If you make an offer on a house, the seller is required to disclose any known defects about the property. But what about the issues they don’t know about? Purchasing real estate is a massive financial commitment, which is why home inspections are such a crucial part of the buying process. Schedule an inspection so you have access to the information you need to make the best financial decision possible.

How Home Inspections Save Buyers Money

Real Estate Sales Are Final

Unless you can demonstrate gross negligence or fraud, real estate deals are final, so you’ll be stuck with the cost of repairing any problems discovered after closing. After buying a new house, replacing the roof or a corroded plumbing system are exorbitant expenses that most new homeowners don’t have a budget for. An inspection will alert home buyers to expensive repairs that should factor into the final sale price of a property. 

Leverage for Renegotiating the Price

The price you negotiated with the sellers was based on the apparent condition of the house. If a home inspection reveals substantial problems you didn’t know about, you may be able to renegotiate the price to save money. For instance, if you find out the house needs foundation repairs, you can either ask the sellers to make the repairs before closing or request a reduction in the price.

Abandoning the Deal

If the sellers won’t negotiate and the problems with the property are extensive, it may be best to simply walk away. In the long run, abandoning the deal and purchasing another property instead could save you thousands of dollars in repairs — not to mention eliminating stress and financial pressure. Fortunately, if you cancel the sale due to the inspection results, you can normally get your earnest money back.

Since 1998, Sherlock Home Inspection has given home buyers throughout Augusta, KY, the information they need to make the best investments possible. Their fully licensed, accredited inspectors are members of the KREIA (Kentucky Real Estate Inspectors Association) and follow the standards of the National Association of Certified Home Inspectors, to provide you with excellent service and peace of mind. Visit their website for an overview of their services, or call (606) 782-1430 to request a quote and schedule an inspection.