When you find the house of your dreams and are ready to purchase Lowry Park real estate, it’s easy to get caught up in the excitement of a new home. Although this is an exciting time, it’s no reason to overlook one of the most important aspects of purchasing a new place: the home inspection. The home inspection is a critical part of the buying process that can save you a lot of money down the road.
It’s important to note here that there is a big difference between an appraisal and an inspection
. An appraisal is an unbiased estimate of the value of a property made by a professional appraiser. This information is required by your bank when they grant a mortgage loan for the home.
An inspection is a closer look at the condition of the home as well as its components, such as plumbing, roofing, HVAC, electrical, and so forth. It uncovers problems with a home before you sign on the dotted line. You can either ask the sellers to fix the items or adjust the purchase price accordingly. One cannot substitute for the other.
Here are three important reasons why you should never skip the home inspection part of the home-buying process.
#1. You Can’t Judge a Book by Its Cover
This old adage holds true for a home as well. Just because a home appears to be well kept doesn’t mean there aren’t problems lurking below the surface. Even a newer home can have problems that aren’t visible to potential buyers during a home showing.
#2. You Can Save Money in the Long Run
The average home inspection runs about $300 to $500. This might seem like a chunk of change—especially in light of all the other expenses that go along with purchasing a home—until you realize that a home’s electrical system needs to be rewired to the tune of thousands of dollars. Suddenly that home inspection fee seems relatively inexpensive if it can save you from big expenses later on.
You can also include language in the purchase contract to enable you to back out of the deal based on the results of the home inspection.
#3. You Might Be Able to Negotiate a Lower Price
If a home you are interested in is at the upper end of your price range, issues uncovered during the home inspection might give you enough bargaining power to negotiate a lower price.
Another option is that you might be able to get the sellers to make the repairs to your satisfaction before the sale goes through.
Are you in the market for a home and ready to purchase in Lowry Park or Lowry Field
? If so, it’s time to get in touch with the professionals who can help you through the entire process, including the home inspection. Contact
Elevation Realty to be connected to a team of experienced real estate experts who are ready to share their expertise to make sure you make a good purchase on your next home.