Purchasing a home is one of the biggest investments that you will ever have to make.
When people go through the process of buying a home, they likely already feel overwhelmed with all of the money that they need to spend on a down payment, paying closing costs, and the expenses associated with moving. Because of this, many buyers will try to save money any way that they can.
One way that some buyers try to save money is by not having a home inspection done. While avoiding a home inspection could save some money initially, this will prove to be a very costly mistake. In many situations, having a home inspection done can actually save you a lot of money in the long run.
Identify Significant Problems: The main benefit of having a home inspection done is that you will be able to identify significant problems with the home before you close. While all properties will need some work or minor repairs, there are other types of issues that could be more concerning. Some major items that will look for can include signs of structural damage, issues with leaks in the home, and evidence of mold. Identifying these issues early could help you avoid making the mistake of buying a home that has some very expensive repair needs.
Provide a Negotiation Tool: Once you have had an inspection done, you will receive a full report that will outline all of the issues that exist with the home. The inspector will then provide you with a summary of each item that will outline the process to make the necessary repairs and an estimated expense. With this report, you will be able to better negotiate with the seller of the property to either get a reduction of the purchase price, receive a credit at closing so you can make the repairs on your own, or even force the seller to make the repairs before the property is sold.
Learn How to Use Equipment and Mechanicals: One of the advantages of having a home inspector complete an inspection in your home is that you will learn more about your property and how everything works. When moving into a new home, there are many things that you may not know how to use. The inspectors will be able to point out all necessary tools and points of interest in your home including the main power, gas, and water switches, location of meters, and how to turn off the electricity to certain areas of your home. In the event of an emergency, this will allow you to better control the situation on your own without having to contact an emergency repair contractor.
Learn How to Maintain the Home: Finally, part of the process of having a home inspection done is learning how to maintain your major mechanicals. The inspector will provide you with details of what you need to do on a regular basis to maintain your furnace, air conditioner, and other major appliances. Being able to do this routine maintenance on your own successfully will allow you to save money on contractors and will help to extend the useful life of your equipment.