Buying a home is a very exciting time in one’s life, but with such a large expense, it is also an experience that brings a lot of stress to the table, especially for first-time home buyers. In order to curb fears about investing hard earned savings and years of mortgage payments into a money pit, first invest in a pre purchase building inspection. Read this post from Home First Property Inspections to learn more why you need to do pre purchase inspection before buying a house.
House inspections are performed by a professional and usually cost between $250 and $500, which is a small amount when considering the service could save you thousands of dollars, and a ton of heartache, in the end. A home inspector will take his time fine combing the inside and outside of a house, climbing into the attack, descending into the basement, or even crawling under a pier and beam structure to check for things like: the integrity of electrical wiring, signs of water damage or mold, correct use of beams and headers for structural support, plumbing issues, possible foundation issues, roof damage, signs of carpenter ants and termites, and more.
A pre purchase building inspection is done before you purchase the home, however, you don’t have to worry about losing out on a great deal because one can be performed after your offer has been accepted and a contract has been signed with an inspection contingency which allows the buyer to back out, without penalty, if issues are found. In many cases, only minor issues that are low in cost and easy to fix are found, and the buyer agrees to purchase the house, despite the flaws, but often can negotiate a lower price based on the inspection findings. However, in instances where costly termite, mold, or foundation issues are discovered, homeowners have the option of walking away from the purchase with no more loss than the cost of the inspection and their time. Although, a savvy investor might look at this as an opportunity to buy a fixer-upper in a desired location and rescind his original offer in place of a much lower price to compensate for the work that will need to be done. However, this is a gamble because the damage could be more extensive than originally thought, resulting in much more expense than anticipated.
Whatever the ultimate decision of the home buyer, house inspections are vital in providing peace of mind and informed decision-making for a very important investment.