Suppose you bought a house and later discovered that the stucco exterior concealed a nasty case of dry rot. Or suppose during the first winter rain you had almost as much rain inside as there was outside because of a leaky roof? The best way to avoid surprises like these is to arrange for a home inspection before you buy. A good home inspection is an objective, top-to-bottom examination of the home and everything that comes with it. The standard inspection report includes a review of the home’s heating and air conditioning systems, its plumbing and wiring, the roof, attic, walls, ceilings, floors, windows and doors, the foundation and the basement.
Getting a professional inspection is crucial for older homes because age often takes its toll on the roof and other hard-to-reach areas. Problems can also be the result of neglect or hazardous repair work, such as a past owner’s failed attempt to install lights. But a home inspection is also a wise investment when buying a new home. In fact, new homes frequently have defects, whether caused by an oversight during construction or simply human error.
Types of inspections
Owning a home means more than making the monthly mortgage payments. Maintaining the home can be just as costly. That’s why it is impart that a home inspector evaluates the home.
There are two types of home inspections:
- Preliminary Inspection: You do this when house hunting; the Freddie Mac Consumer Home Inspection Kit provides a step-by-step inspection. This preliminary inspection helps you make an informed decision on whether or not to buy. © 1995 Freddie Mac. All rights reserved. Reproduced with permission from Freddie Mac.
- Professional Inspection: Once you’ve made an offer, you should hire a professional home inspector to give you an objective, comprehensive report before closing. You may also think about testing for environmental hazards like lead paint, asbestos and radon.
What to expect from a home inspection
Home inspections cost about $250 to $350, depending on the size of the house and location of the property. Inspection fees tend to be higher n urban areas and cities than in rural areas. Your real estate professional should be able to recommend an experienced inspector. You can also search for qualified professionals at the California Home Inspector’s Directory.
Homebuyers usually arrange for an inspection after signing a contract or purchase agreement with the seller. The results may be available immediately or within a few days. The home inspector will review his or her findings with you and alert you to any costly or potentially hazardous conditions. In some cases, you may be advised not to purchase the home unless these problems are remedied.
You could elect to include a clause that makes your obligation to purchase the home contingent upon the results of the inspection. If major problems are found, you can back out of the deal. If costly repairs are needed, the seller may be willing to adjust the home’s price or the contract’s terms. But when only minor repairs are needed, the buyer and seller can usually work out an agreement that won’t affect the sale price.
Now that your dream home has passed the professional inspection with flying colors, what’s next? Secure the loan!
Sources:
http://www.freddiemac.com/
http://www.ca-home-inspector-directory.com/main/insp/organizations/California
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