For most of us, purchasing a home is the biggest investment we will ever make. The process of purchasing a home is both rewarding and often times stressful. Dealing with contract negotiations, insurance, movers ect… can be quite overwhelming. The last thing you need to worry about is an unforeseen problem withyour investment. This is why taking the time and investing in a professional home inspection is so important.
Every home has its secrets. A thorough home inspection will not only reveal these secrets, but provide you with a higher degree of confidence in the purchase. In addition to the home appraisal, we require for the loan approval, the home inspection will help justify the selling price of the home and, in fact, can become a factor in negotiations.
Unlike the property appraisal, which only provides a market value for the property, a home inspection provides a detailed analysis of the home’s condition. These inspections, when performed by professional home inspector, should include an analysis of the home’s major mechanical systems such as furnace and air conditioning systems, plumbing and electrical components, as well as an overall analysis of the roof.
A home inspection will alert the you to any safety concerns or potential problems with the property such as the potential for mold, lead-based paint and asbestos. In addition to these environmental concerns, a home inspection will identify any code violations that may be present. Code violations are quite common in older homes which were “grandfathered” in prior to changes in the local building code. It is important that you are aware of these deficiencies and possible hazards.
There are several avenues to finding a reputable home inspection company. Your real estate agent can be good resource, and of course I would be happy to help you locate one as well. Other good sources for home inspectors include local Builder Associations, trade unions, the Chamber of Commerce- even your local hardware store may have a contractor advertising section. Home inspections will range in price according to the size and value of the home. Typically the average price for a home inspection is around $300-$500. The emphasis should be on “professional” when looking for a home inspector. Though family members have good intentions, trusting a relative who “knows a lot about houses” is not a wise decision when dealing with your investment.
A home inspection is quite common in the real estate industry today. The majority of home purchase contracts will call out a home inspection as a contingency on the sale. However, you must request this contingency as it is not an automatic clause. When purchasing a home it is a wise decision to invest a few hundred extra dollars in a home inspection. This small investment will help provide peace of mind when investing so much into your new home.
Related Article: 10 Questions to ask your home inspector