Why get a home inspection before buying in Massachusetts?
Performing a home inspection before finalizing any purchase may give potential homebuyers valuable insight and bargaining leverage.
The Salem News reports the average home price in Massachusetts was $385,000 as of November 2018. Whether they are spending more or less than the median amount, people want to know they are getting their money’s worth when they make that type of investment. As such, there are several reasons why it benefits potential homebuyers to get a home inspection before finalizing any real property purchase.
Spend now to save later
When purchasing a home, it seems as though every time people turn around there are more fees or expenses that they are responsible for. In an effort to save some money, some people may opt out of a home inspection. However, this systems and structural check of the homes they plan to purchase may turn up significant issues that could require costly repairs down the road. This includes un-permitted additions, plumbing issues and out-of-code electrical wiring. Finding these issues before they finalize the transactions and move into their new homes may afford people the chance to back out if they decide it is no longer worth the investment.
Without an inspection, potential homebuyers only know what they can see for themselves or what the sellers or their agents reveal to them about a property. Therefore, it can be difficult for them to assess a home’s true value. After an inspection, however, people know exactly what they are buying. They can use this as a bargaining chip during price negotiations; seeking to drive down the asking price for a property that requires substantial updates.
Responsibility for repairs
Some buyers do not mind fixing up their new homes upon moving in, while others may prefer a move-in ready home. Conducting an inspection prior to finalizing their transactions gives people insight into repairs or updates they may not otherwise have known were required. Depending on their timetables, preferences and various other factors, people may negotiate with sellers to have any necessary repairs done to the homes they plan to purchase before the transactions are completed. Some homebuyers may include in their purchase agreements a clause that stipulates certain repairs must be performed on the home before any money changes hands.
Seeking legal guidance
Buying a home is a major and lengthy financial obligation, as well as an investment in their futures, for people in Massachusetts and elsewhere. Falling in love with the ideas of what could be, however, some may rush by ensuring a home is what the seller says it is. Working with an attorney as they navigate the purchase process may help potential homebuyers protect themselves and avoid disputes that could derail their transactions or threaten their investments.