As a home buyer, what do you do if the appraisal value of the property is too low? In this post, we discuss your next steps.
Why a home inspection is so important when buying
Is a home inspection really that essential when buying a new home? After a couple hectic seasons in the real estate market, where inspections were often neglected, buyers today might be asking themselves this question. The answer is yes! Home inspections are extremely important. They can save you money, keep you safe, and provide you with peace of mind. Here’s why you should never skip this important piece of the buying process!
A home inspection can save you money
An inspection might, at first, seem like an unnecessary expense for a buyer. With all the other costs associated with buying a home, we understand if an inspection feels like something you can forego. However, although it may cost you money upfront, home inspections can save you thousands of dollars down the road.
Inspectors take a deep dive into the property in question and conduct a thorough search for anything that might affect its liveability or quality. This includes things like plumbing, foundation, roofing, and potential for mold or pest infestations. If they uncover anything that is in need of repair, you as the buyer will be made aware. This means you will know, before moving into your new home, whether or not you will be on the hook for multiple home repairs. If you decide the costs or interruptions of necessary fixes will be too high, you can back out of the purchase. You will be free to walk away and can dodge major expenses you may not have seen otherwise. If you choose not to get a home inspection, and later find multiple issues, you are responsible for their costs.
Inspections put safety first
Home inspections are done with safety in mind! The whole point is to learn if your new home is safe and liveable, or whether it is in need of crucial repairs. For example, it could be dangerous to live in a home with asbestos or black mold, or a home with a weak foundation or structure. Your house should be safe and secure, and inspections uncover any potential threats to your safety. Apart from actual dangers, an inspection will also reveal any costly nuisances, like a pest infestation or a leaking roof. While these aren’t life threatening to you as a home owner, they are undoubtedly unwelcome. Catching these issues early is important to minimize damages and costs.
Whether a home inspection uncovers major issues or not, it provides peace of mind to the buyer to know the ins and outs of their new property.
An inspection helps determine a home’s value
Home inspections can help you determine how much the property is worth, and therefore how much you should reasonably expect to pay for it. You shouldn’t use the results of an inspection purely to try to pay a lower price, but if a major problem turns up, this is a time when you can have a discussion with the seller. You may decide to maintain your current offer on the home if the seller pays for the repairs, for example. Alternatively, you might agree to take on the price of repairs with a lower purchase price. You deserve to pay the right amount for your future home. An inspection helps you determine what that amount is!
You know what you’re getting into!
Most of us find the unknown scary and intimidating. This is also true within homeownership! If you skip an inspection, you might be on edge from that point on, not knowing when or if something will break down or need repairs. The less you know about the health of your house, the harder it is to prepare and save for any fixes. For example, imagine you complete a home inspection, and as a result you learn the roof needs to be patched up, and a leaky pipe needs to be fixed. Everything else in the home is in good condition. Once you have the necessary repairs done, you know you will likely not have to budget for a new roof for several years. You also know what expenses you may face in the coming years. All of this makes saving for future repairs much easier.
On the other hand, not having an inspection means you are much more blind to potential problems in the home. You don’t know when you will suddenly be facing a huge repair, or how much you will need to pay for it. This is a big reason why a home inspection is so important!
Ordering a home inspection might sometimes seem like overkill, but it’s a smart move that protects both the buyer and the seller. It will provide you with peace of mind knowing you have purchased a home that will treat you right for a long time to come!
If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.