A home inspection, while not required, might be the most important pre-purchase investment you’ll make. So, what is a home inspection? A home inspection gives home buyers more detailed information on the overall condition of the home prior to purchase. During a home inspection, the professional home inspector will give you an in-depth and unbiased evaluation of the home. The home inspector will evaluate the physical condition, structure, construction, and the mechanical systems of the home. The inspector will also identify components of the home that needs to be repaired or replaced. In addition, they will estimate the remaining life of the major systems, structure and equipment such as electrical, plumbing and heating.
How does a home inspection work? You must first arrange a home inspector to visit the home you plan on purchasing. Remember to make a purchase offer that is contingent on the home inspections, meaning you’ll be able to negotiate or change the offer based on the results of the home inspection.
The fee for a home inspection is usually paid at the time of the service and is based on square footage, number of stories, age of the house, and other factors. Once, the home inspector is scheduled it is recommended that the buyer participates in the inspection. The inspector should inspect the roof, crawlspace, turn on all the faucets, check out the insulation, open and close all the windows, and much more. A thorough inspection will take some time. Plan on spending at least two hours.
Why is a home inspection so important? A home inspection could provide the buyer with vital information that can be used to make decisions on the price or even whether to purchase the actual home. If repairs are needed, you may ask the seller to fix the problem, provide money for you to have repairs made after the purchase, and/or reduce the asking price of the home to cover cost. If the home inspection reports indicates that the home condition has been misrepresented, you should consider withdrawing your offer to buy. It is your responsibility to be informed buyer. You have the right to carefully examine your potential new home with a home inspector.
A pre-purchase housing counselor can guide you through the home buying process and help you find a trusted home inspector in your area. They will also discuss the following two important resources from the US Department of Housing and Urban Development on home inspections:
Carefully consider both of these resources you find a home inspector and purchase your home.