When it comes to purchasing a home, there are countless factors to consider and steps to take to ensure you’re making the best choice for yourself and your household. In a competitive market, sometimes buyers will feel pressured to waive certain rights or skip common protective measures in order to win over a seller and be able to buy a property they’re excited about. However, even in markets where buyer demand is high and inventory is low, pre-inspections, which are inspections carried out by a professional third party that identifies any issues or areas of concern on the premises before an offer is even made, can save buyers money, worry, and regret down the line. Read on for four of the main reasons why we recommend requesting a pre-inspection on your next homebuying search.
1. Uncover hidden issues. The sooner you know about any issues or repairs needed, inside or outside of a home, the better. It’s always highly recommended to have as much research done on a property as possible before purchasing, and if you can have an inspection carried out early on—even before making an offer—this could save you time and money. Hopefully, the inspection report comes back with zero or minor issues, but in the case that there are serious issues (like with the home’s foundation), you may need to reevaluate if it’s worth it to buy the property or if your search for a home will need to continue.
2. Negotiation power. Let’s say that the inspection report comes back with some notable remarks on needed repairs that may not necessarily be deal breakers for you, then you can use the report to your advantage and present it when negotiating for a better price or terms. You may find that the necessary repairs will not dissuade you from purchasing the property, but find that you will require a lower sales price, considering there are issues with the home that will cause you to spend money and time making updates once you buy.
3. The reality of buying a home is that it’s impossible to know absolutely everything about the property before you move in. But the good news is that proactive steps like requesting a pre-inspection can get you pretty close to seeing the full scope before making any commitments or signing any serious contracts. Make a confident offer based on comprehensive insights. Furthermore, you don’t want to make one of the biggest purchases of your life only to find that you must spend more money than you had budgeted for later on due to unexpected expenses post-purchase.
4. For sellers, a pre-inspection is also a positive. Assuming there aren’t any major issues uncovered that they were unaware of, it’s one more level of assurance in the process. A buyer who has requested a pre-inspection and is now making an offer, or participating in a bidding war against buyers who did not request a pre-inspection, is going to appeal to sellers more because that buyer has a better understanding of the condition of the house than the other buyers, meaning a smoother close to the transaction later on.
As with all real estate transactions, an experienced agent will be able to tell you why steps like pre-inspections are so important in general and for your specific situation. If you’re searching for a home or are planning to sell, please reach out so we can guide you on your real estate journey.