7 Reasons Home Inspections are Useful to Buyers and Sellers
1. Avoid Costly Future Investments
Imagine a newlywed couple just purchased a ranch-style home in a suburb of San Antonio, Texas. This home was well constructed and built in the early 2000s while also being at the top of their budget. Knowing this community is their ideal home to raise a family, they put their savings towards the home purchase. Had the couple made a small investment amount to have their potential home inspected, they would have learned that the 12-year-old water heater, 20-year-old furnace, and the 20-year composite shingle roof will likely have to be replaced in the very near future. Having spent their savings, the couple may have to find ways to pay more than $40,000 to replace these three items.
2. Negotiation Tool for Buyers
In a buyer's market, many opportunities are presented. Should a home inspector find defects for her client, the home buyer can use such defects to negotiate a better price on the home or can persuade the seller to act by requesting the seller to pay for the repair(s) or correct the defects. Either way, this is a negotiation tactic for the home buyer because there may be instances where the seller has to sell because they are moving out of the state and may be likely to consider such circumstances in order to speed along the process of selling.
3. Full Disclosure to Buyers
A home inspection isn't just for home buyers. A homeowner who is looking to sell his or her property can hire a home inspector before putting the house on the market. The seller can disclose the known defects to the buyers so the buyer knows what exactly he or she is getting into, as well as, reducing one additional hurdle in the buying process. A seller inspection may be considered a forthright gesture. Also, the seller can assist the inspector with any issues or concerns she or he may have. This isn't normally seen with a buyer's home inspection. For example, a seller may have concerns about radon gas or potential termite infestation. Upon a seller's home inspection, she or he can put up a yard sign stating "Move-In Certified" like those offered by Blackrock Home Inspections, LLC is InterNACHI certified. Such a seller inspection may relieve potential buyers of unfounded suspicions or possible future legal claims.
4. Fix or Address Defects
A seller can hire a home inspector before listing the house for sale. Once the home inspection is complete, the seller can address and hire contractors or engineers to address the issues or defects discovered. Such action may assist in a higher negotiation price to sell or the seller can disclose the known defects to the buyers helping ease the buyer's mind with one's full disclosure. The seller can approach the negotiation table with confidence and reduce any worries or concerns that may have been lingering in his or her mind to include reducing or avoiding any 11th-hour re-negotiations.
5. Creates a To-Do List (Punch List)
Home inspections are great resources to visit on a regular base as a manner of maintaining one's home. From regular maintenance to consistent monitoring of a home's systems or components, an inspection report outlines numerous components in a home that is likely to fail at some point in the future. By using the list, a homeowner to dedicate a monthly audit of his or her home and perform a walk-around of the outside and inside to ensure no systems or components are failing or might need attention to ensure the safety of the home.
6. Obtain Repair Estimates
Buyers or sellers can use inspection reports to address defects found. By showing a contractor the report, a repair or replacement estimate can be arranged. This assists the contractor with knowing what may need to be replaced or repaired and is likely to save the contractor time. Time is money.
7. Withdraw from the Contracted Agreement
Depending on the contract, most contracts may be contingent on a home inspection. Should a home inspection discover a significant defect that impacts life safety or property loss, the inspection report can be used to withdraw from the purchase of the home potentially saving the home buyer a significant amount of money and possibly their savings.