There are many steps to the home buying process. For new home buyers, having a good team in place to help you along the way makes a big difference. This means finding a real estate agent who understands your needs and is willing to help you out. One of the most important parts of the process, aside from finding the right home, is getting an inspection. A well-done inspection can either confirm that it’s the right home for you or reveal major problems that you, or your lender, don’t want to deal with. There are many great reasons to pay for a home inspection, here are 5 of them.
It Fulfills Your Loan Conditions
One of the most obvious reasons to get an inspection for a home is because, without it, the bank won’t give you a loan. Some types of loans require a home inspection for you to buy. Getting FHA, HUD, and VA home loans in Illinois often require an inspection. This is to ensure that the home is not only livable but that it also meets other minimum standards like having appliances for cooking.
It Protects the Homebuyer
There are a lot of things that a homeowner may not disclose in the home selling process about their home. These might be intentional or unintentional omissions that they know nothing about. This means that homebuyers are left footing the bill if there are structural or electrical issues when it comes to closing. The homebuyer gets an added layer of protection when a licensed inspector comes to evaluate the condition of a home. They will test the electrical system to look for inconsistencies. They’ll evaluate the attic, the foundation, and more. They are looking for damage that may be concerning to a homebuyer. With this information in hand, a buyer can then decide whether they want to continue the deal or not.
It Can Reveal Illegal Changes
When certain changes are made to a home, such as putting on an addition, this often requires the use of a permit. When homeowners make these changes without a permit, it can reveal major structural issues. It can also mean that you would need to remove the structures and redo the work. This can be problematic for you and may cause the lender to not close on the house. It’s important to find an inspector who can find these nuances, so you know exactly what you are getting into.
Gives the Buyer Re-negotiation Power
Suppose the house you want to buy isn’t in as pristine of condition as it first appeared. While you may not be opposed to buying the home, you might want to pay less for it so that you can afford to make the necessary repairs. Using the inspection report as a tool to bargain down the price of the home is very effective in many real estate transactions. Sellers are more willing to come down on the price with a buyer who is already under contract than to go back to the drawing board and find a new buyer. Once the findings are made and put in an inspection report, the seller must disclose this information to any new buyer who comes along.
It Catches Things Average Buyers Miss
While you might notice a ding here or there, it’s amazing how a good coat of paint and some well-placed furniture can distract you from bigger issues. You may not notice that the floor isn’t level or that there is a leak under a cabinet. While these can be minor issues, that are easily fixed, sometimes they indicate something more problematic. Getting an inspection offers a fresh set of eyes on everything from the electrical to settling issues to whether the heating and cooling systems work.
Finding the perfect home in this market may be a pipe dream that you’ll never realize. But it doesn’t mean you can’t find a great home that’s safe, structurally sound, and looks okay, even though it could use a kitchen remodel. Redefining what you need, being realistic about what you can afford, and being open to great houses will help you have the most success in this difficult sellers’ market. Additionally, investing in the home inspection is worth every penny, even if it means you don’t get the house.