Buying a new home is an exciting event. However, you can get so caught up in the negotiations, paperwork, and financial arrangements that scheduling a home inspection may be an afterthought. A home inspection is a visual examination of a property’s structure, mechanicals, and components to confirm that all is in proper and safe working order. The home inspector will pay special attention to elements such as the roof, plumbing, electrical system, HVAC, and appliances and report any issues that they uncover.
Despite the clear value of a pre-purchase home inspection, many homeowners are tempted to save money by forgoing it. They often assume that the appraisal will uncover any problems, unaware that home appraisals and inspections are not the same thing. Appraisals are surface examinations that help form an opinion on the property’s value, but they don’t include the in-depth inspections that can uncover problems beneath an otherwise flawless surface.
An inspector can test for odorless gases like radon and also review the attic crawl space in search of problems that weren’t apparent when you viewed the home with a realtor. Sometimes they uncover defects that are serious enough to be deal breakers: according to a 2015 survey by the National Association of Realtors, 14% of sales are never finalized due to issues uncovered during the home inspection.
Here are five good reasons why a home inspection should remain part of your closing budget.
- You discover potentially serious problems before you move in
When a home inspection uncovers issues before you sign the contract, you can ask that they be corrected before they create a dangerous situation or leave you with a huge repair bill. Examples of such conditions include:
- Gas leaks
- Mold growth
- Faulty electrical wiring
- Raised shingles that can cause the roof sheathing to rot
- Missing insulation that can result in more expensive utility bills
- Leaky, outdated plumbing
Request that any significant repairs be carried out before you move in and ensure that the sales contract states that if safety hazards like carbon monoxide or radon are discovered, you have the option of withdrawing your offer.
- You can save on future repair costs
Single-family home inspections range from $350-$500 on average, depending on whether specialized services like HVAC or radon inspections are involved. It’s not cheap but in the end, the fee is worth the investment, especially when you consider that a new roof can set you back by $10,000 or more.
- It may be a requirement for insurance
Some insurers require a home inspection before they will sell you an insurance policy, especially if the home is older or hasn’t been inspected for years. Additionally, mortgage providers will often recommend that you have the property inspected before you buy it, although this is not generally a condition for financing.
- You’ll have peace of mind if you sell
When you decide to sell the property, it’s highly likely that the buyer will arrange for a home inspection. If you skipped this step at the time you bought the home, deficiencies that predate your ownership could surface and affect your ability to resell.
Work with a Chicago Real Estate Attorney
A home inspection will cost you a few hundred dollars but in the long run, it’s money well spent. The inspector can uncover problems that the current owners have to correct before you move in or, if they refuse, you can walk away from buying a money pit. Whatever the situation, addressing issues at the onset through a home inspection can save you thousands of dollars down the road.
If you are planning to buy a home in or around Chicago and have questions about the home inspection process, contact Auricchio Law Offices. We have helped many clients with their home buying goals and will do the same for you. For more information, please call 312-263-0010 today.
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