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Purchasing a home is a lot different than purchasing a loaf of bread at the grocery store. If the bread goes bad, you can go back to the store and return it. At worst, you are only out a couple of dollars if you decide to just throw it out instead. However, you can’t just walk away or cut your losses when you are investing as much as $100,000 or more on a home. Therefore, you need to inspect the property before you buy it.
Home Inspections Can Find a Variety of Problems
When a trained professional inspects a property, he or she is going to know exactly what to look for. While you may miss the discolored wallpaper or the dying tree branch that can indicate water or termite damage, a home inspection professional is not going to miss those signs. Your inspector will also be able to find any possible damage to the foundation or whether or not your roof needs to be repaired right away.
These Issues Can Cost Thousands of Dollars
If your property has suffered from water damage, it could cost thousands of dollars to do whatever else it takes to find the source of the damage and stop it from happening in the future. If your property has termites or termite damage, you will have to tear down the walls to successfully stop the termites and repair the damage.
Repair Work Cuts Into a Potential Profit
Anyone who is planning on renting or flipping a property needs to know how much any repair work is going to cost. This is because any money spent repairing the property is going to reduce the amount of profit that the house can generate. If you buy a property for $100,000 and rent it for $1,000 a month, you will start to turn a profit in 100 months. However, you will need an extra month’s rent for each $1,000 you spend on rehab costs just to break even on your investment.
The Current Owners May Be Trying to Hide Something
While it may not be intentional on the part of the current home owner, the current owner may be hoping that you don’t notice the water damage or the termites lurking within the walls. This is because it will lower the market value of the house by a significant margin. Unfortunately, you won’t think to ask about the flaws that you don’t see. Therefore, you need to protect your interests and get the most from your investment by having the home inspected thoroughly before any closing documents are signed.
Home inspections are a valuable tool that you can use to ensure that you are getting your money’s worth when you buy a house. When you consider how expensive home repairs can be, even a minor repair job could cost hundreds of dollars to complete. Therefore, you can’t overlook the inspection process or balk at the price tag that you may have to pay to have the inspection done.