Avoid the Money Pit while Buying Real Estate in Oakland, Wayne and Washtenaw County
Everyone has their dream home in mind. It’s that perfect home design with all the right amenities that is nothing short of “utopia”. It’s the perfect home. When you actually see what looks like your dream home with an a price that cannot be beat then you’re sold in a heart-beat, ready to dump your life savings into it to finally settle down.
But rushing into buying your first home in Michigan can be a mistake, especially if you get blinded by your dreams and hopes of the perfect home. The best way to avoid getting burned and losing money on a bad investment is to have an objective pair of eyes review the property lest your dream home transform into a real nightmare.
Recall the movie “The Money Pit” if you need a reminder.
The Importance of a Buyer’s Inspection when Buying Real Estate in Michigan
Even if you’re looking at homes for sale in Northville, Royal Oak, Birmingham or other affluent neighborhoods you still need to get the home inspected. That inspection ensures that you’ve had a complete survey of the home from top to bottom to avoid surprises that cost homeowners tens of thousands of dollars each year.
When you buy a home for sale in metro-detroit, that home inspection provides you with real peace of mind and offer detailed information beyond what is offered up in the appraisal process.
According to HUD, home inspectors provide buyers with a completely unbiased evaluation of the physical condition of the home including the structure, construction, mechanical, plumbing and electrical systems. Through this inspection they can let you know if items are sound or if you’ll need to replace/repair something ion the near future.
This important inspection also points out the remaining life on major systems and parts of the home’s structure. When you consider the size of the investment you have on hand, you can see how important it is to be informed about the condition of the property in order to avoid unforeseen issues. Your inspection is not about an appraisal or cosmetic issues, it’s about avoiding any and all potential structural and mechanical problems.
A 2011 poll from the American Society of Home Inspectors stated “Nearly three in four (72 percent) U.S. homeowners agree the home inspection they had when they purchased their current primary residence helped them avoid potential problems with their home. Also, almost two in three (64 percent) noted, in the long run, they saved a lot of money as result of their home inspection.”
Keep in mind with inspections that real estate contracts for buying a home in Michigan have contingency clauses. This often states that home inspections need to be done within a specific time frame. If you miss the deadline, you’re out luck negotiating repairs as part of closing on the home.
Buying a Home in Metro Detroit – A Simple Inspection Checklist
Before you hire a professional home inspector when purchasing real estate in Northville, Royal Oak, Birmingham, Canton and other SE Michigan communities you should take the time to do your own inspection. Here’s a simple checklist you can follow
-Examine the property on your own for obvious, visual cues that could point toward damage or potential disaster. This includes drainage issues, water stains on the ceiling, water damage or stains along the bottom of the walls in the basement, leaking roof or roof damage, cracks in the foundation and moisture/mold around windows.
- Check the age of the appliances in the home include the HVAC system and water heater.
- Check the age of the electrical system and what kind of condition it’s in
- Examine the water pressure throughout the home as well as the speed of drainage in every sink and tub
- Review the disclosure of the seller to make sure it is complete and accurate
Once your initial inspection is complete and you decide to move forward, hire a professional inspector. If you don’t hire an inspector while buying a home in Metro Detroit, you could be out of luck without a professional inspection if you ask for repairs.