Having your new home checked out by a certified home inspector is a common and often times required part of the home buying process. While some buyers may view the process as tedious and unnecessary, a home inspection could save money in the long run.
A rocky foundation, a leaky roof and mold are among a number of items an inspector may find that could cause a buyer to walk away. But experts suggest that buyers really consider items that they may think are deal breakers before backing out of a deal. Many items can be fixed and used in a negotiation to bring down the price of the home or get help with closing costs.
Home inspectors will often find problems that may require a second opinion from a specialist like a plumber or roofing expert. Buyers can also rest easy with a home warranty that can protect their home and their investment in the event any problems arise down the line.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.