For first-time buyers, the process of buying a home can feel pretty overwhelming. A lot of work has to go into developing a budget and understanding the costs involved as a buyer, then you have to search through hundreds of options before you find a home that fits your needs. When you do, there’s more work – getting to know your mortgage options, dealing with lenders and seemingly endless paperwork.
A home inspection can feel like one more thing on an endless list of things you need to do and, because it’s optional, you may want to waive your right to one – don’t. As the buyer, you have to pay for the home inspection, but it is usually invaluable to have.
Why is a Home Inspection Important?
Essentially, it’s the only unbiased opinion you’ll get on a property. The seller’s agent wants to earn their commission, the buyer’s agent wants to represent you, and the owner themselves wants to sell for their own reasons. A home inspector has nothing to gain whether you do or do not buy a property, so you know that you’ll get a completely objective report. This report will:
- Outline unforeseen issues: They know exactly how to spot the signs of expensive and well-hidden issues with a home, from leaks and electrical safety issues to maintenance costs, roof and structural problems.
- Give you informed insight into remodeling projects: Even if you know you’re buying a fixer upper, you’ll want to be properly aware of exactly what issues the home has that you’ll have to address. This will help you decide on the right offer to make for the property or if you should make an offer at all.
- Deferred maintenance costs: All homes require maintenance as things wear out or break, and it’s a good idea to know exactly what repairs and maintenance you’ll have to pay for in the next 5 years. This will all be contained in your home inspection report, which can have a significant effect on your budget or even your willingness to make an offer.
- Leverage in sales negotiations: Your real estate agent will have a lot more power at the negotiation table with a full home inspection report to refer to, which will work well in your favor. If there are any significant or expensive issues with the home that need to be addressed, they can use this to negotiate a more favorable sales price.
The Home Inspection Process
As the buyer, you’ll be there during the home inspection so that you can learn as much as possible about the property. It’s a good idea to do some research before the day of the inspection, from reading up on what home inspections should cover to writing down any questions you may have about the property and its condition.
Your real estate agent will be there on the day of the inspection and should accompany you through the process. They’ve done plenty of inspections like this before and can assist you with what to look for, what’s important and what are simply superficial issues. For example, a damaged shower is much easier and simpler to repair than cracks in the foundation or rot in the roof structure.
The listing or seller’s agent will likely be there as well, but this isn’t always the case. They’ll be there to represent the seller’s interests and should know the issues in the property fairly well. While they are there to advocate for the seller, their main aim should be to help ensure a smooth sale.
As the buyer, it’s your job to source and hire the property inspector, who should be licensed by the state. Your estate agent should be able to recommend a reputable company as they work with them on a regular basis. Most home inspection companies offer several types of home inspection ranging from a simple inspection of the roof, electrical system, plumbing and HVAC, to more in-depth inspections for mold, warranty inspections, termites, air quality testing, energy audits, pool inspections and inspections of drainage systems.
While those are the main people you’ll deal with during the inspection, you may want to bring a friend or family member with you who has been through the home-buying process before or who has construction experience. They can help you think of questions to ask or simply give you some moral support during the process to make sure you cover all your bases. However, it’s critical to remember that the most important opinion on the day is that of the inspector.
Whatever the results of the inspection, you’ll feel much more confident about making decisions moving forward. If it goes flawlessly, you’ll have peace of mind to go ahead with the sale. If there are issues, you’ll be able to negotiate from a stronger position or make a more informed offer that doesn’t put too much strain on your budget. Either way, you’ll benefit as the buyer!
Want to Sell Your Home in Dallas or Fort Worth? Our Cash for Houses Team Can Make You an Offer Today!
The Shiny Key Properties team is a leading property agency in the Dallas and Fort Worth Area. If you’re interested in selling your home quickly or want to buy a new home in the area, contact us today. We can make you a no-obligation, market-related cash offer on your property today.