Home Owner Resources
Pre-Purchase Inspections: Avoid the Money Pit
June 18, 2018
While many view homes more so for the quality of life that they represent, let’s not forget that property is also an investment vehicle. Like many investments, you’re essentially placing a bet that the initial amount will compound over time. However, seasoned real estate investors will tell you that this isn’t always the case.
When purchasing a property, most don’t want to deal with tons of repairs. So here’s our advice: Invest in a pre-purchase home inspection. Avoid the money pit.
Once you find a quality home inspector that you can trust, the rest is smooth sailing. In general, look for a certified home inspector. Beyond that, inquire into their home inspection experience, number of certifications, and savviness with the latest home inspection best practices. If you do your due diligence upfront, you can ensure that the inspector will do theirs when it comes to your property.
As for the home inspection itself, this should be a thorough experience, but keep in mind these two points:
- Home inspectors won’t find everything wrong with your home.
- A home inspector’s search is limited to what he/she can access.
That said, routine pre-purchase home inspections usually cover the following areas:
- Electrical System
- Exterior Surfaces
- Heating and Cooling Systems
- Property Grounds
- Structural elements
Aside from these basic elements, some home inspectors will check for more dangerous entities as well, including unwanted pests, asbestos, radon gas levels, and toxic mold. Not only can these areas actually harm you and your family, they can cause you thousands of dollars if not dealt with in a timely manner.
In the event that you forego a comprehensive home inspection prior to finalizing a property purchase, you’re rolling the dice with what’s very easily the largest investment most people make during their lifetime.
On a lighter note, we just wanted to end this article with a clip from the titular Tom Hanks’ film, The Money Pit. Click here to check it out!