Emotions run high during a divorce and the marital home is a real emotional trigger. Memories, life events,sense of community and dreams are all tied to this place called home, and for most families it's the largest financial asset they own.

 

It's common for one party to buy their soon to be former spouse out of the house, particularly when there are children involved. This is worked through all the time but one step that is commonly missed in this process is to have a full inspection completed before the buyout. This omission can create painful financial regret down the road.

 

A home inspection is not on most people's radar because they've often lived in the house for a period of time and haven't observed any problems. It never even occurs to them to fully investigate what they are buying as they would with a traditional sale. They know the appraisal came in at a good value, rates were historically low and they won't need to uproot the kids, so they blithely move forward with the buyout. They wouldn't approach a traditional sale without an inspection and it's crucial to follow through with one before the final agreement is signed.

 

What's the life expectancy on the furnace, hot water heater and roof?  Too often one or more of these systems fails shortly after the transfer of deed and it is usually during a time when the newly single home owner is adjusting to a post divorce budget which has them short of funds.

 

One client found out through an inspection that after 50 years her previously stable home was experiencing recent major shifting in the foundation. It had gone unnoticed due to boxes stored in the basement. Another client had a cracked heat exchanger in the furnace. They wouldn't have known it was just a matter of time before their seemingly insightful financial investment became a major financial liability.