Why Should I Consider Getting a Home Inspection?

This article offers three reasons to pay for the cost of a home inspection prior to buying any home. The home inspection is an upfront cost that you may be tempted to skip because you are tight on money during the home-buying process. You may have determined that you are going to save all your money for the down payment and the closing costs. Shelling out $300-400 for the home inspection can save you a lot of money in the long run.

The first reason to pay for a home inspection is the risk of hidden costs. If you don’t know what repairs and upgrades that your prospective home really needs, you can get stuck with a lot of costs after the seller has sold you the home. Here are some examples of hidden costs that the home might need: a new roof, a new water heater, termite mitigation, or a new air conditioner. Each of these upgrades or repairs could cost you thousands. For example, a new roof typically costs upwards of $7,000 and a new water heater can cost more than $500. If you are prepared to make these expensive improvements and repairs, then you might forego the home inspection. However, if you can afford expensive repairs, then you can afford the home inspection. Most homeowners are not likely to have sufficient cash to make repairs and replacements on their home, especially right after paying the down payment and closing costs.

The second reason to invest in a home inspection comes from the National Association of Certified Home Inspectors. You need to find a good inspector with the proper credentials. NACHI recommends not to purchase a cheap home inspection because the cost “is very small relative to the home being inspected.” NACHI points out that you will pay only a little bit more to hire a certified home inspector. You can expect that a certified inspector adheres to the standards of the profession, providing you with the best objective evaluation of the home you want to purchase.

HUD provides the third reason it is imperative to get a home inspection. You should “make your offer contingent upon a home inspection.” What this means is that you are going to use your realtor or buyer’s agent to make an offer for a home. When you make the offer, the written language of the document should include that your offer is contingent upon the successful completion of an independent home inspection. The laws vary in each state, but generally once your offer is accepted by the seller, you become obligated to buy the home. If you want to get out of the contract later, it can cost you money, including in some cases the forfeiture of your initial deposit.

Think seriously about all the benefits of getting a home inspection. The drawbacks of not getting one are so expensive. The initial investment of $400 is worthwhile. A home inspection by a certified inspector comprises one of the best ways you will ever spend your money when buying a home. If you have any questions give Realtor Allison Van Wig at Keller Williams Realty a call (562) 882-1581.

© Allison Van Wig