If you’re starting the process of buying a home, you’ve probably heard a lot of complex jargon thrown around, including “home inspections.” And while many people believe that home inspections are optional, we tend to disagree. So, here’s everything you need to know about home inspections and why they’re an integral part of the homebuying process.
What is a Home Inspection?
A home inspection is an evaluation done on a home by a neutral third party to identify any defects or problems in accessible areas of the property. It’s a service that essentially protects the homebuyer from purchasing a home with issues that could cost thousands of dollars to fix later on.
After a home inspection is complete, you’ll go back to the negotiating table with the seller to assess whether additional repairs need to be made. Negative or surprising home inspections may result in a canceled contract.
How Much Does a Home Inspection Cost?
Depending on the home’s size and type, home inspections typically cost between $250 and $450. However, you may see higher sums in areas with high property values. For instance, home inspections could cost more than $1000 in New York City.
Who Pays for the Home Inspection?
The homebuyer is typically the one who pays for the home inspection since it strictly benefits them. However, that isn’t always the case. Many home sellers will have their homes inspected to reveal potential issues and repairs, so they can take care of them before they put their house on the market.
4 Reasons You Shouldn’t Skip Home Inspection
While home inspections aren’t technically required to buy a home, they are a smart investment. Here are four reasons you shouldn’t skip a home inspection when purchasing a home.
1. Safety First
A home inspection is for your benefit, financially and physically. Inspections can sometimes reveal potential health hazards, like mold, radon, and carbon monoxide. When you create your contract, be sure to include a clause that allows you to back out of the sale should the home inspection reveal any safety issues or potential health hazards.
2. Identify Future Fixes and Upgrades
Home inspections also enable you to identify potential future issues with the home. While these issues may not be deal-breakers, they will allow you to forecast future costs. It’ll also give you an idea of the types of upgrades and additions you want to complete in your first few years in the home.
3. It’s a Negotiating Tool
Home inspections also serve as an excellent negotiating tool. If issues or problems are revealed that don’t result in contract cancellation, they can be used to renegotiate the asking price. As a result, you could pay less or get additional perks from the seller.
Many home insurance companies will not approve or insure a home that hasn’t been inspected. Like you, they don’t want to invest in a home that might have unforeseen problems that could’ve been avoided. So, if you’re going to get insurance for your new home (which you should), don’t skip the home inspection.
Thinking About Buying a Home?
Are you looking for homes for sale in St. Augustine or Jacksonville? If so, you should contact the Welch Team today! Our team specializes in putting families in their dream homes and getting the best deal possible.
Also, don’t miss this opportunity to grab a free copy of our buyer’s guide!