There are more than 500,000 property sales every year. Some of these are new builds, some are self-builds, and others are simply existing homes. But, whatever your situation, you are likely to need a mortgage and you’ll be wondering whether to have house inspections completed or not.
The simple answer is yes.
The mortgage company will request a survey is done. They will organize it and you’ll pay for it. However, this survey is to confirm the value of the property. Although it may comment on any issues the inspector sees, it won’t be an in-depth property inspection. The reason is simple, the mortgage company is only interested in whether they can get their money back or not.
A complete inspection, such as that offered by a qualified NACE inspector, will check the structural integrity of the property, as well as looking at electrics, plumbing, and insulation. There are several ways in which this can save you time and money.
If you’ve negotiated a price for a property, based on the fact it looks great, an inspection can back this up. However, if the inspection identifies a series of issues, you’ll be able to assess how much the repairs will cost.
This will allow you to walk away from the deal, saving yourself the time and hassle of buying and simply re-selling.
Equally, it can be used to reduce the price of the property, allowing you enough funds to do the necessary repairs. That could be translated as a significant saving, potentially making the difference between being able to afford the property or not.
While a property may look fantastic, it can be misleading as safety issues are not always visible. This means you could move in and then find the property isn’t safe and have to move back out. That’s better than staying in an unsafe house but not a desirable outcome.
The report will also highlight anything that could be damaging to your health, such as lead piping, asbestos, or other chemical contaminants.
Being aware of these and dealing with them before you move in protects your health and the health of your loved ones.
Your house insurance policy doesn’t cover every eventuality. Having inspections done means you can verify the potential issues and see if they are covered or not. This will allow you to tweak your insurance policy. Of course, there are some things that insurance companies simply won’t cover; Knowing about these will allow you to either budget for them or walk away from the deal.
In both cases you will be prepared for all eventualities, this will prevent shocks and surprises, allowing you to make an informed decision and either turn a property into a stunning home or simply find another.
That’s the bottom line, home inspections before you buy don’t just save you time and money, they also save you a lot of hassle as they ensure you know everything you need to.