Why Home Inspection is Beneficial for Both Buyer and Seller of Property
Both home seller and buyer will benefit from home inspection. A seller will benefit from a sober assessment made by professional inspector because here he can identify area of the property that need attention before listing and it can also help him determine a fair selling price if he decides to sell it as is. On the other hand, a buyer also benefits from home inspection since he will know the things that need attention in the house that can help avoid costly surprises down the road, and this also will help him facilitate a sound compromise of the price of the property. This is the importance of home inspection where professional check the physical condition of the house inside out. What is done during the home inspection is the examination and testing of the property’s major systems like electricity, water, HVAC, and other systems. Another vital data that must be checked are those structural components, starting from the foundation and up to the roof, to see to it, its soundness.
However well the composure of a seller is, it is largely the buyer who gets the brunt if it fails to commission a home inspection prior to buying the property, and here are some practical reasons.
This is especially true when buying a newly constructed home where it may sound like a waste of money. After all, it’s been recently constructed and therefore you would assume that it is trouble free. This is because problems with wiring, plumbing, and easement may not be visible during a showing and this is the reason why an expert home inspection is needed.
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It is true that home inspection requires an initial upfront money like three hundred to five hundred dollars, depending on the size and age of the home. You might think that the amount is expensive but this will become substantially small if you compare it with the cost that you will pay if you found out that the wires the contractor used for wiring were substandard, and you have to rewire the whole house.
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If you want to have some leverage in price negotiations, it is beneficial to have a home inspection prior to buying the house. If you don’t have any basis for lowering the price, it will be very difficult to bargain. With home inspection you can benefit from negotiating to lower the price of the house with verifiable support.
It is not only having bargaining power to negotiate a lower price, but home inspection also benefits the buyer in that they can include clauses in their contract that will require the home owner to make the repairs necessary before he gets paid for the property. However, if the seller does not wish to make that repair, then the estimate of the cost of repair can be deducted from the selling price.