Why Home Inspections Might Keep You From Falling Into The Money Pit
You’ve decided upon that perfect new home and have saved for the hefty down payment for months, maybe even years. Now, you have to figure out how to scrounge up enough money to pay for all the other line items at closing in order to successfully purchase your new home. As if the 20% down payment wasn’t enough, to close successfully you should expect to pay, in some cases, new loan charges, appraisal fees, credit report fees, home owner’s insurance, property taxes, closing fees due to the title company, owner and lenders policy title charges, and water transfer fees, just to name a few. So the last thing you want to do is drop another $400 for home inspections right?
Consider the thousands of dollars you are already spending for your new home, you would hopefully want to make sure you fully know what you are getting for your money. We all remember the movie “The Money Pit” right? Purchasing a new home signifies the single most expensive investments you will ever make, it’s important to understand entirely what you are getting into when you buy a home and the only way to do so is to have the property inspected by a certified home inspector. Sure you could give the property a thorough visual examination yourself and in the heat of the moment and excitement of the new adventure be perfectly satisfied with your choice for a new home thinking you’re getting a beautiful mansion with only minor repairs needed at a ridiculously low price, like the characters in the movie first thought later to find out they had been sadly mistaken.
Not to worry though, a certified professional knows exactly what to look for when examining the entire property inside and out. Areas like the roof, plumbing, heating and air-conditioning units, insulation, foundation, and drainage are areas that an anxious home buyer might overlook or not examine as precisely as a professional home inspector will.
Remember all those fees you’re going to have to pay at closing just to buy this beautiful home? What a pain it would be if, after living in your new home for a few months, the furnace dies, the stairway collapses, the master bathtub falls through the ceiling, and the chimney falls into the house! You didn’t have a clue, no inspections were completed. Now you’re stuck with more problems than just needing a new bathtub. These sorts of major repairs will take away from the enjoyment of your new home when scrounging for a few more thousand becomes a necessity instead of spending that thousand on something more fun to enjoy, like new furniture for the family room or an upgrade to a 52 inch flat screen T.V. A home inspection can provide you peace of mind that your purchase is warranted and if the inspection reveals a need for repairs, you are now fully aware of what you’re buying and could even be used as negotiation leverage on the price of the home itself.
Prior to the closing of your home, did you hire an an inspector? What, if anything was found? Leave a comment and share on Facebook, don’t forget to tag Real Property Management.
With 20+ years experience in residential and investment real estate, sales, property management and consultation, Matt Pelton is an Ohio licensed Realtor currently working as Sales Manger at Real Property Management. Contact him directly at [email protected] or on twitter