Do you need a final inspection when buying a property? For some people, the answer is definitely yes, and for others, it’s no. It depends on your situation. A final house inspection might be needed if:
- You don’t know much about houses in New York and how they work. This will allow you to see areas that may need repair as well as what you can expect from the home in terms of certain appliances, systems or general conditions before moving in.
- You’ve been outbid on homes that have already sold or had inspections done at those properties even though your offer was accepted. This way you can see if there are any problems with a home so you don’t waste time making a purchase offer only to have to withdraw it.
- You’re not able to do a full inspection on your own. For example, if you don’t have the right tools or experience you may want to hire an inspector who can check for things that are difficult or dangerous for DIY-ers.
The final house inspection will give you peace of mind that the home is in good condition and help avoid surprises down the line which could cost you money. A thorough final inspection should be done before purchase because this gives you time to make any required repairs or renegotiate terms with the seller before the closing date.
However, even if there are no major problems, don’t expect a price reduction. Any money that was spent on an initial pre-drywall inspection is considered part of the purchase price and there is no way to get it back.
Final inspections can also help you avoid potential problems when selling your home in the future, which will raise its market value when the time comes to sell. This inspection should be done before putting cash for houses on the market because it could give you an idea of what type of upgrades may need to be made to maximize cash flow and appeal to potential buyers.
Tough economic times have forced many people into foreclosure or short sales where they find themselves in a situation where they’re selling their old property before purchasing a new one. In this case, you’ll be moving out and selling fast so won’t have time for a final inspection, but still want peace of mind that the home is safe for you and your family to move back into after closing.
Before selling your house in New York, walk through with some disposable booties over your shoes so you can remove any contaminants that may have come in on your shoes during the pre-listing inspection that was done before putting it on the market.
This way even though you’re not doing a final home inspection there will be one less thing for buyers to worry about. If they notice any problems after you’ve moved out (and ideally closed) they’ll contact their inspector who can make recommendations which usually means more cash for contingencies at closing or negotiating terms of acceptance.
If you still aren’t sure if a final inspection is needed when buying property, discuss it with your agent before entering any agreement. Your agent should be able to provide insight as to how much work is involved and whether it’s worth the cost.
Don’t forget that if you’re not working with a real estate agent then many home buyers will choose to go directly through the listing agent, who should also be able to guide you in this decision based on their experience and knowledge of your local market.
Even though there may be some restrictions or conditions attached, remember that these inspections are usually non-binding and can always be canceled (and wouldn’t you want to know about problems before committing?).
If for any reason an inspector does find something wrong after purchase, make sure it’s noted by both buyer and seller so everyone knows what needs fixing and when it should be done. By doing this it allows both parties to make sure the defects are fixed and they won’t affect the usability of the property, as well as allows you time to renegotiate sale terms if necessary down the road.
- Home inspections
- Mold inspections
- Energy efficiency reports (for home energy savings)
- Sewer scope report for sewer line problems/inspection (+ $100-400+)
- Free furnace inspection ($300-$1,000)
- 10% chance of CO leak inspection ($75-$150)
- Dryer vent cleaning ($75-$150)
- AC inspection ($125-300+) (+ $50-350+)
- Bathroom lighting inspection
- Kitchen lighting inspection ($50-250)
- Ceiling fan/light & switch, outlet and fixture inspections ($20-100)
- Office desk & file cabinet home inspections
Total average depending on the market: +/- $500, but can be higher or lower. **Inspections may not always be needed for every buyer situation. Your real estate agent should be able to help you determine which inspections are appropriate.
House inspections can be expensive and time-consuming. However, they are a vital part of the buying and selling process. They help protect buyers and sellers from costly errors or omissions that cause problems later on down the line. Here’s why you need to invest in a New York house inspection:
- It protects your interests as a buyer by getting an objective opinion on the condition of the property
- It makes sure you know what you’re getting into; if it’s good quality or not
- Provides peace of mind that there won’t be any unpleasant surprises after closing
- Helps to negotiate terms at closing (i.e.: cost for repairs, closing date, etc.)
- It gives you proof that the property has problems that need to be addressed before purchase
- Helps determine if mold or pest control was performed in the past year
- It is required by lenders before releasing a mortgage for financing.
- Identifies potential repair cost-associated with any damage found during the inspection process
If you are currently in the market of buying property, don’t forget to get an independent home inspection done on your potential new cash for homes. Your agent or attorney can provide recommendations for reputable inspectors in your local area.
This way you’ll know if there are serious issues that need to be dealt with before committing to the sale. It also plays an important role in negotiations if there are any problems found. The inspection is contingent upon your offer being accepted so you will have limited leverage at this point.
However, your financial status may pose some power here especially when you’re saving up cash for the down payment and closing cost.