Why You Need a Home Inspection Before You Sign a Contract to Purchase Real Estate
The purpose of a home inspection is to identify required repairs of which you, as proposed Purchaser, should be aware before you sign a contract of sale. If you know what needs to be fixed and how much the repairs will cost, you can make a good decision as to whether you want to purchase that home. While a home inspection may be waived, it is not advisable. Home inspectors are trained to see faulty areas of the home which may not be noticeable to the lay person. Inspectors are licensed by New York State and look at the structural integrity of the home, all systems – including plumbing and heating – and also look at the roof, in the attic, and in the walls.
While the purchaser of the real property pays for the home inspection out-of-pocket prior to signing the contract, in New York State most purchasers receive a $500.00 credit at closing which usually covers the home inspection cost. Without an inspection, you are entering into the contract blind as to your exposure for necessary repairs. Your home is probably your most important and expensive asset. Getting a home inspection before purchasing real estate is a smart decision.