Caveat emptor! You may have heard these two Latin words before, meaning “let the buyer beware.” In today’s real estate market, many homes are being sold “as-is.” This clause frees the seller from being responsible for fixing any repairs to the home, no matter how large or detrimental. Whether or not the property is being sold “as-is,” it is important for a potential buyer to schedule a home inspection before going through with the sale for many reasons.
The most important reason for getting a home inspection is safety. Not only does a home inspector check to ensure floors, walls, stairs, and surroundings are all deemed “livable” and safe, a home inspection can uncover health safety issues like radon, carbon monoxide, and mold. Many home inspectors will walk around with the potential buyers and explain to them how to work the instruments in their new home, such as the furnace, and how to operate the gas valve and the main water value.
2. Negotiating Tool
After receiving a home inspection, the potential buyer will receive a home inspection report. This report offers an opportunity for the buyer to request repairs to be done to the house, request a price reduction, or request a credit from the seller. It is important to ask your realtor what requests can and should be made to negotiate a better deal.
3. It Provides an "Out"
A home inspection can disclose important information about the condition of a home and its appliances; thereby allowing the buyer to be aware of potential repairs needed and estimated costs for these repairs, as well as required home maintenance. The buyer can then make a decision to assume the expense or to back out of the offer to purchase the house.
4. Forecast Future Repair Costs
A home inspector can estimate the installation age of major systems in a home like plumbing, heating, and cooling. He can also analyze the existing condition of the home structure. All systems in a house have a “shelf-life.” By understanding when these systems require replacement, a buyer can make important budgeting decisions.
At a minimum, the items below are an important area for an examiner to check during a home inspection.
- Plumbing and electrical systems
- Doors, ceilings, walls and floors
- Roof, heating and air conditioning
- Hazardous material concerns, such as asbestos
- Proper insulation and ventilation
Purchasing a house could be one of the largest investments a person will make in his/her life. For a reasonable fee, a home inspection will provide the buyer peace of mind, as well as information to make an intelligent buying decision.
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