Today, qualified home inspections are an essential service for anyone closing a real estate purchase. Trained inspectors possess the skills required to evaluate the condition of any property thoroughly. With their detailed report itemizing the condition of basic home systems, you’ll get a clear idea of what a home is worth.
The most important reason that the home inspection is essential is that it’s a requirement for nearly every lender if you are trying to secure a mortgage loan.
If you aren’t required to have an inspection however and you’re considering “skipping the hassle” here’s a better idea of why a home inspection plays such an important role in real estate transactions.
Resolving Uncertainty
One of the most significant motivations prompting real estate sellers or buyers to retain a home inspection in advance of a closing relates to resolving uncertainties about the physical condition of the property. Since most homeowners do not possess construction skills, they may not enjoy the ability to assess the structural condition accurately. And when you realize the foundation is cracked after you’ve already moved in, it’s your problem.
A qualified property inspector knows how to evaluate important home systems, including the condition of the foundation, the roof and heating, and cooling systems. The final inspection report lets everyone know whether any important features on the property require immediate repairs or additional testing.
Preventing Future Litigation
Increasingly, thorough home inspections assist parties in real estate transactions by preventing litigation that can arise after the sale of residential property. For example, by calling attention to the existence of a broken water pipe or a leaking roof, the property inspection report can enable a buyer to accept the property with the understanding that these malfunctions exist. Frequently, a seller will discount the price, or make repairs before closing, if an inspection report indicates a physical problem with one of the systems.
Real estate brokers sometimes urge sellers to routinely schedule a complete property inspection in advance of placing a home on the market. The ability to verify the condition of the property at the time of closing ensures that no one suffers expensive surprises later. It enhances fairness for everyone involved in the closing.
Buyer Objectives
Yet another reason to seek a home inspection relates to future building plans. Today, commercial areas can develop around residential neighborhoods.
If a purchaser hopes to change the zoning to use the house as a commercial property, knowing the precise condition of the property can prove to be crucial. It can help determine whether the buyer tears down the home and rebuilds or remodels the existing structure. In all these situations and more, a careful home inspection proves essential.
Talk to a professional if you have any more questions about the essentials of your home purchase. You can find a knowledgable First Team agent near you or reach out and we’ll match you with a top producer in your area.
This guest post is written by Kara Masterson, a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max. Informational credit to Pruitt Miller Realty Group.
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