Importance Of Getting A Home Inspection When You Plan To Buy A Fixer-Upper Property

Posted On Monday, 29 June 2020 20:35

The ideal fixer-upper is a home that may not look livable in its current state, yet has great prospects for the future. But, how do you make sure that the fixer-upper you’ve set your eyes on is, in fact, improvable?

Enter a certified home inspector. They can help you review the entire property, from electrical and structural inefficiencies to the history of pest infestations, to give you a good idea of what you’re dealing with. And, the best part of it all is that home inspections cost is very affordable.

Here are some reasons why you should invest in a home inspector before purchasing a fixer-upper property to make sure that you’re choosing one that you can work with in the future:

1. Uncovers Safety Issues

Inoperable windows, dilapidated roofing, and damaged electrical wiring are some of the most common issues found in fixer-upper properties. Thus, a thorough evaluation is imperative for these things to be properly analyzed. A home inspector has to make sure each and every safety issue is brought to your knowledge before the purchase.

2. Reveals Possible Pest Problems

Pest infestation can wreak havoc on your home. Depending on where the fixer-upper property is located, the probability of contracting a pest problem will vary. There are also different species of pests, which a home inspection can help you identify. Some species are extremely dangerous and exceptionally hard to get rid of. For example, wood-boring insects, like termites, can cause you a lot of financial losses if left unidentified for extended periods. If you’re looking for an estimate, note that termites inflict five billion dollars in damages to real estate annually.

Water-damaged fixer-uppers are also a health hazard. They provide a perfect habitat for mold to grow between the linings of walls, as well as between the spaces of air conditioning systems. Mold can aggravate asthma, and also increase the incidence of life-threatening diseases, such as multiple sclerosis.  

An in-depth home inspection will help you identify the said problems, allowing you to make an informed choice.

3. Identifies Structural Issues

One of the primary reasons why home inspections are necessary is that they enable buyers to see the extent of structural damage in a fixer-upper. The structure is pivotal to the integrity of the home. Fixing structural problems in a property, especially if it happens to be a fixer-upper, can cost hundreds and thousands of dollars.

When choosing a home inspector, remember that not every single one of them has a background in professional engineering (PE). To make sure you’re in pole position to identify every structural issue in your future home, hire a home inspector who has this degree. Qualified home inspectors can help you identify signs your roof needs replacement or repair, and a host of other structural deficiencies.

4. Evaluates Potential Future Expenses

A fixer-upper is a high-risk investment. Sometimes, a water tank, which seems to be in perfect condition in the eyes of an ordinary person, is actually nearing its life expectancy. A home inspector can help you realize such an issue so that you can financially gear yourself up for the future.

Home inspections can help you figure out where you might need to invest in concerning replacements and upgrades.

5. Gives Room For Negotiation Of Seller Repairs

You can only succeed in buying a fixer-upper once you know what needs to be corrected. Some buyers who have deep pockets aren’t deterred from buying a property even when inspections reveal a lengthy charge sheet of problems, while others get easily frightened by this.

Fortunately, a home inspection provides a middle ground. After a home inspector performs their job, you’ll have the opportunity to request some repairs to be done by the homeowner. It is important to note that some agree with this proposition, while others don’t.

To tip the scales in your favor, you always need a detailed report of the home inspection in your hands as it’s essential to present a solid case.

6. Provides A Safe Exit Point

Home inspections provide a safe exit point if the fixer-upper is beyond your financial tolerance. If, after a home inspection, you decide that the repairs are too much for you to handle, you can let the seller know and either retract your offer or commence renegotiation.

Sometimes, you might withdraw when you don’t feel at ease with some of the revelations of a home inspection report, no matter how attractive the offer is from the seller. This scenario also provides you a safe way out. While it’s pretty uncommon that buyers get cold feet after a home inspection, it’s a possibility and is something you need to keep in mind.  

Final Thoughts

A home inspection is an essential step in buying a fixer-upper. It helps reveal safety issues and structural inefficiencies, as well as provides exit points when things don’t go to plan. Sometimes, home inspectors might miss certain details, but they’re still a lot more qualified to evaluate a property than an ordinary person.

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