Recently, there have been stories all over the news of home buyers who waived their right to a home inspection and paid the ultimate price – roof leaks, jerry-rigged wiring, dead animals in the walls, etc. This was a direct result of buyers trying to get a leg up in the super-competitive seller’s market that was fueled by the pandemic and historically low interest rates. There are many reasons why having a home inspection is beneficial to both buyers and sellers.
Benefits for the Buyer
For the home buyer, a home inspection protects against unseen and unpredicted problems that are not always visible to the naked eye. For example, a home inspector may notice issues such as roof damage, a termite infestation, or a foundation that is not structurally sound. By paying an inspector roughly $350-$600 upfront, you are protecting yourself from having to pay tens of thousands of dollars in repair costs later on. Once the home inspector completes the report and you’re made aware of any issues inside the home, you have the option to either renegotiate with the seller or walk away from the sale without facing repercussions.
Benefits for the Seller
I always recommend that my home seller clients have a home inspection performed before listing their home for sale. That way, the seller(s) can repair significant problems before their home hits the market or disclose the issues to the buyer. A seller procured inspection is also beneficial from a legal standpoint, as it will protect sellers from future lawsuits that may arise from dissatisfied buyers.
All in all, home inspections are mutually beneficial to both the buyer and seller. The buyer will be protected against unseen and unpredicted problems and the seller will be protected against a future lawsuit from a dissatisfied buyer. You can’t put a price tag on peace of mind.
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