You have spent weeks or maybe months searching for a house to buy. Now you have finally placed an offer on a home and the offer has been accepted by the seller. You see the light at the end of the tunnel but there are still some hurdles to get through. It’s critical to order a home inspection before closing so that you know about the property’s true condition.
What is a Home Inspection?
A home inspection is an examination and assessment of the many components of a house. It is completed by a licensed and trained professional of your choosing. Unlike an appraisal, you can research multiple home inspectors in your area and select the one that you would like to work with.
Your real estate agent may have recommendations, but you can also ask friends and family who have recently bought homes and read online reviews.
When Do You Order a Home Inspection?
This step in the home buying process happens after you have made an offer on the home and the offer has been accepted. In the offer, you should include the home inspection as a contingency. This way, if a serious and expensive problem is discovered in the house, you are protected.
How Can the Inspection Affect the Sale?
If the home inspection report shows that the house requires work that will cost a sizable amount of money, the purchase may exceed your budget. In this case, most buyers negotiate for the seller to either fix the problems before closing or reduce the price to cover the cost of future repairs. If an agreement between the buyer and the seller cannot be reached, the deal usually falls through and both parties are back to square one.
Long Term Benefits
The best-case scenario is that the home inspection shows no major problems and the deal goes through. Some long term benefits of having a home inspection include peace of mind about the house’s condition and maintenance advice from the inspector.
The inspection report will show you where important components of the home’s systems are located. Often, inspectors include maintenance and minor repair suggestions in the report. A good home inspector will invite you to contact them if you have any questions, even after the home inspection process is complete.