The "Optional" Home Inspection
November 14, 2024
A home inspection provides an unbiased, expert assessment of the property's condition, uncovering potential issues that might not be noticeable to the untrained observer. Add the home inspection to your to-do list for best results.
Think of it as a comprehensive health check for your potential investment. You should only commit to a home after it has been reviewed by a qualified professional and not just an FHA fee appraiser.
Why Do You Need A Home Inspection? Examples
A couple is interested in a beautiful Victorian-era home. The appraisal confirmed the asking price was reasonable, However, during the inspection significant cracks were discovered in the foundation, suggesting expensive repairs. Thanks to the inspection, the buyers renegotiated the price.
Another example? A family looking for a larger home finds one in a popular area. The house’s freshly painted walls and modern kitchen suggested a well-maintained property, but after the inspection, the buyers learned of basement water damage and a history of flooding due to inadequate drainage.
The buyers chose to pass on the home. That scenario may have worked out differently if they had relied on the appraisal alone.
A final example: A retired couple examined a property listed as having a newly replaced roof. However, the inspection report revealed some new shingles layered over old, damaged ones. Is that the definition of “newly replaced?”
These examples represent only a few issues a home inspection may reveal. While it might seem like an additional expense, it's a small investment compared to the potential costs of unforeseen repairs and problems.
Never Skip the Inspection
- Uncover Hidden Problems: Inspections reveal issues that might not be visible during your walkthrough.
- Negotiate Repairs or Price: The inspection report provides leverage to negotiate repairs or a lower price.
- Avoid Costly Surprises: This can save you from expensive repairs after you move in.
- Make Informed Decisions: You should fully understand the property's condition so that you can make an informed decision about your purchase.
FHA Loan Articles
March 11, 2025Adding a co-borrower to your FHA is a way to offset fears that you won't qualify for the mortgage on your own. An FHA loan co-borrower with a more substantial financial profile may offset the primary borrower's weaknesses, demonstrating a reduced risk to the lender. But for an FHA loan, don't assume that one borrower with good credit scores can offset one with non-qualifying scores. We ask 20 questions about co-borrowing to help you better plan for your FHA loan.
March 10, 2025Even if you aren’t considering your home loan options right this second, it’s smart to know your options if you decide to pursue a new home later. To that end, using a mortgage calculator is a smart choice for setting some basic budgeting parameters as you plan your path toward home ownership. A mortgage calculator helps you plan for future financial scenarios, such as buying new or refinancing a current home.
February 27, 2025 Buying your first home can feel overwhelming, especially when you start hearing terms like "subprime mortgages" and "FHA loans." Understanding these options is crucial for making the right decision. Subprime mortgages are designed for borrowers with less-than-perfect credit histories. This might include past issues like late payments, loan defaults, or even bankruptcy...
February 26, 2025Buying your first home can be exciting, but the mortgage process often throws a curveball of unfamiliar terms. Here are answers to common questions first-time homebuyers have about mortgage jargon and terms.
February 18, 2025Mortgages typically require mortgage insurance and homeowners insurance. They are both key parts of your home loan but they serve very different functions. Do you know the differences between the two? Find out how ready you are to begin the process of buying your new house.
