The Value of a Home Inspection
Buying a home is probably the single largest investment you’ll ever make, and you want to ensure you get the best value for your hard-earned dollar. That’s why more and more first time home buyers today are turning to professional Home Inspections. Prospective home buyers, especially first timers with less experience than a repeat buyer, may not always be able to anticipate potential problems down the line. Here’s where the Home Inspector can help.
A professional Home Inspector takes a close look beneath what’s on the surface, and then prepares a detailed written report for the prospective buyer on what repair and maintenance work is required now, or is likely to arise in the near future, as well as help you estimate how much this work might cost. The Inspector should look at such things as the condition of the foundation, electrical service, roof, insulation, and other structural factors. Don Wright can help you connect with an experienced Home Inspection service in your community.
Although costs will vary, you can probably expect to spend a few hundred dollars for an inspection of a single family home. And who pays for it? Well, since the benefit of a home inspection is almost entirely that of the buyer, it’s often the buyer who pays the full cost. However, there’s no set rule, and as with most things in real estate, the cost and who pays for it is negotiable. All things considered, it’s a small price to pay for the peace of mind it provides, and the negotiating power it can give you as an informed buyer — especially if the inspection indicates that there are major repairs required. Under such circumstances, you may still decide to proceed with your offer, but take the cost of the upcoming repairs into consideration when you decide on your offer price.
When it comes to making your offer to purchase your fist home, Don Wright can advise you how to allow for a satisfactory home inspection as a condition of your offer. Provided you can obtain the homeowner’s permission, you can arrange for a Home Inspection either before your offer is submitted, or after your conditional offer is accepted by the seller. If the conditional offer is accepted, the property owner is temporarily heldfrom accepting any other offers during a specified time period. More importantly, you have a legal escape route if the report turns up some major negative surprises, such as a bad roof or a crumbling foundation.
Don Wright can counsel you further on the best approach to suit your market and your individual situation.
