4 Things Everyone Should Know About Homebuyers Inspections
Choosing to invest in a property is a big step. It’s likely to be the most expensive purchase you’ll ever make, you’ll want to consider all the options before you commit. That’s why it pays to do your homework before you start making offers and to get your homebuyer inspections done as early as possible.
It’s worth noting that you can check out your local real estate auctioneer. You’ll need to make sure you understand the process before you start and not all auctioneers will allow you to conduct surveys before you bid. This makes it even more important to have the homebuyer inspections completed as soon as you win the auction.
In this scenario, a homebuyer inspection cannot be used to reduce the purchase price, although it can be with a traditional sale. But, it will help you identify any serious issues, particularly those that could null a sale. It’s generally better to get inspections done before you start bidding.
But, before you start this process, there are 4 things you should know about homebuyer inspections
What They Cover
Homebuyer inspections are designed to tell you about the current condition of the house. That means they’ll look at the structure of the property, whether there is any damp, electrical issues, plumbing, and even water drain-off issues.
They will inspect every part of the property they can see, including the garage and basement. Most inspectors will complete visual inspections unless they see something that warrants further investigation. In this case, they will bring in specialized tools.
It’s Not The Same As A Mortgage Inspection
Most mortgage companies will offer an inspection of the house. This is not the same as the homebuyer’s inspection, don’t rely on it. The main purpose of the mortgage report is to confirm that the house is worth enough to cover repaying the bank if you stop.
That’s not the same as a detailed homebuyers inspection.
The report Can be Used In Negotiations
Most homebuyers won’t pay for a report until they have had an offer accepted on the property. This makes sense as if you do the report first you may simply be wasting money.
However, having a report done doesn’t mean you can’t renegotiate the price. The inspection will tell you if any major issues need to be dealt with and, if so, you can use these to renegotiate.
It Doesn’t Cover Everything
While a homebuyer’s inspection is thorough it won’t cover every detail of the property. It’s worth knowing what it doesn’t cover to ensure you check these items yourself and are ready for any potential costs.
Things not covered include HVAC systems, minor defects, concealed damage, garbage disposal, swimming pools, and even television reception.
Alongside this, the inspection won’t check for pest infestations. It’s important you have a separate survey done to assess for any pests and any damage caused by them.
Having a homebuyer’s inspection completed is essential to help you identify faults and be prepared mentally and financially to deal with them. It’s important to remember this as sometimes the inspection will tell you to walk away. That can be hard to do but you must always be prepared to move on and find a different property. In most cases, a house with a significant amount of work needing doing and not being declared prior to offer acceptance is a good reason to void the sale without losing your funds.
Passionate Writer, Blogger and Amazon Affiliate Expert since 2014.