LSBHI Warns Homebuyers to Inspect Before You Buy as Home Buying Becomes More Expensive
The busy homebuying season usually kicks off in April, making it the opportune time to mark National Home Inspection Month. The Louisiana State Board of Home Inspectors (LSBHI), the state’s licensing agency, utilizes this time to educate homebuyers on home inspections. Existing home prices are up 15% from a year ago (National Association of Realtors) and the Fed’s rate hikes are increasing mortgage interest rates. With consumers digging deeper into their wallets to invest in a home, it is more important to be vigilant and inspect before you buy.
“It is critical for homebuyers to do everything they can to understand and protect their investment starting with a Home Inspection,” advised Morgan Spinosa, COO, LSBHI. This important step in the homebuying process is to identify potential problems that may lead to expensive repairs or safety concerns. It is a visual examination of the major components of a home and its operating systems. The findings from a home inspection will assist the consumer in making a more informed buying decision.
LSBHI has released a series of public service announcements and education for homebuyers on What to Expect During a Home Inspection. The board strongly encourages potential homebuyer’s to be present during the inspection and ask the licensed inspector questions.
Here are a Few Tips on What You Can Expect from Your Licensed Home Inspector
- An unbiased and professional opinion of the condition of a property
- Documentation of significant visible deficiencies on the day of the inspection
- Professional recommendations
- Specialized knowledge for a more informed home purchasing decision
Why are Existing Homes So Expensive?
Since 2021, the inventory for new homes has been way down. Consequently, housing prices have skyrocketed. While inventory has slightly increased since the beginning of 2022, the market is still recovering from a 15.5% deficit from a year ago.
Sales are down 7.2% but that doesn’t mean people aren’t still house hunting. Experts noted that 84% of houses sold in February 2022 were on the market for less than a month. If you find yourself house hunting in this less-than-ideal buyer’s market, do what you can to protect your investment. Have your home inspected.
Louisiana Law and Home Inspections
In 2001, the Louisiana Legislature passed a law requiring all persons performing home inspections to be licensed by the State of Louisiana. This mandate protects the health and safety of prospective homebuyers because they receive a thorough evaluation of the home and its operating systems.
About Louisiana State Board of Home Inspectors
The Louisiana State Board of Home Inspectors (LSBHI) regulates residential resale home inspections in Louisiana. Their mission is to protect the safety, health, property, and welfare of the general public. LSBHI currently licenses over 300 professional home inspectors statewide that are trained, ready, and willing to serve the public in making an informed home buying decisions They also offer a comprehensive database of licensed home inspectors, their service areas, and contact information at InspectLouisianaHomes.com.