Home Inspection Tips to Avoid Buying a Money Pit

Congratulations! You found the North Shore home of your dreams, made an offer and are awaiting a, hopefully, successful home inspection and appraisal. Purchasing a home is the largest investment you will make. You want to make sure it’s the best investment possible. We’ve put together some tips to help you to avoid owning a money pit.

 

1. GET a home inspection. Your purchase contract gives you the opportunity to have an inspection within 5 business days after the contract is signed by all parties.  Don’t skip this very important opportunity! If your mortgage doesn’t require a home inspection, get one anyway. Getting a home inspection not only prevents you from purchasing something with a serious or expensive hidden issue but it can help you plan for future repairs so you are not caught unaware. In addition, if there is a serious health or safety issue, you can now go back and renegotiate the price based on inspection findings and/or ask the homeowner to make the repairs prior to the closing.
2. HIRE the right inspector. Be sure your inspector is a qualified, neutral party. Your Uncle John or the current homeowner’s best friend are not good choices. Your Realtor probably has a list of inspectors that have done a great job in the past for them or their office. We suggest you look for someone that is part of the American Society of Home Inspectors. Also, be sure that the inspector you hire is going to provide you with a catalog of problems he finds. Most will give you a binder, book or digital file listing any potential problems they find along with photographic evidence of this. That information/proof is what you will need if you need to bring any significant inspection issues to the current homeowner’s attention.
3. ATTEND the inspection. Even if you have to take a day off work, attending the inspection is a must. And, if you are not a great handyman, take your dad or someone else along who is somewhat knowledgeable. Ask your inspector questions along the way so that you can learn as much as possible about the place you are hoping to spend the next 20 years.
4. FOLLOW UP on the inspection. Don’t just get the information and sit on it. Go through it with your Realtor, spouse, the handy person you took along, and decide what to ask for when it comes to repairs prior to the closing or money off. If something needs further investigation, you can bring in experts, such as plumbers, electricians or roofers, to provide additional information, insight, and cost estimates.  While most inspectors are good at what they do, they are not experts in everything – some potential issues uncovered by an inspector are easily remedied, while others can be very costly.  Before moving forward with your transaction, you need to know what you are getting into.
5. REST EASY knowing you are getting what you want and expect in your home purchase. By taking the time and a little bit of money to do a home inspection, you are saving yourself potential headaches and financial issues down the road.

Do you have any other home inspection tips? Let us know! If you have any further questions on inspections or real estate, feel free to contact me.