8 Ways Home Inspections Save Portland Buyers Out of Pocket Costs
Learn How Home Inspections Can Save You Money
Buying a home in Portland is expensive, we get it. While Portland’s home price increases have slowed compared to a year ago, Portland home costs still climbed 8.9% during the first half of 2017, according to the S&P CoreLogic Case-Shiller Home Price Indices.
With costs still on the rise, it’s more important than ever to shave off extra expenses associated with buying a home. To be clear, we don’t mean cutting corners on things that could cost you down the road. Instead, we’re advocating that you spend a little money on a home inspection to save you a lot of money.
Curious to learn how home inspections can save Portland buyers money? Here are 8 ways home inspections help you save on out-of-pocket costs.
A Home Inspection Warns You Against a Bad Buy
It’s important to get a home inspection before you close on a property. Cara Ameer, a broker with Coldwell Banker Vanguard Realty Inc. states, “As a buyer is walking through the home, all you can see is what’s visible to you. A home inspector shows what is visible and invisible to the untrained eye.”
A home inspection points out any red flags like a faulty electrical system or a faltering foundation that could render your purchase a costly mistake.
Make Sure You Have a Home Inspection Contingency
In order to save money by avoiding a bad purchase, you need to make sure you have a home inspection contingency. For a homebuyer, this means that you can either stipulate that the current owners undertake necessary repairs, or you can cancel the sale based on the results of the home inspection.
By having a contingency clause in your contract, a home inspection helps you make sure you’re getting the full value of what you’re paying for.
Inspections Identify Costs That Can Be Deferred to Current Owners
Here’s where the out-of-pocket savings really start to add up: if your home inspection reveals any costly repairs, buyers can negotiate with the sellers to tend to them. As a buyer, you can get the property “sale-ready” at the current owner’s expense by asking the seller to complete the repairs prior to closing, to cover the costs in another way (i.e. leaving current appliances), or you can even negotiate a lower overall sales price of the home!
Save on Roof Repair Costs With a Solid Home Inspection
How much money can push repairs to the current owners save Portland buyers? A lot. But the amount of money saved depends on the type of repairs.
According to the American Society of Home Inspectors, AHSI, “roofing problems are one of the most common issues found by home inspections. Roof repair can range between $316 and $1046, but to replace a roof entirely can cost between $4,660 and $8,950.”
To avoid shelling out huge out-of-pocket costs on a new roof, make sure your home inspector carefully reviews the integrity of the home’s existing roof.
Avoid Basement Drama With Help From a Home Inspection
Let’s say your home inspection pointed out flaws in the basement. According to Frank Lesh, the ASHI executive director, repair-worthy basements are an overwhelming problem for buyers. In fact, “the No. 1 problem with homes are leaky basements with water getting into the lower level.”
By completing a home inspection, a qualified home inspector can use tools like a moisture meter and an infrared camera to identify any potential damage caused by basement flooding. If damage is identified, passing the repair burden off to the current owners saves Portland buyers big on out-of-pocket costs.
Portland Pipes: A Home Inspection Helps Save Thousands
In cold-weather cities like Portland, pipes can freeze over, especially in old homes, when the temperature drops low in the winter. If you’re buying an older home, a home inspection helps identify the need for repairs that will protect your home. To avoid thousands of dollars in repairs from frozen pipes, negotiate with the owner to cover the cost of insulating pipes or sealing leaks ahead of time.
Save Long-term on Cooling Costs
Likewise, a home inspection verifies if the home’s cooling system is working properly. Portland may not have the high temperatures of other more southern states, but replacing and repairing an ill-working air conditioning unit can cost over $5,000, regardless.
By having a home inspector verify whether or not the air condition system needs replacing, you save big on out-of-pocket costs.
Special Inspections Help Save on Hidden Costs
One more way to save on extra home buying costs? If you’re concerned about other hidden problems, like asbestos, mold, or lead paint, you can schedule issue-specific inspections to check for those problems. Passing the buck to the current owner for issues like toxic chemicals can save you big on repairs down the road.