Last Updated on Apr 7, 2020 by James W
It’s really easy to get caught up in the excitement of buying a new house or any kind of property. According to an article from Psychology Today, “emotion is a necessary ingredient of all decisions???, and it can be especially present when it comes to creating a new home. However, such a big purchase should always be made based on rational analysis of available alternatives and all the pros and cons. To gain true insight into these things, first you will have to do some research of the market in general, the neighborhood you are buying, legal matters and, of course, the condition of the property. The last one is often forgotten by the enthusiastic home buyers. Here’s why you shouldn’t make that mistake.
The Opportunity to Back Out
At first, home inspection may sound as a routine procedure that takes you just a step away to signing the contract. However, some problems discovered by the inspectors can actually throw a wrench into the purchase. The most obvious reasons to balk at the purchase are foundation issues, black mold in the basement, evidence of water leaks, major roof problems, furnace malfunction and outdated electrical system. If these problems are discovered during a property inspection you can still back out of the offer to purchase.
Saving Money
Although some property seems like a great offer at a first glance, you may think differently once you put all the other expenses into the equation. Many home buyers think that they’re saving money by inspecting the properties on their own without professional inspectors, but that can incur much bigger costs in the future. While home inspections cost hundreds of dollars, roof repairs and furnace replacement can cost several thousand.
Revealing Safety Issues
Many safety issues burdening homes today are not visible to the eye, and you might end up moving into a property that is potentially dangerous for your safety. Professional inspectors can discover these problems timely and give you and the home seller the opportunity to solve them before you start living there. Two of the most frequent health hazards discovered in homes are carbon monoxide and radon.
Dealing with Vermin
Besides being incredibly annoying, vermin can pose a serious threat to the affected property. Sure, a mouse or two will find its way into most of the houses, but some more notorious pests like termites can literally eat the house to the ground. Since these pests can appear at any time, it is highly recommendable to check the property before you put your signature anywhere. It is of the utmost importance to get rid of the vermin, and see if they’ve already caused some damage before you start settling in.
Negotiating Power
It is hardly likely that any property will be in absolutely perfect condition, and some problems that are not exactly deal-breakers (see paragraph one) can be used as a leverage to get a better deal. After the inspection is over, you will be in the position to ask for a price reduction, credit or repairs. Just make sure you aren’t negotiating these matters without previously consulting your realtor.
Being Aware What You Are Buying
Most of these reasons basically come down to one, the most important one: knowing what you’re buying. Even if the house has no major problems that need to be repaired or some that will cut down the price, you will be fully aware of the condition of the property you’re going to use, as well as the potential problems that might occur later. The fewer surprises you have down the road, the more money you’ll save and the happier you’ll be with your purchase.
Home inspection is never a waste of time or money. It doesn’t matter how new, stable and perfect the house looks like when observed by a potential home buyer, it may carry some serious pitfalls. Instead of judging a book by its cover, dig deep into its content and ask for professional help to avoid misinterpreting the message.
