With how today's competitive and rather expensive housing market has become, prospective buyers must look for ways to stand out against the competition. Especially when it comes to owning a tropical beachfront property. A common go-to has become foregoing an inspection on a listed property as a method of expediting the buying process and being perceived as a more enticing buyer to the seller. However, opting not to have a home inspection could put buyers at risk for a long line of other risks or lead to costly restoration projects down the road.
In this article, we will review the top 5 benefits of having a home inspection done on your new beachfront property that can save you money in the long run.
1. Identify Safety Risks
When you are in the process of searching for that perfect place to call home in Florida, it is unlikely that buyers will yield enough information on the property's inner workings through a simple walkthrough. Having your new home inspected before considering the purchase of the property is the best way to uncover hidden issues or safety risks to you and your investment.
Inspections can help to identify possible deal breakers with a property, including:
- Pests & animal infestations—termites, rodents, etc...
- Presence of fungi, mold, and allergens
- Bad air quality and HVAC systems
- Structural issues—roofing, windows, doors
- Water leaks—septic tank, pipes, etc...
- Bad wiring, circuit breakers, and electrical outlets
Often the seller won't be aware of these issues themselves, making it important to get the property inspected by a professional for yourself before you consider making a purchase.
2. Gain Buyer Leverage
A home inspection report on your beachfront property might present potential negotiating opportunities for buyers. This might include requesting that the seller handles the funds for the repairs before you finalize the purchase, or to lower the asking price of the property. No matter the evidence, sellers aren't always guaranteed to follow through with the buyer's request, knowing the risks of a property can offer buyers a way of understanding the true condition of the property and a possible way to save on funds when purchasing their dream home.
Remember that smaller-scale issues typically won't yield any results as a bargaining chip and that the larger-scale issues are more concerning. Work closely with your realtor to determine what identified issues present the biggest risk and what your options might be in negotiating with the seller.
3. Plan the Cost of Restoration
If you go through with the purchasing of a beachfront property after a home inspection, you will gain an inexpensive report of the condition of the home that you can refer to after the deal is finalized. Smaller issues might not be enough to dissuade you from purchasing a property or negotiating for a better price, however, they may be able to help you decide what reservation projects you might want to prioritize in the future.
Home inspectors will be able to help you approximate the current "shelf life" of a home's equipment and structure, providing you with a general timeline of when systems will be likely to break down in your new home. Knowing how much longer a home's system has can be invaluable for new homeowners to plan for potential maintenance costs.
4. Strengthen Home Insurance Prospects
Insurance is always something on our minds. Buyers looking to purchase a home should be aware of how their home insurance prospects can be affected if they choose not to have an initial home inspection. When homeowners get a new home insurance policy, the carrier will perform a quick inspection of the property. This might consist of a walk around the property to gauge if there is anything concerning. If the carrier's inspector does notice anything that sticks out to them like a sore thumb, they might require a more thorough inspection to be done.
If issues are discovered by the inspector at this time, they may require you to fix them before insuring the property or renewing your policy. This might mean that any issues with your home you may have not known about when purchasing could limit your insurance options as a homeowner. An inspection beforehand will allow you to plan for how a property's risks may affect your prospects when shopping for homeowner's insurance.
5. Reduce Buyer's Remorse
For many homeowners, choosing to purchase a new home can feel like a life-altering decision, and without being properly informed about the property, you may find yourself regretting the new purchase—whether it is issues you discover after moving in, or anything else inconvenient that pops up.
To put it in simpler terms, home inspections help to provide you with peace of mind that the property you are looking to purchase is ready to be your new home. If your inspection doesn't identify any problems, you can sleep better knowing there aren't issues to stress over in the long run.
The Bottom Line
Unless you are starring in a home makeover television show, or you enjoy a good challenge, buying a beachfront fixer-upper home is not always the best idea for everyone. Taking the time to have a home inspection on a property can ensure the property you are looking at is move-in ready and doesn't have too many deal breakers.
Contact Your Forgotten Coast of Florida Realtor for more information.
