The Importance of Home Inspections

People often have strong opinions about home inspections. There are some builders who hate home inspections and don't care much for the people who do them. Many sellers think it is just a ploy to further whittle away at their asking price. A comprehensive and thorough examination of the condition of a house by a professional inspector is sure to reveal some defects. It takes time and can be unsettling to both the buyer and seller. Both parties might be fearful that something uncovered will derail the transaction. Sellers do not respond well to the notion that they allowed some defect to remain untreated. Buyers, who have found their dream home, do not want to walk away from the purchase of a home that meets all of their criteria in ever other way. But home inspections are important and should not be skipped.

Why sellers should have home inspections

A pre-listing home inspection will establish a more stable negotiating platform for the seller as they consider and respond to all offers. Historically, home inspections take place after an agreement on price and terms has been reached. When issues are found, it results in re-negotiations and often repairs that are the seller's responsibility. Sometimes, when the seller is already at their lowest price, the transaction will fall apart if the repairs are needed for financing. The buyers may not be willing or able to cover the cost of repairs themselves. When the seller is planning their next home purchase based on the sale of their current home, unexpected defects that are only discovered after contracts are written can be disastrous.

When people live in a residence for a long time, they become accustomed to the property's condition and they do not always notice the minor issues that can add up and lower the overall value of the home. A defective light switch or faulty outlet that the family never used anyway will become an issue to potential buyers. The old HVAC system has probably been working just fine for the past 15 years. But it is really at the end of its useful life and will cost the next owner thousands of dollars to replace.

Having an objective evaluation of the house by a licensed professional before putting it on the market helps sellers know what issues will come up during negotiations. It will help them remain in control of the transaction and keep it moving in the direction suitable for the seller.

Why buyers should have home inspections

Sellers are legally bound to disclose any known defects with the home they are selling. New construction is covered by at least a one-year warranty. But sellers do not always know about damage caused by termites or carpenter ants. They may have a growing mold problem in the crawl space, a small leak that is damaging insulation and sheathing in the attic, or a minor problem with the HVAC system that will soon cost big bucks to repair. Many builders have numerous houses under construction at the same time. When they get one under contract, they will shift focus to other projects or rush the completion. This can result in shoddy workmanship and latent problems that will only become an issue years down the road.

It is better to uncover potential problems prior to closing the transaction. A builder is much easier to reach before you take ownership of a property than they are after you have moved in. Being legally entitled to getting something repaired does not eliminate all of the aggrevation and inconvenience involved in forcing a builder to make something right. Moisture problems and many other issues may not be noticed by homeowners until after the first year. This can further complicate matters.

A home inspection provides an added layer of security for all parties involved in the real estate contract. For buyers, it helps them have more confidence in the condition of the house, whether it be from a private seller, builder, or a bank foreclosure. For sellers, a home inspection empowers them with a full understanding of how their home measures up to the competition. It will help both buyers and sellers prepare for their future and feel good about the transaction for many years to come.