As many of us know, the housing market has been ultra competitive since emergency rate cuts to combat the pandemic’s economic slowdown. Buyers are having to do whatever they can to make their offers stand out from the rest. One of the most common ways to do that nowadays is waiving the home inspection contingencies in contracts. However, this might not always be the smartest thing to do when buying a home. This article will provide first-time home buyers, investors, and everyone in between with the knowledge needed to make an educated decision on if they truly need an inspection.
What is a Home Inspection?
Lets start out with the basics: what is a home inspection? According to Forbes in February 2021, a home inspection is a thorough review of the home’s most important components—such as its structure, roof, air conditioning/furnace and electrical system—before you purchase the property. Why are home inspections recommended, and even required for some loans? Well, for a handful of reasons. One important factor of a home inspection is the contingency in the contract.
A home inspection contingency in a Louisville real estate contract can often times act as an “out” for a buyer. Now, this isn’t an out for someone getting cold feet when purchasing their home. The out comes from the report itself, as home inspections can often times reveal critical information that a buyer may overlook or an agent may not be knowledgeable about. Often times, inspections can provide a buyer with a more in-depth look into the true condition of a home. Most buyers often times overlook the bones of the house because of beautiful hardwood floors or open floorplans like one would find in Saratoga Woods or Lake Forest. Not only can an inspection provide an out for a buyer, but there is also multiple other reasons to not skip a home inspection.
Home Inspection and Negotiating
Home inspections can often times serve as a negotiating tool as well. An agent will receive the inspection report and start a repair request with their buyers. This is where the negotiation part of the home inspection comes into place. An inspection of your home can also help a new buyer determine what they should begin to budget for. Whether it is a 15 year old HVAC unit, a roof with wear, or old appliances, a home inspection is great for determining a future expense list. And because of future expenses or current problems, home inspections can also determine deal breakers.
The Bottom Line
In conclusion, a home inspection is really a last line of defense for your investment. While today’s market is competitive, it does not take away from the bigger picture. Purchasing a home is a long-term investment, and buyers should know every detail possible about their homes. Whether the inspection is for the safety of the occupants, required by a loan type, or just a formal evaluation of a property, they should not be overlooked. Do not be fooled into making a bad investment because you feel like you will never find a home. An inspection is a tool that one should use to find a home, and is not something that should be waived. Waiving an inspection is just as risky as putting all your eggs into one basket. The bottom line is home inspections should not be viewed as an obstacle, but as a necessary step in home buying.
Homes for Sale Stone Lakes
Typically, the homes for sale in Stone Lakes fall into a reasonable price range for the area and home sizes. The price range for Stone Lakes homes varies depending on the home style. On the lower end, homes for sale in Stone Lakes can be as low as $200,000. However, homes for sale in Stone Lakes on the higher end can sell for close to $600,000. With such a large range, one can imagine the vast differences between the homes in the neighborhood.
Most homes for sale in Stone Lakes feature brick and vinyl sidings and feature finished basements (so your children never move out). There is a few homes in Stone Lakes that are located alongside the beautiful lakes that give the neighborhood its name. While not every home has a lakeside view, most homes benefit from beautiful scenery behind their residences. The location of Stone Lakes is one of the most desirable aspects of the neighborhood. The subdivision is located within walking distance to Kroger, St. Michael’s Church and school, multiple restaurants and more.
Are you or someone you know looking to move to a Plainview home? To search for homes in Plainview or Jefferson County, view all the MLS listings. And for those looking to buy or sell their homes, we are here to help. Meet your team of local real estate experts by giving the team a call. And don’t forget to follow us on Facebook.