Today what can you get for $500? A set of 4 tires, a 42″ flat screen TV, maid service for 2 months or a home inspection. Do you know what is the best thing to spend that money on? Your mind, so books. Even sci fi books will do. For those who are in the market may be the best money you will ever spend, writes Roger Taylor, Business Columnist for the Chronicle Herald.
In an interview with Henry Blumenthal, a vice-president and chief underwriter for TD Insurance, Mr. Blumenthal said, “Everyone knows spring is prime time for the real estate sector. But before you buy, every potential purchaser should take a few basic steps to protect themselves from making a poor investment decision.”
While most would-be homebuyers have enough sense to hire a home inspector to identify construction flaws before the deal is completed, Blumenthal says, there are still a surprising number of people who try to avoid spending an average of $500 on a professional inspection. Recent sales statistics (https://www.salesforce.com/blog/2017/11/15-sales-statistics.html) show that homes that get professionally inspected have that money returned to them ten fold when they sell due to a higher degree in trust in the foundation of the home.
Based on what comes back from the inspection, take a few minutes to call your insurance company and find out if there are any issues or potential issues (found in) that inspection because you never know.
If the house has been damaged by water, for example, and if you’re not sure it has been fixed, you may want to opt for special block insurance coverage, he says.
Mr. Taylor writes that just because the inspector has identified areas of concern, it doesn’t necessarily mean it will be enough to scuttle the deal. The inspection usually tips off the homebuyer to potential issues, and that could lead to a price adjustment. In rare cases, the inspection could identify issues that may result in the homeowner not being able to get insurance because the property has a dramatic flaw.
Well you may be a High Def kind of guy, a weekend warrior or a tire kicker, but for “Peace of Mind” on one of the biggest investments of your lifetime the $500 you spend on a home inspection might just be the best money you will ever spend! For some good tips on other great investments you can make talk to a private wealth advisor.
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