What property types should you consider when buying a home? Here are some key factors to understand when making your decision!
Home inspections have long been considered an important part of purchasing a home. However, sometimes people still feel uncertain about their worth. If they are not mandatory, why should you place so much value on them? Here’s why a home inspection should be a key part of your housing experience, and the risks of passing it over.
They keep you safe
First and foremost, home inspections are an important part of ensuring a property’s safety level. As a buyer, you want to move into a home that is up to standard on all potential safety concerns. A home inspection is designed to uncover anything that could put your safety at risk. For example, things like faulty wiring, gas leaks, or black mould all pose their own dangers. However, you likely wouldn’t notice them if you weren’t actively looking for them. An inspector will have their eyes open for anything of this nature. If the home ends up having a significant risk factor, this is something you will know before you move in. This allows you to plan your next steps so you can be confident the home will be safe by the time you take possession.
They detect issues big and small
Apart from safety concerns, home inspections will also reveal any unpleasant issues with a property that might not be dangers, but are definitely important to correct. For instance, some houses are prone to flooding at certain times of the year. The furnace or air conditioner might not be working properly. The roof may have weak shingles that need to be replaced. Without a proper inspection, these are things you wouldn’t know about until they become a problem. Learning about these issues, if they appear, can be frustrating for the buyer. However, it’s much better to learn about them sooner rather than later, which we will discuss below!
They can save you money
Of course, home inspections will cost money upfront. However, they can save you so much more than they cost in the long run. Let’s say you don’t complete a home inspection, and you purchase a property. Later on, you discover the roof needs to be completely redone, the plumbing is unreliable, and the heating doesn’t work properly. As the home owner, you are on the hook for paying for these fixes to be done. Suddenly, you are out tens of thousands of dollars because of repairs you did not budget for.
Now, imagine if your offer included a condition that the home must pass an inspection. These problems would be revealed during the inspection before the sale closes. As the potential buyer, you have a couple of options. Thanks to the condition in your offer, you can walk away from the sale if you think the home has too many problems to handle. Alternatively, you can negotiate with the seller and still purchase the home if you aren’t responsible for covering the costs of necessary repairs. In either case, you have the information you need to make the best decision for yourself.
They give you a better understanding of the property
Finally, home inspections offer peace of mind, which you should never underestimate in the complex world of housing! Whatever the results of the inspection are, you know what you are getting into. This can impact your budget and your entire decision around the purchase. Buying a home often feels stressful enough, but a home inspection takes a big source of potential strain away.
Home inspections might feel like just another piece of the buying process. When you are itching to close on the sale, they can even feel like an inconvenience. However, you should never complete a purchase without one! We also recommend making your offer conditional upon passing an inspection, to protect yourself as the buyer. At the end of the day, you will always be glad you took this extra step.
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.