Some people think that having a home inspected before they buy it is an unnecessary time-wasting activity. Such people may be mistaken by their belief in some myths that surround the home buying process. This article discusses some of the home inspection myths that you should not fall prey to during the purchase of a new home.
Myth 1: The Lender's Inspection is Sufficient
Some people may think that hiring a building inspector to conduct a detailed inspection of a property that they would like to buy is a duplication of activities because the financial institution that is going to finance the purchase will also inspect the home. This may be wrong because the financial institution may only be interested in ascertaining the value of the home so that they can decide how much funding they can give you. You should hire an inspector who will have your interests at heart, instead of relying on the inspector hired by a mortgage institution.
Myth 2: New Buildings Don't Need to Be Inspected
Proponents of this myth believe that a new building has no structural defects, so it is not necessary to inspect it before you purchase it. The truth is that no building is perfect. It is therefore very important for you to have the building inspected so that you can confirm that everything is as it should be. This can help you to know whether the defects you discover will be fixed by you, or they are still covered by the builder's warranty. This information can be helpful in negotiating a lower purchase price in case pending major repairs are not covered by the homebuilder's warranty anymore.
Myth 3: It Is Very Expensive
Some homebuyers feel that the cost of inspecting the home is one of the processes of conveyancing that they can avoid. This mentality may be wrong because the inspection cost may be a tiny fraction of the cost of the home. That tiny fraction can be the difference between a good purchase and a nightmare once you take possession of the home. This is because you may discover structural defects, such as a settled foundation once you have already taken possession of the home. Such a major defect may cost you a lot more to fix than it would have cost you to pay an inspector before you bought the home. Advance knowledge of that defect would have allowed you to make an informed decision about whether you should go ahead with the purchase, or you should look for another home.
As you can see, myths can have very adverse effects on those that blindly believe them. Ask a conveyance professional for clarification in case you are not sure about the truthfulness of any information that you have about the home buying process. That expert knowledge will save you from making costly mistakes based on myths.Share