Home inspections are a valuable tool when buying a home, whether it’s a luxury Barrington home, a condo and even new construction. Buying real estate is a huge investment of money and you’ll want to know what your hard earned cash is buying. Location, curb appeal and visual appearance are the things that will lead you to making an offer. However before final commitment to a contract you’ll want to take the lid off and take a look at what is underneath.
Your home inspector provides two crucial services to you. First is the inspection itself. Taking on average 2 to 4 hours, depending on the size of the home, he’ll give you both a summary and a full report. It isn’t for me to explain the full parameters of his inspection, any home inspector will provide that for you, so you’ll know exactly what he will and will not be doing. Suffice to say he can certainly find things that you and I cannot possibly see when we view a home. Examples are plumbing, electrics, roofing, safety issues, and more.
Now you’re a fully informed buyer with an inspection report in hand you can make the decisions you need to about buying the home. Do you want to proceed, do you want the seller to make certain repairs, do you want a credit, or is this home such a nightmare you want out. Here’s where that second service comes in. Your home inspection report is now your tool. It’s your leverage. It’s official. It provides you the ability to withdraw or ask for repairs, because it was carried out by a licensed home inspector.
Bear in mind your seller might want to see a copy of the report depending upon your request. If you withdraw or ask for repairs or credits be prepared to let them see it if they ask.
DIY Home Inspections
Had you decided to do your own inspection, or had a friend or relative, perhaps someone you know who is a carpenter or plumber do one for you, then your leverage is gone. It’s not an official inspection. Had you decided to just not bother, because the property looks OK, even after 2 or maybe 3 showings, you have no leverage. Only an home inspections by a licensed inspector will give you the leverage and ability to negotiate for remedies or credits.
It clearly is a very important tool in the process of buying a home and any Realtor will recommend, very strongly, that having a home inspection is a wise decision. Yes it is something that costs money right at the beginning, but relative to the cost of the property it’s a small investment to make. It’s really a cheap insurance policy.
Other common inspections you can consider are Radon, Mold, Lead Paint. The purchase contract allows you to have any of the available home inspections you want, even a structural inspection or termite inspection.