The Importance of Home Inspections For Homebuyers
The team at Gustan Cho Associates has not just heard but witnessed disasters by homebuyers who purchased a home without a home inspection done. The cost of a home inspection varies from $300 to $600.
Realizing The Importance of Home Inspections
The best way to explain the importance of home inspections is by going over a couple of real recent case studies. One of our borrowers found a nice home in Bolingbrook, Illinois. The home was a short-sale home. The borrower was our client at Gustan Cho Associates. The loan officer assigned to the borrower recommended a home inspection. The findings from a home inspection can be used to negotiate the price of the home during the home-buying process.
If significant issues are discovered, buyers may negotiate for a lower purchase price or request that the seller address the problems before finalizing the sale.
The buyer wanted to save the $450.00 fee and waived the home inspection. Home inspections serve several important purposes for homebuyers. Lenders do not require home inspections. A home inspection helps uncover any potential problems or defects in the property. This includes structural issues, electrical and plumbing problems, roofing concerns, etc. Home inspections can prevent costly surprises down the road.
Speak With Our Loan Officer for Getting Mortgage Loans
The Importance of Home Inspections: Safety Assurance
A home inspection assesses the safety of the property. It can reveal hazards such as mold, asbestos, lead-based paint, or faulty wiring that may pose health risks to occupants. Knowing about these safety concerns allows for proper remediation or repairs. A home inspection can provide legal protection for both buyers and sellers. It can help document the property’s condition at the time of sale, which can be important if disputes or legal issues arise later. Peace of Mind:
For buyers, a home inspection provides peace of mind that the property they’re purchasing is in good condition and won’t require unexpected repairs shortly after moving in.
Sellers can also benefit from inspections by addressing issues beforehand, making their property more attractive to potential buyers. Investing in a home inspection can address problems early, and you can avoid costly repairs or renovations that might be necessary if issues are left unattended. nsurance companies may require a home inspection before insuring the home. A positive inspection report can make securing insurance or a mortgage loan easier.
The Importance of Home Inspections From Return on Investments
Two weeks after closing, there was a heavy rainstorm that lasted days. During the rainstorm, the homeowners’ basement flooded. Boxes of unpacked goods and electronics were damaged by the flood.
The homeowner spends a few thousand dollars fixing the cracked foundation that caused the flood. In this case scenario, if the homebuyer spends the $450 home inspection fee, this cracked foundation would have been discovered.
The homebuyer would not have moved in until the cracked foundation was fixed. In the event, if the cracked foundation was not discovered by the home inspector, the homeowner would have been covered by the inspector’s insurance.
The Importance of Home Inspections: Main Reason For Inspection
The main reason for a home inspection is to find out whether the home is secure, safe, and habitable. Homebuyers should make sure the home does not have any defects and everything is operational. The home inspector will inspect the interior and exterior of the home and evaluate every aspect of the property.
A home inspector can normally discover most defects in a house. If the home inspector needs an expert or specialist, he will note it in his report for further review.
The inspector will complete a formal inspection report with photos and videos if necessary. The report will give the homebuyer the general condition of the home as well as any potential defect. After reviewing the home inspection report, the buyer can decide on whether or not to proceed with the sales transaction or cancel the real estate purchase contract. Defects in homes can be deceiving. The house may look perfect on the outside but the house can have hidden defects and issues that can cost thousands of dollars.
Speak With us for get secure and safe home
The Importance of Home Inspections During The Home Buying Mortgage Process
Homebuyers need to realize the importance of home inspections. Most home inspectors are referred to by real estate agents. Get the names of several home inspectors. Check their references and online reviews. Make sure they are certified and have been doing it for a long time. Average inspector charges anywhere between $300 to $600 dollars. Inspection costs are considered closing costs. It can be paid with a seller’s concession. Jammi Cash of Gustan Cho Associates is one of the top producers and is knowledgeable about the home buying process. Jammi Cash said the following:
The home inspector being licensed and bonded is important in the event the home inspector makes a mistake such as missing a cracked foundation and the home floods after the closing after a rainstorm, the inspector is insured
The home inspector being lciensed and bond is important because in the event the homeowner wants to make a claim against the inspector, the home inspector and the home inspection company needs to be licensed and bonded. Make sure the home inspector is licensed and bonded. The inspection is the very first step in the home buying and mortgage process. The inspection is ordered before a home appraisal.
What Does The Inspector Check
A home inspector is somewhat like a general practitioner. The inspector may not know the ins and outs of every aspect of the home. The inspector knows a little bit about everything.
If an item seems like it can be trouble or having more issues, the inspector will note it on his report. He may note that he recommends a specialist inspect it further.
This may require another inspector such as a roofer, well and septic inspector, or other specialists. If anything is wrong with the inspection report, the homebuyer can cancel the real estate purchase contract. Therefore, there is no need to order a home appraisal.
The Importance of Home Inspections: The Role of Home Inspectors
Home inspectors will assess the condition of the following components of a house:
- Roofing: Check for leaks, missing shingles, longevity left
- Basement/crawl spaces: Will check for cracked foundations, mold, seepage
- Attic, including insulation: Will check for mold, leaks, and ventilation
- Interior electrical: Will inspect for safety and fire hazard
- Wiring: Will inspect for faulty wiring and hazards
- Foundation: How solid is the concrete foundation, cracks, seepage, condition
- Ceilings: Leaks
- Interior walls: Structural sound
- Doors: Is it operational and complete
- Plumbing: Leaks and defects
- Door frames: Is it aligned
- Floors: Is it level and general condition
- Heating and cooling system: Is it operational and safe
- Windows: Do the windows work properly and are the latches functional
In summary, the importance of home inspections are crucial in real estate transactions. Home inspectors make buyers and sellers make informed decisions and ensuring that properties are safe and in good condition. Home inspections is a valuable investment that can save money and provide peace of mind in the long run. A home inspector will note if he recommends further inspection of the subject property. For example, if he sees signs of termites, he may recommend a specialized termite inspection. Additional inspections may be recommended. For more information about this topic or other mortgage-related topics, please contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. The team at Gustan Cho Associates is available 7 days a week, evenings, weekends, and holidays. This guide on the importance of home inspections was updated on January 10th, 2024.
Click here to get safe and secure home, try to use Gustan Cho Associates
