Buyers, sellers, and those building a new home should all order a home inspection. This is a vital step that saves each party headaches, time, and expenses down the line. Read on to learn more about the importance of a professional home inspection for each of these parties.
If you need assistance selling your house or are looking for a new home in Isle of Palms, SC, contact Jimmy Carroll Realty today.
What is a Home Inspection?
A home inspection involves hiring a professional inspector to evaluate the house in question. The goal is to determine if there are any major issues with the home before buying, selling, or moving into it. Whoever orders the inspection will receive a detailed report outlining the issues identified in the home. A home inspection can cost around $300 for a small condo to about $500 for a single-family home.
The primary areas of the home an inspector will examine include:
- Structural components
- Water heater
- HVAC system
- Electrical system
The Importance for Buyers
Here’s why a home inspection is important for buyers:
- Unseen issues. While you may love the home you’re interested in after a tour, most major problems with the property can’t be seen from the surface. Imagine purchasing a property only to realize it needs significant structural repairs to be deemed safe. An inspection ensures you have total knowledge about the state of the home.
- Negotiate buying price. Once you receive your inspection report, you can use it to renegotiate the cost of home repairs into the buying price. After all, it’s up to the seller to make these repairs while the home is still in their name.
- Offers a way out of the sale. When you and the seller make the initial contractual agreement on the home, you’re under some legal obligation to go through with the sale. However, if you receive the inspection report, ask to renegotiate with the seller, and a new agreement can’t be reached, this gives you a valid reason to back out of the sale.
- Saves money in the long run. While an inspection may seem pricey up front, it will save you money by preventing you from paying for major unseen issues, allowing you to negotiate the buying price, and moving on to a more affordable option if a negotiation agreement can’t be reached.
The Importance for Sellers
Here’s why a home inspection is important for sellers:
- No unexpected surprises. Ordering an inspection before putting your home on the market ensures there will be no unexpected surprises regarding the condition of your property. You’ll know exactly what’s coming when the buyer orders an inspection of their own.
- Get ahead of repairs. If any major issues are found, you can go ahead and make these repairs before listing your home. This may be a good idea if there are problems that may make buyers no longer want to purchase your home.
- More accurate home pricing. When you know all the details about the state of your home, you can price it at the most accurate value possible.
- Improves buyer confidence. During the buying process, you can present the seller your inspection report and notify them of any recent updates made to the home. This will increase their confidence in making a deal with you and in the property itself.
- Speeds up the closing process. Being ahead of major repairs ensures you won’t have to do them during the buying process, which could push back the closing date. Plus, having your home updated and accurately priced reduces the chances of negotiation, meaning you’ll spend less time going back and forth with the buyer. What’s more, when the buyer is confident in the property, they’re more motivated to close as quickly as possible!
The Importance for Those Building a Home
Home inspections are a little bit different for those who decide to build versus buy a home:
New Construction Homes
The sale of a new construction home is usually contingent on a final home inspection. Just because the home is new, builds aren’t always perfect and mistakes can be made. If any flaws are found in the property, you can ask for them to be repaired at no cost and without negotiation before you move in.
Custom-built homes are evaluated by a building inspector, not a home inspector. By law, a building inspector must assess your home to ensure it’s built up to local regulations and standards before you can move in. If it is, you’ll be issued a certificate of occupancy. This is mandatory to obtain. If your home isn’t up to code, you’ll have to fix any errors to receive the certificate.
Choose Jimmy Carroll Realty
We hope you now understand the importance of a professional home inspection. If you have any remaining questions, need assistance selling your home, or are looking for a new property in Isle of Palms, SC, contact Jimmy Carroll Realty today. With over 20 years of experience, our expert team is ready to assist you throughout every step of your real estate journey!