Chris DePolo owns and operates a home inspection company in Virgina. In the following article, Chris DePolo discusses the benefits to both homebuyers and sellers of obtaining a home inspection.
Making an offer on a home is just the beginning. Once the offer is accepted, the real work thoroughly begins.
There’s extensive loan processing and home appraisal, a title search, and a long closing day. Somewhere in that process is one of the most important steps in every real estate transaction: the home inspection.
About 80% of all homes are inspected before a real estate purchase is complete, according to the American Society of Home Inspectors. While it is typically an option for homebuyers to waive home inspections to make their offer even more enticing to sellers, inspections can make a world of difference for home buyers to get a full picture of what exactly they are taking on.
But Chris Depolo of Virginia explains that home inspections are also vital for home sellers as well. Here’s everything to know about the mutual benefits of home inspections during the real estate process.
Chris DePolo Breaks Down the Approach
The property for sale undergoes a home inspection to assess its overall quality and safety.
This includes examining a home’s multiple structural elements, as well as testing the plumbing, electrical work, and cooling and heating systems to make sure they are all working properly and not in need of repair. The property’s overall condition is also examined, especially for damages and potential safety and fire issues.
Chris Depolo of Virginia reports that home inspectors will do everything from exploring the roof or foundation and checking for cracks to examining the stability of a home’s walls, checking for plumbing leaks, and testing all electrical outlets.
The goal of a home inspection is to provide an educated estimate of the actual value of a home. Homes fail inspections when serious issues are detected, especially extensive water damage, electrical hazards, mold, or pest infestation.
Chris DePolo notes that an inspection report can either help the selling process proceed smoothly, lead to the request for a price decrease, or a buyer asking a seller to make repairs. If a home’s poor condition is revealed, it may lead to a buyer walking away from a purchase.
Benefits for Buyers
A home may look perfect inside and out — but that’s rarely so. Every home on the market is likely to have some sort of issue that is not visible, even when a buyer tours it several times.
Chris Depolo of Virginia says that a professional inspector can reveal these hidden issues, and often such damage can mean a buyer shelling out massive amounts of money in repairs, both in the short term and long term. Roof repairs can cost upwards of $10,000. Rewiring? Upwards of $8,000.
Identifying these problems in advance is the primary home inspection benefit for buyers. An inspection report outlines all current and potential issues with a home and often includes estimated repair costs. In this sense, buyers are able to make better decisions involving what will be one of the most important purchases of their lives.
Chris Depolo of Virginia says that in addition, home inspections can lead to essential repairs being made before closing and before a buyer moves in. It may also give buyers leverage in asking for sellers to assist with the cost of the repairs or request a set amount of money needed for repairs in the future in order to close the deal. Home inspections may also give buyers the power in negotiating the final cost.
Benefits for Sellers
Many assume home inspections are solely for the benefit of buyers, but they can also help sellers at the same time.
Inspections generally work to make the home-buying process move faster and minimize any issues or setbacks. In many cases, that’s valuable for sellers as well, especially if they are in the process of moving or working to sell off inherited assets quickly.
Inspections provide a comprehensive window into the state of one’s property. In the selling process, this information can help a home sell faster by establishing a fair price, pinpointing important improvements to make, and giving sellers some negotiating power if a home is in overall good condition.
Chris Depolo of Virginia says that most importantly, a home inspection may also protect sellers from facing lawsuits that may arise from the transaction if defects are encountered that perhaps were not fully outlined in an inspection or in a written real estate transaction.
No buyer wants a surprise. They want to feel secure in their purchase. For a seller, a home inspection ensures credibility and trust among buyers. Even mentioning that a home has been inspected can help attract buyers or make them feel like they are buying a home at a fair price.