Importance of Home Inspection Contingency When Buying a Property

Posted On Saturday, 23 October 2021 21:42

The excitement of finally finding the right home may compel you to make a quick deal. It is quite tempting to skip the delay of home inspection and buy it sooner. Beware, it’s a mistake and might prove to be a costlier one down the line.

What is a home inspection?

Before signing on a property, you must have it professionally inspected for all kinds of major or minor issues. Home inspectors give you the real picture regarding the status of the property that you are buying. They inspect both the exterior and interior parts of the home, from electrical to plumbing, roofing, HVAC systems, and foundations. 

A home inspection contingency allows buyers to learn about any kind of problems that a property might have before purchasing it. This contingency provides an opportunity to walk away from the purchase if the home inspection reveals significant defects. In this way, you are saving your investment without any penalties and within a stipulated timeframe.

Why is home inspection contingency important?

Imagine finding about leakage and mold problems once you are trying to unpack and settle in your home! This is exactly why a home inspection contingency is important. A Home Inspection Contingency when buying a property is essentially the key to protecting your rights as a property buyer. 

• ensures that the buyer receives complete information about property health
• allows buyers negotiating leverage over repairs, and sale price
• provides buyers protection from losing their investment on a compromised property and from repair expenses later
• it is sometimes necessary for lenders to approve financing of properties
• it is an essential crash course for first-time homebuyers on property maintenance
• it also provides a checklist of things that should be attended to regularly to keep a home safe and sound  

No homebuyer wants rude shocks of costly or life-threatening problems after significantly investing in a property. Home inspections reveal problems that may be fixed or else they will prevent you from getting stuck in a money pit. 

What is included in a home inspection contingency?

A professional home inspection includes significant potential problems such as structural issues, damaged fixtures, or things that need replacement or need to be repaired or serviced. They also note issues that are currently suitable but would require close monitoring. Home inspections also provide a wide general idea on routine maintenance. Here is a quick checklist:

• Home exterior—damaged or cracked walls, cracks or settling issues in foundation structure, grading of yards, garage framing, ventilation, roofing, and gutters.
• Home interior—plumbing, electrical wiring, HVAC systems, major appliances, and fire safety.

Apart from these, get additional inspections done from your end.

• A pest inspection can tackle any prevention along with the repairs that are revealed through a home inspection. Besides, it will also tell if there is a potential for pest issues in the future based on the location of the property and its construction materials.
• Pre-purchase pool inspections if your property comes with a swimming pool, as it will alert you to insist on a valid pool safety certificate in compliance with pool safety standards and laws. In addition, you would definitely want an inspection of the pool fencing, surrounding area, and the pool itself for repairs.

Don’t grudge the cost and time of a home inspection. In the long run, you'll be glad you did it.

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