The Importance Of A Home Inspection
Your real estate professional can help you make the decision between buying a home that needs a lot of attention and work and buying a home in better shape. They’ll show you both types of properties, so you can have a clear idea of your choices—and the costs involved in both time and money, as well as help you navigate the process.
If you have experience working on a home or relationships with licensed contractors, a fixer-upper purchase can be a good investment—but be sure you know what you’re buying. Many buyers have found a property that needs work requires even more time and money than initially anticipated.
No matter whether you choose a fixer-upper, a home in great condition, or even a new home, it’s essential to have a home inspection. A home inspector will go over the plumbing, electricity, heating, and air conditioning in your home and examine the foundation, walls, windows, and roof to identify any potential problems with the property.
A home inspection will generally cost you $400 to $800, but that’s a small price to pay when you consider the that our home is one of the biggest investments we make.
After an inspection, the inspector will give you a home inspection checklist.
The checklist will vary depending on the inspector, but generally it’s divided into sections. It will cover the exterior elements: roof, gutters, walls, chimney, windows, decks, and porches. It also will report on the interior elements: floors, ceilings, plumbing, basements, and attics.
Your home inspector should produce a report with detailed notes that analyze the condition and flag any potential problems.
When you find a home you want to purchase, your contract with the sellers should always include a home inspection. This type of inspection where the buyer is able to ask for repairs is called a “specific inspection” and you will have the option to ask for repair of the defective items or void the offer to purchase.
However, if you’re competing with other buyers and are in love with the home, you can offer to waive the home inspection contingency—but still pay for an inspection to determine the condition of the property and if it is worth moving forward.. This is called a “general inspection” and you will receive the same report but only have the option of voiding the contract or moving forward with the purchase.
This way, you’d offer to buy the home “as is” and not request repairs from the sellers, but you’d still have the benefit of the inspector’s professional expertise to point out any defects or required maintenance.
You should always plan to attend the home inspection—especially if you’re looking at a home that will require work. Ask the home inspector to share his opinion about the cost of potential repairs and renovations.
The home inspection checklist is something you can use to organize your personal inspection of the property and to evaluate the property before finalizing your purchase.
by Tracy Tkac
Evers & Co