A good home inspection can serve multiple purposes. Contrary to popular believe the intent of a good home inspection is not to provide a negotiating tool for price reductions. Granted you may want to re-negotiate based on inspection findings. However, that shouldn’t be a primary goal.
Some buyers get a home inspection because they’ve heard they are supposed to; some because they realize it’s a good idea; and some because they have specific concerns they want to understand. A decent home inspection can be sufficient. However a good inspection tends to serve 3 primary functions:
1. Educate the Buyer about the home
2. Inform the Buyer about maintenance concerns
3. Clarify post purchase cost considerations
Educating a buyer about the house you are looking to make your home can be as simple as showing you where the water main shut-off is; where the electrical panel and gas shut-offs are; and educating you about the general construction of the home.
Everyone is concerned about home maintenance. Unfortunately buyers don’t always know the signs to look for. Looks can be deceiving. Lots of houses look great but aren’t necessarily in good condition. A house may have a beautiful new kitchen and bathroom but infrastructure may be old and outdated. This is important to understand since maintenance and upgrade costs can add up. Having to update an ancient electrical service or 30 year old furnace are common issues.
Post purchase costs aren’t always clear to a buyer with little to no construction experience. General deterioration concerns that can be budgeted for over time may not be a problem for a buyer. Replacing an old door, patching cracked plaster or sanding & refinishing floors can be done as the family budget allows. However, immediate repair needs can significantly alter the numbers on a deal. The costs for a new roof, new furnace or tuck pointing can be substantial. Delaying such repairs can increase costs down the line. Having an understanding of the numbers can clarify whether a particular house is the right deal for you or not.
I hope you find this article helpful. Please feel free to contact us with any questions or schedule an inspection.