Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

How Home Inspectors Put Money In Your Pocket As Home Buyer

by Luke Fields

Before you buy a home, you should have home inspectors give the property a look. Whether your potential new home has an issue that the real estate agent or the current homeowner has missed or you just want peace of mind knowing you're going to get a great house that won't incur sudden or expected costs down the road, a home inspection is worth great value to you. Home inspectors can even help put money back in your pocket as a home buyer, even as they cost around $400 or more to do the work.

Here are ways your home inspectors can put money back in your pocket as a home buyer. Your real estate agent can help you locate a home inspector or you can research and hire one you trust on your own. Always ask for a home inspector's credentials before hiring them to do any home inspections on your potential new home.

They help you save money on your home's purchase price

If your home inspectors were to find any flaws with your potential new home, such as a leaking roof, lack of insulation in the attic, or aged windows, then they can potentially help you save money on your new home's purchase price. Sometimes sellers don't want to actually make the home repairs needed for a successful sale, but would rather take the costs of the repairs off the purchase price of the home so buyers are more keen on buying.

They help you save money on your home's repairs

Say the home you wanted to buy had some minor needs, such as a grounded bathroom or kitchen outlet or asphalt resurfacing in the driveway. Sometimes sellers are willing to put funds into the smaller and less costly projects their homes need done in order to sell them without raising the price of the property. The only way to prove that a home needs such minor upgrades and to help you have more negotiation leeway is to hire home inspectors to look for these minor flaws so they can be fixed. This makes the small investment worth it in the end since what sellers will put into the home so you'll buy it can be much more than what your home inspection actually cost.

Should your home inspection reveal that there is too much damage to repair or make a potential home worth buying, your investment in this inspection will come back to you in big ways. In avoiding a real estate lemon, you can perhaps have the best peace of mind and financial protection of all.

For more information, contact a home inspector in your area.


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.