Essential Home Inspections for Buyers
Getting home inspections is one of the most important steps in the buying process comes during the option period. The option period gives a buyer the right to back out of the purchase of a property in exchange for a negotiated fee. This fee is called the option fee and is paid at the time of contract. During this period, the buyer should perform due diligence to ensure the home is in the condition disclosed when the purchase price was negotiated. The older the home, the greater the risk of underlying issues. Essential home inspections include a general inspection and specialized inspections for termites, mold, radon, roof, HVAC, plumbing, structural/foundation, electrical and asbestos. The need for each inspection will be dependent on case by case circumstances. However, if the general inspection flags the need for further inspections, it is wise to do so. Each inspection should only cost $100 to $300 and can save the buyer $1,000s and many headaches. This is not the time to skimp. If any major issues are uncovered, there should still be time to negotiate a repair, adjust the purchase price or back out if bad enough. Remember, this is the buyer’s last chance to find an issue before the title is transferred and if you’re looking to save money, finding issues before the purchase will help you save $1,000s instead of only $100s.