There’s a reason mortgage fences tend to take a long time. Not only will your lender verify your financial information and have the home you buy valued, but you will also need to have that home inspected to make sure it is in the condition you think it is in.
Now, technically, a home inspection is something you as a buyer have the right to forgo. But it could be a bad choice.
If there are issues lurking in the house you are trying to buy, not knowing about them could put you in a situation where you are closing that property and then you find yourself stuck paying a big bill of repair. It’s best to do this inspection and, if possible, be there to ask questions along the way.
Here are some major issues that a home inspection might reveal.
1. A roof that has seen better days
A damaged roof can expose your home’s interior to flood damage. Additionally, roofs can be expensive to repair or replace.
2. Water damage
In some cases, water damage in itself is not a deciding factor. This is the reason behind this that can be a problem. A leaky roof or poorly fitting plumbing can be the cause of water damage, and in some cases these issues can be expensive to repair.
Mold isn’t just ugly to look at. It can also cause major health problems if left untreated. But mold removal can be expensive. In some cases, this may involve having to tear down walls or cabinets, which makes the job complex.
4. Obsolete wiring and electrical work
An electrical system that does not comply with the code could constitute a danger. And it could also cause issues that affect your quality of day-to-day life. However, upgrading electrical systems can be expensive, so this is something you will want to know.
5. A faulty heating or air conditioning system
Heating and air conditioning systems can be expensive to replace. If one of the systems in your home is about to go missing, it could lead to a big bill.
6. Damage caused by termites
There are a number of different signs that indicate damage at the end, such as buckling of the wood and uneven flooring. Termite damage can be costly to treat, as can getting to the root of the problem – getting rid of the termites themselves.
7. Damage to foundations
A damaged foundation could compromise the integrity of your home. Signs like uneven floors and cracks in walls and ceilings can indicate foundation issues, but these signs can be subtle, which is why you need an inspector to watch them.
What to do if your home inspection reveals major problems
It is one thing for a home inspector to discover minor issues with the property you are purchasing. But if any of the above issues are identified, you will need to work with your salesperson to resolve it.
Your seller may agree to resolve the issues before the sale of the house is finalized. Or, your seller may agree to take money off the purchase price of your home so that you can fix these issues on your own.
If your seller refuses to do anything to fix the issues discovered by a home inspection, you will usually have the right to opt out of the current business. Most real estate contracts come with a home inspection contingency that allows you to do this, but you may want to consult your lawyer before taking this route.
Either way, it’s important to do this inspection before you buy your home. As tempting as it may be to ignore it, it could open you up to a world of trouble – and a lot of wasted money.