We are planning to buy our own house and searching for an ideas and tips that could lead us to a house that is worth the price. The realtor that we have asked for help told us to hire a home inspector to give a thorough check on the house we want to buy but doesn't it add more to our expenses?
If you have experienced this before, let me know.
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You pay for a one time home inspection services. At this pandemic rate they will be happy to a do a bundle for you. Go and look some up and pit them against each other for your money. It’s like asking why does a bank hire analysts and intern when it adds expenses to their research lmao
Home inspectors can see various flaws that you won’t be able to see that could have a significant impact on the value of a home. Someone in my family was trying to purchase a house and the home inspector found several deep cracks in the foundation of the house that would have required demolition and rebuilding to be safe.
To tack on to the above replies, if the home is older than 10 years it’s a no brainer. Foundation issues, poor plumbing, poor wiring, old roof, etc will kill you when you own the home or when you try to resell in a normal market. This market is far from normal so I understand the attempt to be agile but personally I wouldn’t be comfortable with it. Personal anecdote, my family were going to buy a home and the way in which the driveway was built (home on a hill) meant $30k just to re brace the dirt under the drive way so it didn’t start significantly cracking at some point in the future.
Are there any benefits of pre-purchase due diligence? Isn't that an additional expense?
We are a PE fund searching for ideas and tips that could lead us to an asset that is worth the price. The investment banker that we have asked for help told us to hire some Big 4 to perform a thorough financial due diligence on the company we want to invest in but doesn't it add more to our expenses?
If you have experienced this before, let me know.
^ This is basically what you are asking
There are many Benefits Of Pre-Purchase Home Inspection. Below I have listed the main areas that your inspector will check for and how investing in a building inspection can save you money for the long term.
Interior and Exterior Cracking
This is caused by the settlement over time, low-quality materials, or poor workmanship.
Some cracks are supposed to be minor and require simple repairs. However, more substantial cracking shows structural damage within the home that can potentially lead to the collapse of ceilings, walls, flooring, and roofs.
Water Leaks
Poorly joined stainless steel pipes and fittings as well as leaking taps and water spots on the walls and ceiling are signs that water damage is present in the property.
If ignored, the water damage can weaken the building roof or shell, ruin furnishing, damaged flooring, and cause mold growth.
Outdated Wiring
Outdated wiring inaccessible, old wiring may not maintain the power demand from the latest appliances, but it is also a potential fire hazard. Environmental aspects such as salt-water, dust, and hot conditions can all add to the decrease of your wirings lifespan.
Rising Damp
In older homes, often they were not built with a damp salt course built into the establishment. As this salt builds up, it brings more moisture causing mold to develop.
This is a really good breakdown.
I used to sell homes in college. Home inspections are so useful. Had some clients almost buy a house that turned out to have some very sketchy wiring in the attic. My inspector guy showed me and told me that it could burn down the house.
A year later house did actually catch fire (I remember seeing the auction and it looking familiar).
You know what would be more expensive?
Finding out you just bought a home with a whole host of structural problems.
This has got to be one of the weirdest questions I've seen in a while.
I believe that it will not increase your costs, but it will reduce and keep you out of trouble. If there are a lot of downsides to the house, you will have to spend more later than you do now. When I bought my house, it turned out to have a bad roof and needed to be replaced. I went to visit gideonroofing.com, which did its job professionally and efficiently.
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