By Serina Lowden
Broker Associate and owner of All City Homes
The Sacramento Housing market overview.
In recent years, Sacramento has greatly grown due to the high cost of living in neighboring cities making most residents flee to the city because housing was quite affordable, but this is continuously changing. House value is increasing significantly without sacrificing for demand. It should, however, be noted that home values started to increase with real estate, and prices are increasing each month in 2022. Increasing house prices makes real estate a lucrative business if investors know market trends. Another key reason for Sacramento’s growth is that it is centrally located and cheaper than neighboring cities. Sacramento was ranked number 48 on the national top housing market in 2022, indicating its rapid growth, and hence most investors are eyeing the city. the median price of houses as of February 2022 was at $540,000
Why is a home inspection important?
When buying a property, the buyer must inspect the property to determine the general condition of the house. The California real estate association explains home inspection to be “a noninvasive, physical examination, of real property, of the mechanical, electrical, or plumbing systems or the structural and essential components of a residential dwelling of one to four units designed to identify material defects in those systems, structures, and components.” Inspection show more about a house that probably the buyer did not notice when taking a house tour. Home inspections are done by qualified personnel at a price of between $315 and $400, depending on the size of the property.
Home inspection over the years proved to be an important aspect because it gives the true condition of a house and enables the buyer to budget for repairs that are supposed to be undertaken. It also serves as an advantage to the buyer because, in case of default, the buyer can negotiate for the price, and if the house has serious conditions, then they have a chance to look for property elsewhere.
A home inspection also faces several challenges. First, buyers are tempted to waive the inspection to increase the chances of a seller’s offer to get a house. More so, if several people are eying on the property, most buyers want to be the most appealing, thus the tendency to skip the inspection and increase the chances of a buyer being chosen.
Buyers are encouraged to adapt to other means of beating up the competition, such as going through an underwriting process before house hunting other than waiving inspection, which would make buyers incur unexpected costs in repair in the long run.
Top five reasons why you should not waive home inspections
A home inspection is more important to the buyer. There are several reasons why it is important to carry out inspections, such as;
- A home inspection provides an out.
By this, it means that all information about a house is detailed. It also informs the buyer of costs that must be undertaken on property repairs and maintenance. The buyer can decide whether or not to take the property with the information. If the buyer eventually decides to buy the house and has critical issues that need to be repaired, then they have the right to bargain and get the house cheaply.
- It reveals illegal installation on the premises
Some repercussions come with buying houses not built according to the building codes. Thus inspection reveals whether houses were built correctly. House wrongly built to affect a house’s insurance, tax, and overall value. Illegally putting up houses puts a buyer at financial risk because of unexpected future occurrences. The insurance will not cater to the costs. Poor installation and poorly built-up houses deteriorate the value of houses, and buyers should be aware of this before making any purchases.
- Forecast future costs.
A qualified home inspector can determine the duration fitting has been used in a house as every fitting has its shelf life. Also, appliances such as heaters and plumbing fitting are investigated to determine how long they will work to tell on the type of insurance cover. In the process, the inspectors can also determine the quality of fitting in a home.
One of the most important reasons to carry out a house inspection is to check the house’s safety. A House inspection should determine if the house emits gas such as carbon monoxide and if it has mold and radon to some extent. It is important that when buying a home, one ensures that the contract has on offer to reject a house if it is hazardous.
- Helps learn to protect the investment
A home investor is regarded as a resourceful person and advises on how to maintain property which in the long run help in saving money. They give tips on how to cheaply protect property, ensuring the house is in good condition for a long time. Property protection also enables one to resell the property in the future, driving in many buyers since the house will still be in good condition.