HomeBuyer University: Buying a Home, Just Got Easier
Course 1: The Home Buying Process
Step 1: Getting Pre-approved
Step 2: Hire A Real Estate Agent
Step 3: Search For a Home
Step 4: Make An Offer
Step 5: Complete Submit Your Mortgage Application
Get A Home Inspection
Getting a home inspection is the next step in the home buying process, and your real estate agent can usually refer you to a good home inspector. Home inspections are an examination of the functionality and condition of building components, and all major systems by a certified professional. (This is different than a home appraisal that determines the home’s current market value). Inspections traditionally include a review of visible aspects of the home – both the inside and outside. Home inspectors have the training and experience, therefore equipped to inspect each element of the home construction. This includes electrical systems, and plumbing, and each system should function. Even a knowledgeable home owner may not possess the skill set of a proficient inspector.
NOTE: It’s important to do any home inspections prior to getting an appraisal done. If there are issues identified during the inspection that you cannot resolve through negotiations with the seller, there is no need to invest money into an appraisal.
Why You Should Get An Inspection
Home purchases are a big investment that you should not enter into without due diligence. An inspection reveals the condition of a piece of real estate and potential repairs. You may find that most issues are acceptable and can be quickly repaired, while others might tell you not to purchase a specific property. Alternatively, an inspection may also confirm that a home is in great condition. Good or bad, having this valuable information will help you with making better investment decisions. A real estate broker will help you analyze and negotiate inspection results in a manner that is reasonable yet simultaneously protects your best interests.
Expenses and Inspector Experience
The cost of an inspection usually depends on the square footage of a home. (Water quality and well tests may be additional charges). Charges may also be different depending on the inspector’s expertise and years of experience. Reviewing the inspector’s background, affiliations, and references are indicators whether the inspector is charging a fair price. Since it’s only a couple hundred dollars, a home inspection is worth the investment to identify costly deficiencies.
How to Order a Home Inspection
The internet has made it extremely easy to find home inspectors. A simple online search can reveal many viable options. You can also ask your real estate agent to refer you to a trusted home inspector that does business in your area.