The question of whether to spend a few hundred dollars on a home inspection generally arrives at a time during the home buying and selling process when your budget feels like it’s stressed to the max. As such, it’s easy to put it off or add it to the list of things that you don’t need to do urgently. However, a home inspection is actually one of the most important components of the home buying process and something you’ll need to budget for – and from a financial standpoint, it can actually save you exponentially more money than you’ll spend on one.
A home inspector looks at the vital systems of a home, including plumbing, electrical work, HVAC systems, the roof, the foundation and everything in between. If something is wrong with any one of these systems, it can cost you tens of thousands of dollars in repair expenses.
In addition, if something was found in a home you’re interested in purchasing, you can use this as a bargaining chip to negotiate the price of the home down or request that the sellers take care of any problems before the transaction is completed.
Do yourself a big favour and add a proper home inspection to your home buying budget to save yourself from potentially huge problems later.