When you’re buying a house, or you’re in the real estate business, you know how important it is to get the value for the money you’re about to spend. The median price of American homes is around $250,000 and everyone wants to get the best possible house for such a high price.
During the Covid-19 crisis, all markets suffered and the industry is plummeting. The American homes saw a drop of more than $30,000. This is one more reason why you should do it. For example, in Denver, the prices of the houses saw one of the biggest drops in the country.
Sellers there are trying to do everything in their power to keep the prices higher, but there are simply no people who can pay the wanted price. Everyone’s trying to spend less on this. That’s why Denver real estate buyers should consider a home inspection, to make sure that they are getting a perfect home.
What does Home Inspection do?
Before buying it, the buyer is provided the option to send a home inspection. The home inspection is going to go over the entire place and make an inspection of everything inside. They’ll make a list of what they found and present it to you.
In this article, we’ll explain what the benefits of such an action are. Read on if you want to learn why a home inspection is crucial for you as a buyer.
1. Checks if the home is safe
The home inspector will go through the entire house and we’ll make an inspection of the entire place. They’ll do research on everything inside and make sure that this is a safe place to live in.
For example, if there’s a leak inside the walls that you can’t see, they’ll see it and write it in the report. The report will be provided to you and you’ll know how to act accordingly. No one wants to live in an unsafe home, so they’ll buy something better.
2. Provides a value of the house
Sometimes, houses look excellent from the outside, but from the inside, a ton of problems are creeping. The value of the place is based on how good the home is. If the inspector finds out that there are more issues, the value will drop.
This can be an excellent point for negotiating and trying to lower the price. You don’t want to overspend on something that’s not worth the money. Every house can reach a price that is made only by how many issues and features it has.
3. Tells you what needs to be renovated
There is rarely a house that will be perfect for you once you see it. If you want to make something perfect, you need to make some renovations. For example, if you’re looking for a house with a pool, you’ll probably not have a hard time finding one, but chances are big that there will be some other issues that need renovating.
The house inspector will provide a list of things that need to be renovated based on your needs. If you want a modern type kitchen, for example, and there’s nothing modern inside, you might love everything else about it, but you’ll need to renovate the kitchen.
This person will explain to details what must be done to get the house you’re craving for. When you have the report, all you will need to do is find the right contractor for the job.
4. Provides information about utility bills
This action is excellent for providing information about your expenses in the future. The utility bills in a 3-bedroom house might be huge if the insulation is not properly made, for example. If the installations of the heating are also not properly made, the entire place might be impossible to heat.
These things will tell you how much you’ll need to pay every month once you start living there. You don’t want to be in a home that sucks out all the money you make.
5. Can be a key reason to make a decision
When you’re buying a home, you’re never left with just one option. You’re watching and thinking about at least 3 homes. More often than not, two homes will be looking perfect for you and you won’t be able to make a decision about which one you should choose.
The inspector will provide details that you can’t see whit the naked eye. These details might be a deal-breaker for one of the two places, making it easier for you to make the final and ultimate choice.
6. Providing information on illegal objects
Sometimes, houses have objects that were built after the legalization of the property. Think about additional rooms, garages, or something similar. These rooms are there, but legally they don’t exist.
This means issues with the tax payments might arise. Also, it’s illegal to have objects that are not legalized, so an official inspection might ask you to tear down these objects. If you want to know more on property taxation, read this link.
7. Insurance needs it sometimes
In many cases, the insurance company will refuse to insure your home if you don’t provide the report from a home inspector. They want to see if there are flaws that might cause problems for them. If you can’t provide the needed report, they won’t insure the house or insure it under different conditions that will not be perfect for you.
The benefits of the home inspection we mentioned above will not only get you a perfectly legal place, but it will help you reach the house you’ve ever dreamed of. All this for a fair price. They will give you a head start in the negotiating process.
If the home inspector finds particular issues, they will immediately drop the price. You can later use the money you saved on renovations and creating the living space you ever dreamed about.