One of the most misunderstood parts of the home buying process is the inspection. For instance, buyers often mistakenly believe that if the home looks to be in good condition it doesn’t require an inspection. Nothing could be further from the truth! In fact, it is recommended by real estate professionals that every home be inspected whether it is brand-new or 50 years old.
Your best protection against buying a home that is substandard in any way is to have it inspected by a qualified home inspector. It can be difficult as you have probably falled in love with the house and are imagining how your children will look playing in the garden. You don’t want to think that there could possibly be anything wrong with your future home, but isn’t it better to know sooner rather than later that the roof will need replacing in a year or two.
While it may seem costly to spend $300-$500 on a home inspection, it is a lot cheaper than going to see an attorney and starting a court case to get the $5,000 bill for a new drainline paid by the old owners who knew about the problem when they sold. People are not always dishonest, sometimes they genuinely think that the plumbing leak in the bathroom doesn’t matter as it occured a few months ago.
The simplest and easiest way to protect yourself is to have a certified home inspector to really go over the house before you purchase it. Make sure that your real estate agent gives you plenty of time in the contract to have your inspection and ask the seller to fix any defective items. Some states even allow for a due diligence time period meaning that the buyer can get out of the contract for any reason during that time period whether it is inspection related or not.
Remember the home inspector is working for you so if you are nervous about something, whether it is the tree that seems to lean into the house or the funny noise coming from the lights, make sure to ask him while he is there. It is a wise idea to make a list of questions before he comes to inspect the house, so nothing is forgotten. Once he is gone then it is too late to ask him to take a look at something.
Wondering what a reverse mortgage is exactly? I have no simple way to explain but if you are at or approaching retirement age then it is well worth looking into.
