Right now, the US housing market is booming, prices are rising, and it is becoming a seller’s market. It’s all happening thanks to powerful economic and social trends. Massive pent-up pandemic 2021 demand is thrusting the market forwards, fuelling a rise in prices. Increased working from home is also having an impact, with more people able to move out of crowded cities and into suburban and rural locations. And low mortgage rates – which were rising before the pandemic hit – have all conspired to create the perfect storm for spiking house prices.
Thus, we’re currently in the midst of a home-buying spree. More homes were sold in 2020 than any year since 2006 – the eve of the housing crisis. The increase in activity in the housing market has been nothing short of breathtaking. For instance, in the South of the country, sales went up more than 39 percent, and in the West, they increased by more than 53.8 percent over the same period.
All this means that more people are at risk of getting a bad deal than ever before. The housing boom 2021 might be great for sellers cashing in on the windfall increases in asset prices, but it could be a headache for buyers who aren’t taking the time to get homes inspected thoroughly.
Getting An Inspection
So why is getting a home inspection so important during this period of COVID recovery?
It Lets You Forecast Future Costs
Problems with homes only become a financial issue after you complete the transaction. Thus, discovering problems beforehand allows you to negotiate down the asking price to offset the increased future cost of owning the home. This way, you’re no worse off than before.
It Allows You To Identify Deal-Breakers
Sometimes, however, problems are so extreme that you can’t go ahead with a purchase no matter how much the seller discounts the price. Home inspectors allow you to identify so-called “deal-breakers” – problems that are so bad that you can’t personally accept them.
It Lets You Remove Illegal Additions
Home inspections can also reveal whether the current owner has illegally modified or added to various parts of the house without the proper permissions or permits. Sometimes, if a home has illegal additional rooms, it can affect the usability, taxes and insurance on the property, putting up your long-term costs.
It Allows You To Establish Safety
Safety can also be an issue in some homes, so a lot of buyers inspect for peace of mind. This way, they can discover hazards such as high levels of radon coming through the basement or noxious carbon monoxide levels in the atmosphere.
It Lets You Protect Your Investment
Lastly, getting a home inspection before you sign the contract makes it easier to protect your investment. Buying a home requires you to stump up a lot of money for the deposit, even if you are covering a substantial chunk with the mortgage. So getting a report on your home’s long-term viability lets you secure your investment for years to come.
