At a glance, Lake Country estates are beautiful, picturesque homes surrounded by nature all around, never too far from one of the lakes the region is famous for. As a buyer, however, you want your home to be far more than visually perfect. You want it to be perfect, inside and out, and the best way to confirm the condition of your home is by scheduling a home inspection. Here are six reasons you need a home inspection before you commit your wallet to a piece of Lake Country real estate.
1. Use a home inspection as a contingency
A real estate contingency is defined as an agreement stating one or more requirements that must be satisfied before a contract becomes legally binding between buyer and seller. Both parties must agree to the terms, as both buyers and sellers benefit from the safeguards afforded by contingencies. Should either buyer or seller fail to meet the requirements, the other party is free to walk away from the deal without repercussion.
A home inspection is a commonly used contingency that serves to ascertain the condition of a home before the buyer agrees to buy. Buyers don’t want to buy a home that ends up demanding hundreds, if not thousands, of dollars for repairs or other such maintenance.
2. Identify major and minor issues of the property
During the inspection, a licensed home inspector will address both major and minor issues they find as they survey the entire property. Minor issues include scuffing on the walls, scratches and stains, peeling paint and lacquer, and other relatively harmless, superficial flaws. On the other hand, major issues include serious concerns such as visible water damage, suggesting a leak elsewhere in the home that needs to be traced immediately. Inspectors will also point out faulty and outdated systems that need to be replaced and other significant red flags like infrastructural and foundational damage.
3. Additional safety and protection for you and your investment
Buying a home is a major financial undertaking, and you would be reluctant to buy a home that ends up costing you thousands of dollars because of previously unnoticed issues. Home inspections provide safety and protection for you, your investment, and your family by discovering issues before you sign your name anywhere near the contract. For example, home inspections may identify mold – a significant allergen for many people.
Home inspectors will also verify that the previous owner’s installations and renovations are legitimate and in accordance with local rules and regulations. Illegal alterations – that is, any major construction project performed without a permit – can negatively affect your insurance, usability, and the value of the property. These illegal modifications can prove costly, forcing you to pay additional expenses out of your pocket to have them removed.
4. Strengthen negotiations in your favor
If a home inspection determines that the property is in need of major or otherwise outstanding repairs, you may use the report in your favor during negotiations. For example, you can bargain with the seller to either have them pay for the repairs or offer a price reduction for the home, saving you a fair sum of money in the process.
5. Look past the superficial appeal
Real estate is a business, and with every business, the best way to sell a product is by improving upon its visual appeal. Homes are no different. Before a home is listed for sale, it undergoes intensive preparation by a handful of professionals. The home is first deep cleaned and decluttered and then staged by a professional home stager to look attractive and appealing to buyers. Professional photographers also manipulate angles and lighting to capture flattering photos of the home’s best assets, capitalizing on the power of first impressions. Every step is a strategic move to entice buyers on superficial appeal alone.
While a home may look like it’s in good condition based on appearance alone, you shouldn’t rely solely on what you see. Home inspections reveal the unsightly beneath the beauty, forcing you to look past the freshly-painted walls and newly installed fireplace to understand the true condition of the home. You might have to rethink before you buy.
Don’t let aesthetics sway you. Buying a home is costly alone, even more so if you’re forced to tack on repair and maintenance. A home inspection will help you make a better, well-informed decision.
6. Some insurance companies require home inspections
A majority of home insurance companies require home inspections and even those that don’t strongly recommend you schedule one regardless. Home inspection reports allow insurance companies to determine the level of financial risk associated with the property, ultimately affecting their decision to write you an insurance policy or not.
Even if a home fails the inspection, insurance companies can request that repairs be made within a certain time frame before they agree to work with you. Of course, their cooperation strongly depends on the condition of the home. A home that demands expensive repairs and renovations poses a higher risk than a home that doesn’t require nearly as much attention and care. Insurance companies aren’t likely to take their chances with a high-risk home.
A home inspection will identify the home’s level of financial risk, thus determining the insurance policy you’re eligible for.
For additional support and advice, connect with a local real estate agent to assist you. A trustworthy agent will sit down with you and review the home inspector’s report, pointing out red flags and major notes of interest. Having these home inspection results on hand will grant your agent a significant advantage during price negotiations; for example, your agent may be able to convince the seller to pay for any outstanding repairs needed on the home, saving you the cost.
Real estate agents are also equipped to help you throughout the entire home-buying process, not just the home inspection report. Mike Ledzian is a dedicated agent specializing in Milwaukee, Waukesha, and Lake Country real estate, driven by the desire to succeed and provide an exemplary experience to his clients. You won’t find anyone better than Mike – contact him today!
