Do I still need a home inspection if I do not have a mortgage ?

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In some cases, a home buyer can bypass getting a mortgage and pay all costs out of pocket up front – a cash sale. Does this mean a home inspection is not needed?

A bank loan will always require a home inspection, but if it is considered a “cash sale” then it is totally up to the new buyer (in most cases). A big investment should always be researched and analyzed in order to make a fully informed decision.  Skipping a home inspection can prove costly in the immediate to long term future of the home and will subtract from what you saved by paying cash. A home inspection can provide the buyer with more confidence because they are making a more informed decision. An example would be buying a house (no mortgage) with the plan to spend a max of 1.5 million. Due to high demand the new owner spends up to their max limit and is able to purchase the home. A few months down the road there AC system is found to be leaking into a crawl space. The crawl space now has an area of wood rot from the prolonged dripping and has now become prime breeding ground for termites. A thorough home inspection could have potentially spotted the early signs of a leaking AC unit and thus reduce the domino effect of one problem leading to another.

The bottom line : It is best to take your first preventative measure before the home is purchased by having a home inspection.

 

Please contact The Efficient Home at 718-869-1900 to set up a home inspection

If I plan on buying a home to renovate do I still need a home inspection ?

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Many people look to save money by purchasing a home that needs many repairs – in laymen terms ” a fixer upper.” Potential buyers might assume that since they are planning on a major renovation that a home inspection is pointless because they already plan on upgrading the home from its previous condition. This assumption could cost the new owner to spend more then they planned. Beside select cases where a house is being rebuilt from the ground up, it is always a smart idea to have a home inspection in order to learn as much as possible about the condition of the home. A perfect example of this would be as follows : A new owner buys a fixer-upper and puts aside $50,000 to upgrade a kitchen and bathroom that is in dire need of repair. As the new owner waits for the permits to get approved they discover over the winter that there heating system can not keep the home warm and comfortable enough. A heating contractor is brought in to check things out and the new owner finds out that they will need to replace the boiler , repipe multiple heating zones due to unprofessional installation, and add insulation to the basement and attic. The previsosuly unknown repairs are now adding $20,000 to the renovation budget. A thorough inspection would have alerted the new owners of this potential problem(s) and would have given a better picture of  how to best approach repairing the home over time instead of being an immediate additional financial hardship.

Bottom Line : A home inspection can help prioritize repairs that are needed  and reduce surprise expenses to the owner.

Does a new home need a home inspection ?

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Its great to have a new or recently built home , but does it still make sense to have a home inspection ? This is a question I get asked about frequently. That answer is “yes.” A home buyer should never assume that just because a home is newly built or within a few years old that everything is OK. Details such as build quality and maintenance (or lack of) can turn a small problem into a larger one, if left unchecked. For example : A recent home inspection on a Long Island home revealed a small leak into an attic space due to unsatisfactory chimney flashing. The leak was detected because of the staining around the chimney and darkened areas of insulation where the water was settling. At minimum the insulation’s R-value (insulation effectiveness) was being minimized and at worst there was a high hat light fixture nearby. We all know that electricity and water do not get along together. The water could have also leaked through the light fixture into the newly painted master bedroom.

The Bottom Line : Do not make assumptions based on age alone. Have a licensed home inspector check your home and minimize future headaches.