Why You Should Consider A Home Inspection Before Copping A House
Some 34% of Black homebuyers cite their homes need too much maintenance, making it their largest regret.
The discovery is unsurprising as 61% of those individuals bought a fixer-upper versus 54% of white buyers. This report shows why Black Americans may do well to have a home inspection done to help save a lot of money. An interior and exterior home inspection is a vital part of the home-buying process.
Along with identifying potential problems such as bad plumbing, damaged roof, and other pitfalls, such an analysis can help protect you and your wallet over time. Further, Black American homebuyers spend more on repairs than other groups because they often buy older homes needing improvements.
When buying a home, real estate expert Jamie Seale advises that Black homebuyers mustn’t skip the home inspection. The analysis will help buyers gauge the home’s condition and budget for how much maintenance it might need in the future. For example, if the inspection reveals that the HVAC unit is already 10 years old, buyers will know they’ll likely need to replace it within the next few years and can start saving.
“If buyers aren’t willing to spend the money to bring it up to an acceptable condition or keep it in good condition, perhaps they need to move on to a more affordable home.”
However, Seale emphasized a home inspection can also be a good bargaining tool. She explained it allows the homebuyer to ask for repairs, repair credits, or a price reduction, which can save buyers money. “A home inspector can also suggest specific tips on maintaining the home, potentially saving buyers hundreds or thousands in the long run.”
Based on this report, 86% of buyers reported their inspector spotted at least one problem that should be addressed, while 46% stated they “used home inspection reports to negotiate a lower price on their home.” Experts recommend potential buyers should plan to contact a local home inspector immediately after the signing of the contract or purchase agreement.
Another option to consider is to seek a home contingency clause that allows homebuyers to hire a professional who can inform them of large or small issues with a home before buying it. In fact, it has been reported many lenders will not offer home financing until one is done.
Check out this site and another here that covers the importance of a home inspection and why prospective buyers should have one done before making such a large investment.
