When you’re looking to purchase a home, it’s important that you not only walk through the property before purchasing it, but that you hire a professional home inspector to walk through it and give you an inspector’s report.
This report will then allow you to make a better-informed decision on if this home is worth the asking price and if your mortgage lender will approve the mortgage based on the home inspectors finding.
With any home, you want to have your home inspection pass and even more so if you plan to use your home as an extra source of income by hiring a property management company to list, rent, and manage the property.
While purchasing is just one of the many benefits and uses for a home inspector, there are others. Here are the reasons why home inspections are a must-have for any new or current homeowner.
The benefits of home inspections on rental and non-rental properties
- Find out areas of concern before you purchase — One of the biggest things a potential buyer can do is get an inspection done by a professional. This helps diminish any concerns and also helps the buyer know if their home will need more work and how much the costs involved may add up to be.
- Know how/where you can negotiate on pricing — If your home inspector has found significant issues with the home, yet you love it, you’ll have a better understanding on where you can start the negotiation process to get a better deal on the property.
- Know how/where you should invest money to get a larger ROI — For rental properties, most homeowners want to get the largest ROI and a home inspection report can help you know where you need to invest money so you can use a property management company to rent your home out at the highest price point possible.
- Understand different areas of the home that sound scary on paper but aren’t — When you get a home inspection report, you may find areas on the paper that sound scary, however, if you speak with your inspector or go with them to complete the report, you have a better chance at understanding what they are referencing in their report.