Reasons You Should Have A Real Estate Inspection Completed Prior To Purchasing A Home
If you are looking to purchase a home, it is strongly recommended that you have the home inspected by a professional prior to negotiating the final sale price of the home. This inspection is completed by a real estate inspector, also called a home inspector or property inspector. There are many reasons why you should have your property inspected prior to completing the purchase. Here are a few of those reasons.
A Real Estate Inspection Discloses Issues With the Home
The number one benefit associated with having a real estate inspector inspect a home prior to purchasing it is that the real estate inspector can find issues with the home. A real estate inspector will inspect the roofing, check the electrical system, and look at all of the major appliances. They can let you know what condition things are in. This helps you to understand what items may need to be replaced in the future or what items need to be fixed now.
A Real Estate Inspection Helps to Ensure You Do Not Overpay For the Home
While a real estate inspection is not an appraisal, an inspection can help to prevent you from overpaying on a home. After having a home inspection completed, you learn what work the home may need. If a home needs foundation work, roofing repairs, or any other large projects completed, you can ask the seller to complete the work or reduce the price of the home based on the work that is needed. This helps ensure you do not pay more for a home than you should.
Your Lender May Require You to Submit a Home Inspection to Them
As home prices increase, some lenders are starting to require home buyers to submit a home inspection to them prior to approving the loan. Additionally, certain types of loans require home inspections, such as FHA loans. The lender wants to ensure the home is in good condition, as they are investing their money in the home. If you fail to make the payments, a lender may have to foreclose on the home and sell it, and they want to ensure they can get their money back. Having a home inspection completed gives them peace of mind that their investment is safe.
You cannot tell the condition of a home simply by looking at the exterior finishes. There is a lot going on in a home that is hidden behind walls or crawlspaces. A real estate inspector can complete a thorough home inspection, ensuring you know what condition the home truly is in before you proceed to purchase it.
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