If you are buying a home for the first time, you might be looking at ways to cut costs or save money as it does tend to be a pretty expensive process. One way some people choose to do this is to cut out anything that’s not necessary. In regard to the home inspection, you do not need to have one in order to buy a home, but that doesn’t mean you should skip it altogether.
A home inspection may slow down the process and add a little extra cost to your home purchase but it can save you a lot more money on the back end if you do it before purchasing the home.
What Is a Home Inspection?
A home inspection is pretty much what you would expect it to be; an expert in the field evaluates your home by taking a look at the varying aspects of the home that could affect the value of the property. It’s more detailed than appraisal which only looks at the property value itself. A home inspection can take a while depending on the size of the lot and property.
The Home Inspection Process
As a home buyer, you will be responsible for the cost of the inspection so it’s a good idea to be on the property while it’s being completed, although you don’t have to be present for the inspection to be completed. If you are present when the inspection is being completed, you can get more information or even ask the inspector questions. Along with asking questions, you can hear the detailed reason for specific notes verbally which might make more sense when being present than it would if you were simply reading the report after it’s been completed. For example, a specific item on the report can be listed as something that looks very costly or concerning, but the inspector may be able to assure you that it may not be as big of an issue as it seems on paper.
If you attend the home inspection, you will get a more in depth view of the home, possibly noticing things that you would not have until after you made the purchase. You are getting two perspectives on the home and that could make the decision on how to decorate a little easier or it can even help you decide if that is the home you want to purchase.
Some people confuse the inspection process with the appraisal process. The main difference is that you don’t actually need the inspection to get approved for a mortgage but you will need to have an appraisal done in order for the lender to know the property value of the home to help determine the loan amount. The good thing about getting both of these done is that it will help to make your home buying process that much easier by giving you clarity not only on the value of the home but why it’s valued that way based on specific aspects of the property.
Contact Us Today!
We can help explain the inspection process and help you answer any other questions you may have as you move along the home buying journey. Don’t hesitate to reach out to North Star Mortgage in Jacksonville, FL today!