A new home is the single biggest purchase you will ever make. The decisions you make in the buying process can impact your life for years to come. Overlooking something in the inspection will not only impact you financially but will change the way you feel about the property.
Many buyers confuse the role of the inspection and the appraisal. The appraisal is done by the lender to verify the value of the property. The inspection is done for the buyers benefit to discover any deficiencies. If there are items that need to be repaired or replaced the inspection is your best chance of finding them. Your new home is too important to overlook or ignore the inspection. Here are three common inspection mistakes you need to avoid.
Using Any Inspector. It is amazing how many buyers will simply use the first inspector that comes their way. They spend more time researching a new phone than they do their inspector. It may seem like it doesn’t make much difference what inspector you use but your decision is critical. The right inspector will take their time and catch items that another inspector might not. Spending an extra couple dollars on a more experienced inspector can literally end up saving you thousands. It is a good idea to talk to at least three inspectors before choosing one. Your real estate agent can provide you with a list or your can do your own homework. Take the time to make sure you are comfortable with them and know exactly what you are getting.
Not Attending Inspection. There is no getting around the fact that a good inspection is a long, tedious process. You will walk around the house, not knowing what you are looking at for hours. The idea of wasting half your morning may not sound appealing but it is essential if you want to know what you are buying. Even if your real estate agent is present it is a good idea to show up for the inspection. You will get a copy of the report when the inspector is done but there is valuable information you can only get in real time. A good inspector will point out items they see and possible remedies as they are looking at the property. Reading something in a report is not the same as hearing your inspector say it. Block off a few hours and attend your inspection.
Ignoring The Report. If you really want the house, there is a tendency to ignore the deficiencies. Instead of listening to the advice of your real estate agent or contractor you will move forward with the purchase. This is one of the worst home buying mistakes you can make. Whatever you get as a seller credit will not be enough to remedy the property. At some point down the road the problem will present itself and you will be forced to deal with it. You can’t just sweep the problem under the rug and hope it goes away. In fact, doing this will only make the issue much worse. Waiting a few extra weeks to have the seller fix the problem is not ideal but will protect you down the road. If you spend the time and money to get an inspection you need to act on the report.
The inspection is one of the last hurdles in the process. As excited as you may be to move forward, you can’t overlook the inspection and make careless mistakes.