For your protection, before you buy a home, get it inspected!
Do you know why you should have a home inspected before purchase? Find out before you buy that new home.
The American Dream of buying a new home can be an exciting and thrilling experience. However, that new purchase could be deemed “The American Nightmare,” full of unexpected repairs and costs if a proper home inspection is not conducted before taking ownership. In today’s housing market, a shortage of move-in ready homes combined with rising housing prices are causing bidding wars among prospective new homeowners.
In an effort to secure the rights to purchase a home, soon-to-be homeowners may waive their right to have the home inspected. This means that the home is being accepted in “as-is” condition, in which case removes any potential liability on the property from the seller and transfers it to the buyer. This could potentially mean hundreds, thousands or hundreds of thousands of dollars in costly repairs over the life of the home.
Before you purchase a home, you should have it investigated by a licensed home inspector. The Department of Housing and Urban Development (HUD) has compiled a list of the ten most pertinent questions homeowners may ask when choosing a home inspector at hud.gov. A reputable and licensed home inspector will conduct a visual inspection of the home that will include the exterior and major interior components.
Those components may include:
- Exterior of the house
- The roof and related features
- Attic, basement or crawl space
- Plumbing and electrical
- Heating and cooling systems
- Kitchen and bathrooms
- All structural and mechanical systems
Michigan State University Extension suggests that potential homeowners may find it very useful to be present when the home inspection is being conducted to visually see the condition of the home. This may be very beneficial in deciding whether or not to purchase the home. Upon completion of the inspection, the inspector should provide a full report of all items that are in good condition and those that are in need of repair. The report may include full color photos to assist the homebuyer in understanding what repairs, if any, will be needed. The cost of a typical home inspection is between $250 and $500. The cost is a reasonable price to pay to have peace of mind that a sound investment is being made in the purchase of a home. So for your protection, make sure you obtain a home inspection.