When purchasing a home there are certain expenses that are of great value to the home buyer.
Appraisals help banks to be confident they can loan large amounts of money to buyers. The appraisal fee is a good return on investment. Real estate agents’ fees are another expense that is worth every penny, as everyone knows.
Home inspections cost money, but their value is immense in almost every situation.
In our current “seller’s market”, some inspections are for informational purposes only. Where is the value here for the buyer? Most of us have purchased a home, we all know the anxiety such a decision brings. I have heard countless buyers say, “Just being re-assured this home is in the condition I thought it was is worth the fee”. Just how much is our peace of mind worth?
Or, when big ticket items are uncovered through the inspection, such as a large structural concern, buyers may have the option to get out of purchasing a potential money pit. A home inspection also alerts the buyer of little annoying deficiencies, which if undiscovered, can take the shine away from a new home upon move-in. No one likes a disgruntled new home owner.
After fifteen years of inspecting literally thousands of homes, I find there is a good percentage of inspections where the buyer learns of somewhat substantial deficiencies. The cost to repair these usually far exceeds the fee of the home inspection.