A home purchase may be one of the largest investments a person ever makes. Although it can be tempting to decline a home inspection to close a home sale quickly, this can be a costly mistake for buyers.
Home inspectors can observe the home and make a written report about heating and cooling systems, plumbing and electrical systems in addition to the structural components of the home. The structural components include the foundation, condition of the roof and the state of the exterior and interior of the home.
In addition to providing peace of mind about the home’s condition, an inspection can provide the buyer with several additional benefits. Once the home inspector completes a report, the buyer may be able to negotiate with the seller to have certain items repaired or have the home’s price reduced. The buyer may also ask the seller to pay more closing costs.
The inspection report also provides practical information to the buyer such as where the water lines are, whether the home is fueled by gas or electric and where the furnace filters are located, for example. It can also help buyers understand the ongoing costs of maintenance and items that will likely need to be replaced. The report can also identify any significant safety concerns with the home.
If the buyer and seller cannot come to an agreement on resolving the items noted in the inspection report, the buyer may be able to decline to go through with the purchase.
An experienced real estate attorney can assist buyers with negotiations and provide advice about other aspects of the sale.