A great article from Investopedia!
I’ve posted the first few paragraphs below. To see the full article, click here.
Before you buy a home, one of the things you should do is to have it checked out by a professional home inspector. Yes, we can hear your objection: “Buying a home is expensive enough as it is! Why would I choose to fork over hundreds more if I’m not required to?” In this article, we’ll delve into what a home inspection can reveal and whether it’s worth the investment.
The Home Inspection Contingency
Home inspections are used to provide an opportunity for a buyer to identify any major issues with a home prior to closing. Your first clue that a home inspection is important is that it can be used as a contingency in your contract with the seller. This contingency provides that if significant defects are revealed by a home inspection, you can back out of your purchase offer, free of penalty, within a certain timeframe. The potential problems a home can have must be pretty serious if they could allow you to walk away from such a significant contract.