But one expense that buyers might be tempted to forego is the home inspection.
For most loans an actual home inspection is not an item that is required by your lender. So when you’re looking at all the additional costs at closing, it may be tempting to just let it slide since inspections cost a few hundred dollars depending on the size and features of the home. PLUS, if there are multiple offer situations, a home inspection can drastically decrease the appeal of your offer.
Not having a home inspection go can cost you big time in the long-run.
Think of a home inspection sort of like test driving a car that you’re considering buying. You would never buy a car without driving it around for a minute would you? You want to make sure nothing is broken, smoking or not properly functioning before you make that big purchase. Buying a home is no different, just the signs of a problem with a home aren’t always simple to spot with the naked, untrained eye.
That’s where your home inspector comes in. While there are limitations to a home inspector’s capabilities to spot trouble (such as the inspector isn’t going to pull up the carpet in every room to make sure the foundation isn’t cracked) there’s a lot that they can see that you would never think to look for.
Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspection than a small condominium. However, the following are the basic elements that a home inspector will check.
You can also use this list to help you evaluate properties you might purchase. For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors.
Structure: A home’s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected.
Exterior: The inspector should look at sidewalks, driveways, steps, windows, and doors. A home’s siding, trim, and surface drainage also are part of an exterior inspection.
List Source: American Society of Home Inspectors
Big problems spotted by your inspector during your due diligence period can save you thousands of dollars and prevent you from proceeding with the purchase of a majorly flawed home, a concept that is invaluable. While it may be tempting to save the money when you purchase a home in the Houston area or let it slide in order to make yours the winning bid foregoing a home inspection is never a wise decision.
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