After you sign a contract to purchase a home, you’ll likely have a ten-day option period where you can withdraw from the contract for only a small penalty. During this time, most buyers of Nashville homes will schedule a time for an inspector to come and see the home. The inspector will thoroughly review the property and look for any structural or foundational concerns, along with many other potential issues. The inspection is a key component of every home purchase, and you should never buy a home without one. Here are a few of the top reasons why the inspection is essential.
1. It gives you an “out”
Perhaps you find a home that looks great on the outside, but during the inspection, you discover a significant foundation issue that will require thousands of dollars to repair. Maybe you love the remodeled bathroom, but the inspection reveals a leak in the wall underneath the new shower.
These issues can cause significant damage if left untreated, and will directly impact the value of your home. An inspection makes you aware of these issues, and gives you a chance to renegotiate the deal or walk away from the contract if you can’t make an agreement with the seller about how the issues will be resolved. In most cases, you can ask the seller to pay a portion of these repairs, or you can request a lower selling price. All of this is assuming that your home is still in the option period, or that you have an inspection contingency written into your contract.
2. You’ll confirm that the home’s air quality is safe
Home inspectors test for the presence of certain air contaminants — such as radon and mold. These issues are hard to detect without an inspector, and they can impact the safety of the home. Receiving official confirmation that your new home’s air quality is safe can give you peace of mind as you move ahead with the transaction.
3. You’ll know if the home is up to code
Sometimes, homeowners make renovations or additions without securing the proper permits or making sure that the additions are up to city code. If your home isn’t up to code, you may pay higher insurance premiums or taxes on your home. During a home inspection, your inspector will make you aware of all issues, and let you know what you need to do to fix the problem.
4. You can plan for future repairs
Some home repairs are urgent, and must be dealt with immediately. Other issues are worth mentioning, but don’t have to be tackled before you take ownership of the home. Your inspector will tell you about everything they find in the home, and will explain to you what jobs need to be done immediately and what tasks can wait.
Keep in mind that many of your home’s components will not last forever. If you plan to stay in the home for several years, you may have to perform major projects along the way such as replacing your roof or installing a new HVAC system. Your inspector will look at these items and give you an idea of how much life they may have remaining.
5. You can secure a home insurance policy
Many home insurance providers won’t issue a new policy for a home that didn’t have an inspection. Since the insurance company could be held liable for home issues that surface in the future, they need to fully understand what kind of state the property is in, so that they know what they are signing up for. In addition, some lenders also ask to see a home inspection before they supply the necessary funds to purchase the home. This is because they are responsible for the home if it forecloses and if you’re unable to make your payments.
6. You can make a logical decision about purchasing the home
Nobody wants to fall in love with a home only to realize after the inspection that investing in the home is not a wise decision. However, it’s better to learn this before you sign the check. Sometimes, if a deal seems too good to be true, it’s because there’s something you don’t know about. This happens often with Nashville homes that have dropped in price. Perhaps the home went under contract, but the inspection revealed an issue that caused the buyer to walk away from the deal. Then, the home goes back on the market at a lower price than before. Use the inspection to make sure you’re making a sound investment, and not just listening to your emotions when you decide to buy a particular home.
7. You’ll learn about how to best take care of your home
Along with letting you know about any issues that currently exist, your inspector will give you a better idea about how you can care for your home in the future. They know what a well-maintained home looks like, and their advice can save you plenty of time, energy, and money in the long run.
If you have more questions about what happens during an inspection, or if you’re ready to start shopping for Nashville homes, reach out to Janelle Waggener. Janelle is an expert when it comes to Tennessee real estate. Her world-class marketing strategies help her clients’ homes stand out on the market, and while she specializes in luxury real estate, she takes time to understand each of her clients’ unique needs and preferences. She would love to partner with you as you shop for homes in the area. Contact her today!