Buying a home comes with high expectations of the next few years being filled with nothing but happiness and good times. However, no one knows your new home better than you do. Do you know what’s going on behind the walls? Are there any structural problems that need to be addressed right away? A home inspection can help answer these questions and more, so it’s important to understand why it’s an important part of the buying process. Read on to learn more about this crucial step in your home-buying journey.
Peace of Mind
Purchasing a home is one of the biggest purchases you will ever make. It is an investment in both time and money, so it is important to ensure that you purchase a house in good condition. Most people who complain about their home inspection refer to problems that could have been corrected before they bought their home had they done their homework. Instead of being disappointed after closing on your new house, you can feel confident knowing that your inspector has helped identify problems prior to purchase, saving you time and money in costly repairs after closing.
An inspection is a one-time investment that can help you decide whether a potential purchase is a good deal. Most insurance companies will cover the cost of an inspection—and some even require one before they’ll insure a home. When making sense of these two numbers, keep in mind that land tends to appreciate faster than construction costs. In other words, it’s easy for your purchase price to outpace appreciation on your land alone if your community grows quickly. For example, if you buy a lot for $25,000 and expect housing prices in your area to appreciate by 3% annually over five years, that’s an expected value of $43,750 at selling time—if you don’t have any building expenses.
Uncover Safety Issues
An inspection of your home by an expert is essential when purchasing a home. The overall condition of your future house can be difficult to ascertain simply by looking at it from a visual perspective. That’s where a home inspection comes in. As a bonus, some states require inspections as part of buying or selling a house.
Uncovering safety issues may sound like a no-brainer when purchasing a home, but if you’re focused on other aspects, such as finding furnishings and appliances, you might overlook potential dangers that could potentially put your family at risk for injury.
Reveal Possible Pest & Insect Problems
One of the best ways to avoid insect problems in your home is to find them before they’re a problem. That means having your home inspected by a professional exterminator every year or two. If pests are already a problem, you should have an inspection done sooner rather than later. An expert will tell you what kinds of bugs you’re dealing with and give you suggestions for handling them. If left unchecked, insects can cause structural damage, electrical fires, and other serious problems, leading to thousands of dollars in repairs. In addition to identifying existing problems, a good inspector will also note any problem areas that might indicate an issue down the road.
Forecast Potential Future Expenses
When you are purchasing a home, it is important to understand exactly what you are buying. An experienced home inspector can help you identify potential future problems and expenses. During a walk-through of your new home, an inspector will point out structural deficiencies and estimate costs for any repairs needed to maintain a safe environment for your family. While a home inspection cannot predict the future value of a property, it can provide valuable information about potential damages from construction flaws or disasters such as floods or fires.