10 Reasons You Shouldn't Skip a Home Inspection

Buying a home comes with many additional expenses beyond the price of the house and the mortgage. Among these is a home inspection, which is a thorough check of a house's condition and systems. This includes the structural condition of the house and the functionality of systems such as electrical, plumbing, heating and cooling, and more. A purchase agreement might even be contingent on specific outcomes of the home inspection. Even if you feel confident the home is in good condition, there are 10 good reasons why you should get a home inspection and why it is worth the $300 to $600 it likely will cost.

1. It Provides an "Out"

A quality home inspection can reveal critical information about the condition of a home and its systems. This makes the buyer aware of what costs, repairs and maintenance the home may require immediately, and over time. If a buyer isn't comfortable with the findings of the home inspection, it usually presents one last opportunity to back out of the offer to buy.

2. Safety

A home inspection can detect safety issues such as electrical problems, mold etc. that can pose a hazard to our safety and health.

3. Reveal Illegal Additions or Installations

A home inspection can reveal whether rooms, altered garages or basements were completed without a proper permit or did not follow code. If a house has illegal room additions that are un-permitted, it affects the insurance, taxes, usability and most of all the overall value. In essence, a buyer is purchasing something that legally does not exist.

4. Protection

Home inspections are even more critical if you are buying an "as-is" foreclosed property or short sale. Dwellings that have been boarded often develop hazardous mold problems, which are costly to remedy and pose health concerns. It's common for home inspectors to find that copper plumbing lines and outdoor compressors have been removed from foreclosed properties by people trying to sell copper to recyclers for money.

5. Negotiating Tool

The home inspection report presents an opportunity to ask for repairs and/or request a price reduction or credit from the seller. Work with your realtor to understand what requests can and should be made to negotiate a better deal.

6. Forecast Future Costs

A home inspector can approximate the installation age of major systems in the home like plumbing, heating and cooling, and critical equipment like water heaters. They can diagnose the current condition of the structure itself, and tell you how long finishes have been in the home. All components in the home have a "shelf-life."

7. Determine "Deal-Breakers"

Home inspections can help buyers identify how much additional money or effort they are willing and able to spend to take the home to a condition that is personally acceptable. If you are unwilling to repair issues like faulty gutters, cracked walls, or ceilings, perhaps you are not ready to end your home buying search.

8. Learn to Protect Your Investment

The home inspector is a valuable educational resource. They can suggest specific tips on how to maintain the home, and ultimately save you thousands of dollars in the long term.

9. Reveal the Big Picture

People use their home inspection to understand the nuances of what may be the biggest purchase they ever make. "People fall in love with a piece of property based on the color of the walls, the location of the home, or something else; they are completely blind to the issues that can make that dream home a nightmare," he says.

10. Insurance

Some insurance companies will not insure a home if certain conditions are found.

The Bottom Line

It is your responsibility to understand as many details as you can about the property you may soon call home. Home inspections reveal the inner workings of the property allowing you to be informed of all the perks and pitfalls the home has to offer.