The year 2018 started off with good news for prospective homebuyers in Irvine as median prices receded while sales activity remained strong, particularly in relation to existing home sales. What this means for first-time homebuyers is that they are not as likely to be priced out of the housing market this year as they might have been in recent times. The inventory of available homes increased in November and December of 2017, while median rental payments increased slightly, thus making the current situation ideal for investors looking for real estate in Irvine.
While prospective buyers have several reasons to take advantage of current market conditions in Irvine, they should not rush a purchase transaction without a home inspection. With the cost of a home inspection service in Southern California ranging between $300 and $500, some buyers may feel tempted to skip it unless the mortgage lender insists upon it as a condition to approval. Here are six reasons home inspections must not be set aside.
1. Assess Safety
Making sure a home is safe to occupy is the top reason that underscores the importance of home inspections, especially for buyers who envision raising their families in the properties they intend to purchase. Safety is also the primary concern of home inspectors. Should they find traces of asbestos, mold colonies, carbon monoxide, lead paint, or radon, they will promptly indicate such issues not just to the buyers but also sellers and real estate agents.
2. Project Future Expenses
The report provided by a home inspector may serve as a financial forecasting tool. Skilled inspectors can inform buyers about the age of HVAC and plumbing systems as well as an estimation of how much longer they will last before they need to be repaired or replaced. Buyers can use this information to determine how much they should start saving up after they move into their new homes.
3. Discover Unseen Structural Damage
After the Long Beach and Sylmar earthquakes of 1933 and 1970, all properties in Southern California have been built in accordance to the seismic code. However, it is important to remember that even imperceptible quakes can shift the foundations and structure around over time. Home inspectors use infrared cameras to check for foundation cracks that could expand and become problematic over time.
4. Use as a Bargaining Tool
Irvine real estate agents often recommend home inspections as a means of obtaining leverage when it comes to negotiating the purchase price. Based on the inspection report, buyers can reasonably request price reductions or home repairs to be completed as a closing condition.
5. Get a Glimpse of the Big Picture
Home inspections are very valuable in terms of financial considerations. Buyers who have already fallen in love with the neighborhood or the architectural style will be reminded of how much the property would be worth in terms of maintenance.
6. Discover Code Violations
When mortgage lenders get busy, they let their guard down and rely on drive-by appraisals that do not reveal issues such as illegal room additions or garages built without permits. This is something home inspectors will certainly include in their reports if they notice it.
If you’re looking at houses, townhomes, and condos for sale in Irvine, CA, make sure you get the property you choose inspected before completing the transaction. If you have any questions about the home buying process, get in touch with the trusted agents at OC Residential. Call 714-454-6304 today.