When buying a home in a busy market, one of the first tactics is often to drop conditions to make your offer more compelling. Sometimes, it can’t be helped when you’re facing competition from other buyers. That said, we’d always recommend a home inspection before committing to a purchase.
You may not always be able to include it in your offer, but you can arrange for an inspection of your own. In this post, we’ll outline six reasons you never want to skip this step – personally, we believe one is reason enough!
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1. Protection Against DIY Projects
The previous owner may have made numerous DIY “improvements,” however, these very rarely add value to any home unless the owner is exceptionally skilled. The worst part is that the upgrade can actually look professional at first glance. Look deeper, and a skilled inspector can see when the work is shoddy and low-quality.
DIY projects gone bad can be very expensive, and very few buyers factor them into their total costs. Getting a home inspection will help you spot them from a mile away. Avoiding bad upgrades alone makes an inspection worthwhile, even if it’s at your own expense.
Being an informed buyer is the best way to protect yourself during your home search. Here are some resources that can help:
- Conditions & Clauses to Avoid Putting in Your Home Offer
- 10 Things To Consider When Buying a Home
- What is the Importance of a Final Walk-Through?
2. To Reveal Illegal Additions or Installations
The previous owner may have fancied themselves as an electrician, plumber, or other technician. But these are called skilled trades for a reason – they require an extensive amount of training and knowledge to perform safely.
Homes with systems or additions that are not to code will become the new homeowners’ financial “problem” to fix (and finance). Even worse, they can represent safety issues if you are not careful.
3. A Potent Negotiating Tool
Any issues a home inspection uncovers may or may not impact your decision to place an offer. Regardless, knowing about these flaws can put you in a more powerful position to negotiate with the seller.
You can ask them to make the required repairs as a condition of the offer. Alternatively, they can cover the cost of some of the repairs by lowering the price.
The purpose of the home inspection is not to nickel and dime the seller. However, it can give you the ability to re-negotiate if it turns out the roof leaks or the HVAC system is more than 20 years old. Knowing what you are up against can help you secure the house at the best possible price. This is an especially valuable advantage in a busy market where you may really need to justify the price you are offering.
Looking to buy your first home in Guelph? The related posts below can help you stay on course:
- The Ultimate Guide for First-Time Buyers in Guelph
- Real Estate 101 for First-Time Buyers
- 5 Reasons to Make Guelph Your Next Home
4. Forecast Your Future Costs
The costs of owning a home go far beyond the initial purchase price and closing fees. You will undoubtedly need to make repairs at some point or another. A home inspector can tell you the approximate age of the plumbing, heating and cooling systems.
Having an idea of when you will have to make these replacements can allow you to budget accordingly. The cost of these installations will depend on the price of the parts, how many hours are involved, and the skill level of the technician. Since any one of these systems can require an investment of thousands of dollars, you might reconsider the listing if too many repairs or replacements could be required all at once.
5. Bring the Big Picture Into Focus
It can be easy to fall in love with a piece of property based on the colour of the walls, the location of the home, or something else. When emotions take over, you can become blind to the issues that can make that dream home a nightmare.
A repair that’s one and done is one thing. A relentless issue like a persistent odour, leaking basement, or structural issue can drain your energy and your bank account. A home inspection allows you to go in with eyes wide open so you know what to expect. You’ll also know when it’s in your best interests to pass on a particular listing, even if it seemed perfect at first glance.
Are you considering Guelph for your next real estate investment? The posts below will give you some timeless insights:
- A Complete Guide to Real Estate Investing in Guelph
- Benefits of Buying a Student Rental
- Is Buying an Income Property Still Worth It for Small Investors?
6. Home Insurance
Some insurance companies will not insure a home if certain conditions are found, or without the presence of certifications. Home inspectors can do these things during the home inspection to save the homebuyer time and money.
An experienced real estate agent can help you get a good idea whether a property will be your dream house or a nightmare even before the home inspection. Keeping a checklist with you at showings and open houses can also help you spot any red flags. By doing this background due diligence, you can make your purchase with confidence.
Do you want personalized guidance when buying your next home? Our top Guelph real estate agents can help you enjoy a seamless experience. Reach out today at info@gowylde.ca or call 519-826-7109 for more information.
Article based off: Home Inspections You Won’t Believe
