Home Inspections: 5 Benefits When Buying a Home
If you're thinking about buying a home this year, it's time to learn what buying a home entails. It's not as simple as tracking down a property that seems to check all of your boxes, from price to location. It's about verifying that the property is truly right for you.
A home inspection is an important part of the buying process. Home inspections involve hiring a professional who will take a closer look at the property you're interested in to tell you what condition it's really in.
Unfortunately, many buyers skip a home inspection because they don't want to pay additional fees. The reality is that paying a few hundred dollars is worth it when it can save you from investing hundreds of thousands in a property you don't love.
Ready to learn more about the importance of getting a home inspection before buying a home? Read on for five unbeatable home inspection benefits for buyers.
1. Verifying the Condition of the Property
A responsible seller will comply with home listing laws, and that includes disclosing information about all known issues with the property. Sellers should tell you about any major repairs they've made on the property as well as problems that they've yet to address that may require repairs in the future.
That said, sellers may overlook the importance or relevance of seemingly minor issues. For example, they may know that some of the windows are drafty or that the plumbing is showing signs of wear and tear, but may see those things as minor issues that they don't need to disclose. There are also plenty of potential issues that a seller may not know about, in which case they won't disclose them in the listing.
A property inspection allows you to verify the condition of the property, rather than taking the seller's word for it. Some often-overlooked property damage, like a sinking foundation, can become a serious problem in a matter of months, and you deserve to know about it.
2. Receiving an Unbiased Opinion
When buyers are on the hunt for a future home, it's hard to keep emotions out of it. You might have a taste for older styles of architecture, leading you to gravitate toward properties that need quite a bit of maintenance. You might have your eyes set on a specific neighborhood and overlook property issues because the property is in your dream location.
A home inspector has no bias when it comes to inspecting a property. They're only there to provide their expert opinion about the state of the house and its structural features.
Working with a realtor can protect you from making a purely emotional decision. Hiring a home inspector can add that professional insight you need to see a property without rose-colored glasses.
3. Estimating the Cost of Maintenance
Plenty of buyers are more than happy to pay less upfront for a property that will cost more in maintenance down the line. Even if you're willing to invest in major renovations or structural repairs, you should know how much that's going to cost.
A home inspector will provide you with documentation of every issue they discover during the inspection. You can use this documentation to research the cost of different renovations and home repair services in your area to find out how much it will cost to turn a fixer-upper into a dream home.
While some repairs can wait, others need to happen ASAP to make your home livable or prevent worsening degradation. We often advise our clients to factor in the cost of repairs when considering the cost of the property. A home inspection can help you to create a more accurate estimate of the cost of maintenance.
4. Using Knowledge as a Negotiation Tool
One of the most important reasons to get a home inspection is that it becomes a negotiation tool. Just because the seller has a set asking price doesn't mean that you should pay it. When a home inspection uncovers undisclosed issues, you have every right to bring this to the seller's attention.
As a buyer, you have two primary options: you can ask for a price reduction or for closing credits. Both have pros and cons, and you'll want to think about your immediate and long-term needs before making the choice. It's important to know that you have the option and exercise it when the property is in worse condition than you thought.
In fact, without a home inspection, a seller can easily dispute your claims. Documentation of the condition of the property is irrefutable, which gives you the upper hand.
5. Protecting Yourself from Buyer's Remorse
In 2020 and 2021, tons of first-time home buyers rushed to buy homes. The market became tumultuous, and many buyers entered into bidding wars, losing out if they didn't act fast. As a result, a lot of buyers cut corners, and that includes skipping the home inspection.
It's no wonder, then, that many recent buyers have expressed some degree of buyer's remorse. Buyer's remorse occurs when you have at least one regret about buying your home. A home inspection can better prepare you for the reality of purchasing a property, lowering your chances of discovering unwelcome surprises.
Don't Skip the Home Inspection When Buying a Home
If you're getting ready to buy a house, you'll need to factor a home inspection into your budget. As you can see, getting a home inspection can put you in a much better position as a buyer and enable you to make an informed choice.
Are you searching for an experienced realtor in the Edmonton area? Contact us today to partner with some of Edmonton's top realtors. We have a long history of helping both buyers and sellers achieve their real estate goals.