You should never judge a book by its cover, or a house by what you can see during a showing. Not only are showings about seeing yourself in a space, rather than assessing a home’s structural stability and system functionality, they’re generally too brief to really get to the nitty gritty. No Realtor is going to wait around while you crawl through the attic.
Anyway, that’s what home inspectors are for.
What a Home Inspection Is and Isn’t
One of the biggest misconceptions about home inspections is that the report you get is a run down of a static structure that’s unchangeable. The truth is that a home — or even an empty lot — is a constantly changing ecosystem. In a house, there are lots of parts behind the scenes that are growing and shrinking, shifting and moving, albeit slowly.
A home inspection isn’t a projection of the future health of your house. It’s a right now look at the structure and all the moving parts. A home inspection is a snapshot and it can only reflect what the inspector sees during the time they’re at your future address.
This means that a year from your home inspection the furnace may go out, or the roof may succumb to high winds. Your house may change in ways no one can predict now. But, that doesn’t mean that a home inspection has no value.
Three Big Reasons to Have a Home Inspection
Home professionals know what they’re getting for the price of a home inspection, but many home buyers balk at the idea of spending even more money trying to buy a house. Granted, home inspections aren’t cheap, but they provide a lot of value for the money. There are plenty of reasons to hire a home inspector, but these three biggies are worth pondering if you’re unsure about pulling that trigger.
1. Home inspectors can sniff out problems you may have missed when viewing the home. No one wants to buy a money pit, but people do all the time because they’re either overestimating their abilities or they’ve failed to get a home inspection. When your home inspector goes through your home, they’ll not just walk around in the living room. They crawl through the crawl space, they get up into the attic, they really give it a good look. Home inspections take hours to complete, but when they’re done you’ll be given a report that provides you more information than you could ever imagine. The types of problems found will help you decide if you can really deal with the house in the longer term or if you can afford the house at all.
2. They’ll prepare you for upcoming repairs. Although your home inspection is a snapshot of your home at a particular moment in time, and not meant to predict the future, there are many parts of the ecosystem that predictably show signs of wear. When your home inspector sees that your shingles are starting to lose their asphalt coating, for example, they’re going to make a note of that in the report. If the furnace is beyond its useful life, even though it still works, you can brace yourself for replacing it. Knowing that there are problems in your future can give you more time to prepare for fixing them, even if that means changing loan types to a mortgage with a rehabilitation loan component, like an FHA 203(K).
3. Don’t forget, an inspection report is also a bargaining chip. Most real estate contracts allow you an inspection period, during which you can get your experts out and have them look around the property. You also have the right to ask for repairs based on what they find, provided these were not readily apparent issues. (If the carpet’s worn in the hallway, you can’t ask for that during the inspection period because you could see it. You should request those kinds of repairs with your initial offer.)
Those less visible defects are everything. Say, for example, that your home inspector found that the plumbing is leaking under the house. When that report comes in, you can request that the seller fix this issue, because it’s obviously a major problem you couldn’t have known about. If they refuse, you can come back and ask to lower the sales price (with most loan programs). Some lenders will require that something as important as the piping is in working order before closing, so make sure you and your Realtor know what your loan requires before breaking out the home inspection bargaining chip.
After closing, a lot of buyers lose or toss their home inspections. This is kind of a mistake. You can use that home inspection as a punch list of items to update, repair or replace, and check them off as you go. Later, when you go to sell that house, you can show your potential buyers that you literally fixed everything on the home inspection. That’s a confidence builder, for sure.