Attorney Shannon Wynn: Skipping the real estate inspection can be costly

Wynn at Law, LLC knows the cost of a real estate inspection may seem a little bit steep with all the other closing expenses to bear, but it's well worth it in the end. The cost will vary based on the size of the house, but between $300 and $500 is a good estimate in Walworth County. If these inspections aren't done, issues with the house might crop up later and end up costing thousands in repairs.

Many buyers of spec homes or brand-new construction especially feel the urge to skip the inspection. What really can go wrong with a new house? A lot. If a builder or seller offers a discounted price or cash back for skipping the home inspection, walk. A home inspection takes a couple hours: That's hardly an inconvenience to the seller. There is no reason to persuade buyers against it... unless there are critical issues with the home. For example, the homeowner may have been a “Do It Yourselfer” who did improvements him/herself to cut costs, or a builder could have cut corners to finish on schedule.

If you're really set on purchasing a home, you absolutely need to take measures to ensure it's safe. Safety is the primary reason three out of four home buyers have an inspection before finalizing the purchase according to the National Association of Realtors. The fact that three out of four buyers will have an inspection is a good reason sellers should have one, too, before they even list the property. This way, you can spend time remedying any issues that need to be immediately fixed for the next owners of your home. An inspection also gives you back-up in case the buyer's inspection turns up something entirely unexpected.

Here are three tips:

·         Hire a home inspector that has many years of experience and the proper certifications and licenses.

·         You also want an inspector that is thorough and will go into the attic, through the basement, and on the roof.

·         Go along. Some inspectors are happy with you following them around asking questions, while others want to do a thorough search first, and then a walk through with you. You are paying for his or her time, so ask for the tour from the inspector's view.

Real estate transactions are exciting for both buyer and seller. When you're caught up in that excitement – and the probability that there is also another buying or selling transaction in which you're involved – it can make you forget to take the necessary precautions. The inspection is one such precaution. Buyer or seller, it's your safety net.

 

*The content and material in this original post is for informational purposes only and does not constitute legal advice.  

Photo by Ian Allenden, used with permission.