If you are in the market for purchasing a home, you might be caught off guard by all of the other expenses that are involved in the process. In addition to paying for the actual cost of the home, you can expect to pay a number of other fees in the closing process. As such, you might be tempted to cut a few corners wherever possible. While this may seem like a good idea at the time, cutting back on certain things may lead to disaster in the end. One example of an expense that you should not push aside is your home inspection.
Many homebuyers are tempted to forego the home inspection in order to save a few hundred dollars. This is particularly true for those who are purchasing a newly constructed home. After all, what could possibly be wrong with a home that is brand new? The unfortunate reality is that even newly constructed homes can have problems and getting a home inspection is the only means you have to protect yourself in the future. While it may hurt the pocketbook to pay for a home inspection, it will pay off in the long run. In fact, here are three money-saving reasons to get a home inspection:
- Use it to negotiate a better price – if any problems are discovered during the home inspection, you can use that information as a bargaining chip as you bring down the agreed upon price of the home.
- Avoid costly repairs – before you close on your home, you can require certain repairs to be made before the deal is complete. By getting repairs completed before you move in, you avoid headaches as well as the expense of making the repairs yourself.
- Back out of the deal – by having the closing contingent upon the results of the home inspection, you can back out of the deal without losing any money if something is found to be wrong with the house.
Even if you do decide to purchase the home without requiring repairs to be made, getting a home inspection gives you a good idea of what you are getting into. For example, while the roof may be in decent shape now, the inspector may find that it will need to be replaced in ten years. By having this information before you buy, you can start planning ahead in order to ensure your home is properly maintained and repaired in the future.
