at the seller’s request.
Hedging Against Surprise Future Costs
One of the most important reasons to get a home inspection before purchasing is that it will give you a sense of what to expect in terms of future costs and repairs. In many cases, a contingency agreement is made after a home inspection, where the seller agrees to fix certain items flagged from the inspection before the sale is finalized. However, since the seller is looking to maximize their profit from selling their home, they will be interested in spending as little as possible.
From the buyer’s point of view, it is important to find a balance between asking the seller to fix critical items that pose an immediate safety risk and more cosmetic or non-critical items. An example of a must-fix item flagged on an inspection would be mold growth in an attic space, whereas a non-critical item may be a tree branch that overhangs a garage space.
Buyers want to have important issues addressed, but asking the seller to fix every single thing flagged on an inspection is unrealistic. By foregoing a home inspection, buyers forfeit the opportunity to discover significant safety issues with the home and subsequently negotiate with the seller to have them fixed.
Choosing the Right Professional
As with many goods and services, the cheapest home inspection is likely cheap for a reason. Spend some time doing your research to find a reputable Milwaukee home inspector. Towne & Country Building Inspection brings decades of experience inspecting Milwaukee homes — feel free to give us a call to discuss what we can do for you.
When demand for homes exceeds supply, sellers often find themselves with the upper hand in real estate negotiations. This can lead to situations where sellers attempt to forego a home inspection in order to avoid having issues uncovered that could reduce interest and value in the home. Although prospective buyers may be tempted to skip a home inspection, it is strongly advised that buyers purchase an inspection conducted by a qualified professional before choosing to move forward with negotiations. Need a reputable home inspector in the greater Milwaukee area? Call Towne & Country today.