A home inspection is an important part of purchasing real estate. It is a thorough review of the general building, radon air and water testing, general water testing and sewage disposal. Other inspections could include lead paint, hazardous waste or any other areas of concern a buyer may have on a specific property. In most states, including New Hampshire & Vermont, a home inspector has education and training requirements, and is licensed by the state.
In today’s real estate market, many buyers are waiving home inspection contingencies in order to strengthen their offer against the competition. While limited or no contingencies may be appealing to sellers, there are many reasons why skipping the home inspection could be a mistake for a buyer.
Home inspections can reveal existing or potential problems the home might have that are not obvious to the naked eye. They can identify repairs or additions that were done incorrectly, and give you peace of mind in your purchase that you won’t have costly repairs down the road.
Safety issues can also be uncovered during a home inspection. An outlet too close to a water source without a GFI, missing stair railings, loose or raised floorboards, missing smoke detectors, and even an outdated electrical panel are all things that a home inspector is trained to look for.
A home inspection can also help identify future costs and can help you make a decision on whether you want to proceed. For example, the roof could look like it’s in decent condition, but an inspection might reveal it only has 1-2 years of life left. Without an inspection, you might not have realized that in a few short years, the home would incur such a large expense.
The results from a home inspection can also provide buyers with a negotiating tool. If something needs to be replaced or repaired, but you still want to move forward, you could negotiate with the seller that they reduce the selling price, that they make all necessary repairs themselves or even a combination of the two.
At the end of the day, a home inspection may cost $350 or more up front, but the potential to save you thousands of dollars and some major headaches down the road, makes it well worth it.
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