The process of both buying and selling a home is undeniably an exciting one. And, in that excitement, it’s easy to get lost and forget about or overlook certain important and serious steps that make up that process. However, there is one thing that every homeowner or potential homeowner should never overlook when they find themselves in one of these situations. That is the importance of home inspections. For buyers, a home inspection is simply an integral part of finding the perfect dream home.
On the other hand, a home inspection helps sellers better understand what they are putting on the market and how to advertise it to the best of their ability. At its core, a professional home inspection is an assessment of the structural soundness of a home. The knowledge gained from one is crucial to everyone participating in a home sale.
What is a home inspection?
Home inspections are conducted by licensed inspectors to assess a home’s structural soundness and examine it for potential issues. In most cases, it’s treated as a precaution conducted during the home-buyingprocess.It’s also possible for mortgage lenders to require a home inspection before they can officially lend money to a buyer. However, even in that case, it’s much more than just an obligation put on by the lender. A home inspection informs the buyer of whether a home is sound and ready for a new owner.
It’s common for people to confuse a home inspection with an appraisal, especially on the seller's side. However, it’s important to understand that they’re not the same thing. A home appraisal is a lot more general than a thorough home inspection, and it has a different goal. While an inspection is meant to describe the home's condition, an appraisal is simply meant to assess the home's financial value.
The importance of home inspections for buyers
Going to the property viewing is an important part of choosing your next home. Seeing its condition firsthand is very helpful. But it’s not a substitute for a professional home inspection. The main reason for this is that it’s easy for certain issues to go unnoticed during the viewing. This happens either because the issue isn’t visible from the surface or it’s hard for an untrained eye to notice.
Above anything else, a professional home inspection can save you thousands of dollars in unexpected repairs. A home is one of the biggest purchases most people will ever make in their lives. The last thing anyone would want in this situation is to discover an expensive structural problem with the home after the sale closes. Additionally, the knowledge you get from a home inspection can give you peace of mind. You’ll know exactly what you’re getting yourself into and what to expect from the home.
If an issue is uncovered during inspections
If an inspection reveals certain home issues, you have two options. You can back out of the sale completely if you consider the discovered problem more trouble than it’s worth. Alternatively, you can use it as a negotiation device to lower the property's price so that you can make room in your budget for the repair after closing.
Knowing whether a part of a potential home is not as sound as the rest of it (for example, the stairs need to be redone for maximum safety) is also important for the process of moving in. The knowledgeable crew atBravo Moving California urge you to inform your movers of every defect of this kind that is found during the inspection. That way, the team will know which areas to avoid while carrying heavy furniture. Both for their safety and the safety of your new home.
Why home inspections are important for sellers
One of the biggest benefits of a home inspection for sellers is that it can expedite selling their home. Whether the result is positive or negative, it’s still best to know exactly what position you’re in. Aside from that, a home inspection report can also help set buyers’ expectations. If you provide proof of condition before they conduct their home inspection, even some of the more negative finds will feel like less of an unpleasant surprise.
The importance of home inspections for sellers comes from the fact that being open and communicating with potential buyers always leads to a better outcome for both parties. Inspections reduce the risk of lawsuits and ensure that you and the buyer will be able to strike a fair deal.
Strategize according to what you find
If your home inspection report comes back very positive, it puts you in a great position. You'll be able to use it for negotiating leverage. You’ll have physical proof that the home you’re selling is in good condition structurally. Because of this, things like setting a non-negotiable price or refusing to reduce it will make sense.
On the other hand, if some negatives are found in your home inspection, it’ll be your job to find a way to sell it without those things getting in the way. Conducting your home inspection can point you in the right direction toward getting the best possible price for your home. This means that if you find something negative,you’ll have to reduce the price by a certain amount. Or you can find another way to handle the issue with the buyer. For example, a common practice when an issue isn’t currently causing problems (ex., old plumbing that still works) is for the seller to offer a one-year warranty. You would essentially be promising to cover necessary expenses if that issue gets out of hand during the first year after closing.
Important tips for home inspections
To finish off, let’s discuss a few important tips for a successful home inspection. Doing these things will ensure you get the most out of an inspection. And that applies to both buyers and sellers.
- Make sure you’re working with the right inspector - You need to make sure that you’re working with a certified inspector with good reviews. The internet can help a lot, but nothing beats a recommendation from someone you know and trust.
- You should attend the inspection yourself - Attending the inspection is always a good idea. Being present and hearing what the inspector has to say while on site can be a lot of help.
- Read the inspection report yourself - Even if you attended the inspection yourself, it’s important to read the report thoroughly. Try to get as clear of a picture of what you’re dealing with as possible.
- Prepare the home for inspection - If you don’t prepare it, it can be difficult for the inspector to do their job right. Make sure all doors are unlocked. The inspector must also have clear access to areas such as crawlspaces, the basement, and the attic.
Home inspections are an important step
The importance of home inspections when conducting a home sale is immeasurable, whether you’re the buyer or the seller. But, as important as they are, a home inspection is still a part of your to-do list when buying/selling a home. They are just an important step in the process. For example, if you want to attract a certain audience, like millennials, to the home you’re selling, you’ll need to learn how to market it to them. And if you’re a buyer, there’s still a lot of negotiating and planning to do before you commit to a home sale.
