When purchasing Colonial Heights VA real estate, it's always a good idea to have a home inspection conducted regardless of how perfect it may seem.
Prior to the existing groups and associations throughout the US being formed, such as the California Real Estate Inspection Association (CREIA) and the American Society of Home Inspectors (ASHI), inexperienced buyers and their Realtor's would simply do a "walk-through" prior to the closing date of their home purchase. Not until 1984 was there an official bill passed in California where it was mandated that disclosures were legalized, which then spread across each State rapidly, including Virgina.
The disclosure laws require home sellers to tell the buyers everything that they are aware of surrounding the property's condition which they are selling. This ranges from listing all items in the home that are defective, to identifying items not functioning or additions built without permits. The law also requires that real estate agents perform their own "diligent visual inspection" and disclose defects they might find.
Here are the top 5 reasons for Colonial Heights home inspections being performed:
- Benefits to the Buyer
Offering both immediate and long term benefits, the buyer should most certainly be aware what exactly they are purchasing. Having a Colonial Heights home inspection enables the buyer to make an informed decision and may give them reason to renegotiate the price of the home, should they find some issues. More often than not, a home inspection reveals problems that would cost over $1,000 to rectify, however, should the inspection result in no problems, then the buyer has got peace of mind at the very least.
- Benefits to the Seller
You may be wondering how an inspection could benefit the seller. The primary benefit for the seller is that complete disclosure has been created by a third party, therefore eliminating any possibility of legal action being taken for non-disclosure(s). Another reason a Colonial Heights home inspection is beneficial to the seller is that it solidifies the sale and gives both parties confidence in the smoothness of the transaction.
- Benefits to the Agent
When an agent suggests a home inspection be conducted, regarless of whether the Colonial Heights home is brand new or 150 years old, it builds confidence in the buyer and credibility for the agent. This also subsides the possibility for buyer's remorse, and increases the likelihood for the buyer to refer more business to their agent, since they will be confident knowing that you have their best interest at heart and in mind. Therefore, having a home inspected can bring an increase in sales activity for the agent while decreasing their liability.
- Benefits to the Lender
Each transaction is a risk for a lender, but by having a home inspected, brings some relief of this for them. When a Colonial Heights home is inspected, often items that are costly are uncovered that need to be corrected before the sale of the house is completed. This is a great benefit for the lender as it then removes some of the risk by the new homeowner not having to be in financial distress when they come to find out their roof is leaking, their foundation is cracking or the furnace fails and they can no longer afford their monthly mortgage payments. All these issues can be resolved prior to the home being sold and thus removing the financial burden from the new home owner.
- Benefits to the Insurance Company
With the natural disasters that happen throughout the US each year, including earthquakes in the west, hurricanes in the east, and tornadoes and floods in the central US, there is plenty of work for home inspectors and insurance companies alike. Assessing damage through the use of independent adjustors and home inspectors is normal practice now and over the years for insurance companies and aids them in their work.