It is very easy to get carried away with the excitement of renting a new home that one ends up forgetting to make the important decision to have a home inspection before finally making the payment. After your offer to rent a home enters into negotiations, the process of near-endless check writing begins. There are many necessary costs, such as agent and lawyer fees, and the total of these expenses may have you looking for ways to save money elsewhere. You may be tempted to skip the home inspection. Home inspections are a very important part of the home-renting process that can save you a lot of time and money in the long run. Whether you have rented ten different homes in the past or you are about to rent your first home, a home inspection in almost every case is highly recommended.
Here are 10 reasons to have a home inspection before you rent
It Provides an “Out”:
A quality home inspection can reveal critical information about the condition of a home and its systems. This makes the renter aware of what costs, repairs and maintenance the home may require immediately, and over time. If a renter isn’t comfortable with the findings of the home inspection, it usually presents one last opportunity to back out of the offer to rent.
Ahome inspection can detect safety issues like radon, carbon monoxide, and mold, which all homes should be tested for. Bypassing a home inspection is a financial gamble that could lead to serious consequences. For example; A faulty electrical system that is ignored could easily turn into a fire hazard. Make sure that your home-renting agreement states that should such hazards be detected, you have the option to cancel the offer or make the landlord do repairs.
Home inspection report presents an opportunity to ask for repairs and/or request a price reduction.. Work with your agent to understand what requests can and should be made to negotiate a better deal.
Proper Budget Control
A good home inspection can help renters identify how much more money or effort they are to spend to take the home to a condition that is personally acceptable. If you feel like the answer is going to make you over reach your budget bracket or you just don’t have the time, your house hunt may have to continue.
Forecast Future Costs:
A home inspector can approximate the installation age of major systems in the home like plumbing, heating and cooling, and critical equipment like water heaters. They can diagnose the current condition of the structure itself, and tell you how long finishes have been in the home. All components in the home have a “shelf-life.” Understanding when they require replacement can help you make important budgeting decisions, and it wll determine what type of rent insurance coverage or warranties you should consider.
Home inspections can help renters identify how much additional money or effort they are willing and able to spend to take the home to a condition that is personally acceptable. If you are unwilling to repair issues like faulty gutters, cracked walls or ceilings, perhaps you are not ready to end your apartment search.
- Reveal the Big Picture:
Haskett advises that people use the home inspection to understand the nuances of what may be the biggest renting they ever make. “People fall in love with a piece of property based on the color of the walls, the location of the home, or something else; they are completely blind to the issues that can make that dream apartment a nightmare,” he says.
Uncover Structural Issues
One of the top reasons to inspect when renting a home is to determine if there are any structural issues with the home as the structure of a home is one of the most important components of a home. Most structural issues can be very expensive to fix, it can be very easy to overlook the problem that will end up costing you more than you planned. Also, Pests such as termites and rats can cause terrible damage to a home. These pests may have cost damages worth a lot of money. You can never be too sure that your prospective house, whoever appealing may have been subject to some damages hence the need for a home inspection. It is imperative that you fully understand as many details as you can about the property you may soon call home as renting a home without inspection can pose a problem in the nearest future.
The Bottom Line: It is your responsibility to understand as many details as you can about the property you may soon call home. Home inspections reveal the inner workings of the property, allowing you to be informed of all the perks and pitfalls the home has to offer.
We have provided a list of check and uncheck to serve as a guide before your relocation. read more >>
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