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By Guest Blogger John McCreath, Inspector Training Coordinator at National Property Inspections
If you’re buying an investment property for the first time, the transaction process can be overwhelming, to say the least. While we can’t promise it’ll be a stress-free experience in the end, we can take the guesswork out of the whole inspection thing. We at NPI are here to bust some of the myths and misconceptions that are still out there about home inspection.
Myth 1: It’s fine to skip a home inspection in order to put in a more competitive offer.
Truth: Skipping an inspection is never a viable option when it comes to investing in property. Your inspector has the expertise to assess thousands of components and identify issues ranging from small to serious. That means they’ll be able to point out simple fixes like loose doorknobs, but also hazardous or fatal conditions, like carbon monoxide leaks. Even if no major issues are found in a home, your inspector still plays a vital role. They’ll point out maintenance issues and estimate appliance lifespans so you can plan for successful property ownership.
The good news is that NPI inspectors are ready to perform your inspection during any phase of the buying process, whether that be before you make the offer or after you’ve already closed. You can still get the information you need for financial planning, and most importantly, you can make sure the home is safe for tenants.
Myth 2: A home inspection is the same as an appraisal.
Truth: A home inspector identifies safety issues and maintenance tasks while an appraiser determines the actual market value of the home. While both technically inspect the home, your home inspector is checking major systems for possible repairs, and your appraiser is documenting amenities, floorplans, and market trends. Your home inspector will never assign a monetary value, but your appraiser’s end goal is to assign a reasonably accurate monetary value.
Myth 3: Your inspector can advise you on whether or not to buy the house.
Truth: Your inspector is an unbiased third party who is there to report on the condition of the home and to educate you on any potential issues. Your inspector will never tell you whether or not to purchase a home. This is actually ideal! You want an individual on site to provide just the facts so that you can weigh your options and invest wisely.