Purchasing a home seems like a never-ending and sometimes frustrating process. There are so many steps to go through before you can officially call a home your own. Finding a property is half the battle, though, so once you’ve reached that point and found the perfect place for you and your family, you’re nearly there!
Once most homebuyers find their property, they usually tend to dive in headfirst, often under pressure of real estate agents. It is incredibly important, however, to take the time to complete a home inspection for purchase. Think you don’t need it? Read on to find out why you do.
Why Don’t People Inspect?
After all the hard work of searching for a property, the last thing you’ll want to do is find a bunch of issues that may prevent you from actually making a purchase. While it can be tempting to turn a blind eye to any hidden problems, it’s definitely for the best to find them early on, before you drop the down payment. You’ve probably spent weeks, if not months, searching for the right place, and now that you’ve found it, it would be a shame to make an uninformed purchase.
Some common reasons for opting not to have a home inspection done can include the cost of the inspection itself, which we will address in a moment; the fact that the property is otherwise perfect for the buyer; the buyer may feel that they don’t understand enough to address any issues if they arise; and the fact that many people may assume that someone else, like the homeowners association or building owner, is responsible for any repairs.
Why You Should Have a Home Inspection Done
The above-mentioned reasons are completely understandable, but that doesn’t change the fact that having an inspection completed before purchasing a property is just a good idea. For example, many problems can’t be spotted by simply looking around the home. Home inspectors have the right tools for the job, and they know what they’re looking for. Furthermore, they can often spot problems before they become bigger problems. For instance, a good home inspector will be able to identify pipes that seem fine now, but that are likely to succumb to corrosion and begin leaking in the next few years. In this case, even if it doesn’t dissuade you from making the purchase, you’ll know that you might need to invest in repairs before the pipes become trouble.
It’s a common misconception that new buildings will be issue-free. If you’re purchasing an apartment in a building with lots of units, common in New York City, do remember that there are several elements of the building that are shared, like the roof, the basement, and pipes. And just because these parts of the building might be new doesn’t mean that they were installed or built correctly. Any issue with the roof on one part of the building could affect other parts of the building as well.
What Will it Cost?
A pre-purchase home inspection is sort of like insurance. It needs to be completed before the purchase is made official, and, like insurance, it will be a bit of an investment. For a one-bedroom apartment, you can expect to spend around $500. For larger homes, you’ll be looking at closer to $1000. This cost is to be borne by the buyer, not the real estate agent. It may feel like a lot to put down on an apartment that you may not purchase anyway. But you’ll be saving money in the long run by avoiding a home that could cost you thousands more in repairs if you don’t have the inspection. With the inspection done, you’ll be able to make an educated decision on whether it’s worth it to you to make the final purchase. And think about it – if you spend a thousand dollars on a home inspection only to find that the property has serious plumbing problems, you can move onto the next property. Without the inspection, you may make the purchase on the otherwise perfect property, only to find out later that it’ll cost you $20,000 to repair.
In the end, it’s better to be safe than sorry!