Majority of buyers in a complicated real estate market are first-timers, which means that they are more likely to make mistakes along the way. If it is your first time to search for a house or property to buy, you acknowledge that you are prone to making the same mistakes others made in the past. While some are acceptable, there are those that could mean the complete failure of your investment in a new house or property. One of the typical home buying mistakes you never can afford to make is skipping property inspections.
The idea behind a house inspection is to ensure you are buying a property that is in ideal condition, suggesting that it does not have any significant structural issues. A qualified building or house inspector does the job using his or her expertise in checking every single component of the house. Simply put, the inspection covers from top to bottom, the purpose of which is to prevent the likelihood of you ending up purchasing a home with hundreds if not thousands of dollars in repair costs.
Put in mind that an inspection is different from that of a home appraisal or evaluation since the former deals with figuring out the value of a property for securing a mortgage. On the other hand, property inspections seek to reveal hidden defects of the house or property, giving the prospective homebuyer the chance to either proceed with the purchase or walk away.
In case the building inspection report reveals severe damage and repair needs, it is your right as the potential buyer to renegotiate the price or terms of the purchase. If you are willing to cover the cost of the repairs, you can talk to the seller about it, find out if he or she is willing to lower the price for the correction of the defects.
The pre-purchase inspection of a house is therefore mandatory since,without it, you never will find out if the property is worthy of a purchase. Once you sign the contract to buy the property without inspection, you no longer have the right to take it back or complain to the seller that something about the house is not right.
If you want to get the peace of mind in making the most expensive investment in your life, you must give value to a pre-purchase property or home inspection. It is not like you will spend hundreds of dollars for it; in fact, there is no reason why you shouldn’t do it, even if you are confident that the house you plan on buying is in excellent condition. You must realise that there is no such thing as a seller who is completely honest when it comes to the actual state of his or her home. There always will be issues they wilfully hide from you, knowing that if they reveal it, you most likely will turn your back on the property.