A detailed and diligent home inspection is an indispensable must when purchasing your ideal house or preparing to modify your current property.
Here is what a home inspection entails and why it is essential to avoid unpleasant surprises.
And according to Windy City Home Inspection, 86% of home buyers who used a home inspection said that their inspector pointed out at least one problem that should be addressed.
So in this guide let us find out what is home inspection and how can it help you.
What Is A Home Inspection?
A home inspection is examining the house’s physical construction, from the base to the roof.
Its goal is to find anything that needs to be repaired or replaced so that you and your mortgage lender are aware of any issues that could affect the home’s value.
You should schedule an assessment as soon as your offer is approved before you finalize your development plans.
The sooner you notice an issue, the additional time you have to correct it.
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When Does A Home Inspection Take Place?
There are two types of house inspections in a home sale: a seller’s inspection (also known as a pre-listing inspection) and a buyer’s inspection.
A seller’s inspection takes place before the house is on the market.
Some sellers choose to have their home inspected as they begin the process of preparing their property for sale so that they may address any potential issues ahead of time and save time during the closing.
A buyer’s inspection takes place after you’ve accepted a buyer’s offer before the sale is finalized.
If specific concerns are discovered during the house inspection, the buyer may be entitled to revise their offer or request repairs.
If the inspection uncovers more concerns than the buyer is ready to deal with, the buyer may decide to back out of the sale.
What To Anticipate During A Home Inspection?
A regular inspection for a medium-sized residence takes a few hours. The report will then take three to four days to complete.
The home inspector will inspect the inside and outside of the house for any broken, defective, or dangerous items.
In general, a house inspection covers all aspects of the property, including:
- Plumbing Aspects
- Electrical Aspects
- Ceiling and walls
- Safety Aspects
- Fittings and Fixtures
- Data Connections
- Doors and doorframes Floor
What To Look For in a Home Inspector?
A home inspection is a vital thing to do before purchasing a house, and to ensure it is done properly, here are things that you should look for in a home inspector:
Qualification & Training
Look for necessary education, qualification, or training certificates to ensure the home inspector you are choosing is, in fact, certified or trained to do that.
For example: in Florida, the individual is required to meet the qualification standards set by the Florida Department of Business and Professional Regulation to work as a home inspector.
Look for the qualification standard in your state to determine the eligibility of the home inspector.
Ask if the Home Inspector also does repairs.
You should not choose a home inspector who also offers home repair.
This is because home inspection and repair are separate things and, in some states, aren’t even allowed to be carried out by the same person.
A home inspection points out the problem with the structure of the house, whereas a home repair fixes the issue, so you should not hire a person who promises to do both.
Ask if they will allow you to be present during the home inspection.
Home inspection involves a lot of time but also a lot of money.
It only makes sense for you to be present during the inspection with the amount of money you will put in for the inspection.
You should not hire someone who is not okay with you being present during the inspection.
See if the Home Inspector is insured or bonded.
It is not necessary for the home inspector to be insured or bonded. However, it is wise to hire one, that is.
This ensures that the company is bonded and insured by the insurance company in case they are sued by its client. Looking for this ensures extra protection for you as a client.
Difference Between Home Inspection & Appraisal
A home appraisal determines a property’s value, whereas a home inspection determines the current condition of the house.
In a home inspection, the buyer can join the home inspector to learn about the condition of the house before buying it.
In contrast, a home appraisal is performed by a licensed appraiser and is scheduled by the lender, whenever a buyer needs a mortgage in order to purchase a hous.
Because an appraisal can impact the amount of money that can be borrowed, it is ideally done in the absence of the buyer, unlike a home inspection.
How Much Does a Home Inspection Cost?
You can expect to pay anywhere between $300-$500 or even more for a home inspection. This is the reason why you should be present during the home inspection.
And unlike other closing costs, you are required to pay the home inspector at the time of their service and not after it.
Who Is Supposed to Pay for the Home Inspection?
Ideally, the buyer pays for the home inspection. However, some ask the seller to pay for it so who pays for the home inspection can be negotiated.
In fact, sometimes, the sellers get the home inspection done before putting the house on sale. By doing this, the owner of the house is able to make any repairs for damages beforehand.
After The Home Inspection
Post-inspection, the next phase in the home inspection process is for the inspectors to present their findings of flaws in the form of a report, which will include photos of the defects as well as a description of them.
The check would be thorough, from the smallest missing screw to the potentially dangerous problem in the electric panel.
You can send this complaint to the developer, pointing out the flaws and instructing him to fix them at no cost to you.
Why Hire Your Own Home Inspector?
Always be sure you contact a professional house inspection.
You might be tempted to engage a contractor since you believe they have the same expertise because they know how to solve the house’s existing maintenance issues.
The house inspectors have received specific training to detect even the tiniest of problems that would otherwise go unnoticed by others.
While a skilled home inspector may be more expensive than a contractor, the former will provide you with an in-depth report on the issues.
A home inspection is an essential step before you buy any house.
A home inspection provides you with peace of mind and helps you save yourself from any potential problems that may ruin your move-in.
In this guide, we tried to answer all the questions that you may have regarding what is home inspection.
Do I even need a Home Inspection?
A home inspection can tell you a lot about the current condition of the house and about what part needs any repair.
As such, you should definitely consider doing a home inspection.
What happens if a home inspector find something wrong?
Suppose a home inspector points out any costly damage, costly cosmetic defects, etc.
In that case, the buyer can decide not to buy the property or can re-negotiate the price or may ask the homeowner to get the defect or damage repaired.
What information can you find in a home inspection report?
A good home inspection report contains summaries, checklists, photographs, and notes.
It may also contain the estimate of the remaining life of major equipment and appliances, paint, surfaces, etc.
It might also include a recommendation for replacement and repair.
How long does a home inspection take?
A home inspection might take two-four hours unless there is any exceptional issue found by the home inspector.
Amit Gupta is the founder of National Planning Cycles, a company that helps startups, individuals, and small businesses with their financial planning. He has a vast amount of experience in the finance sector, having managed Google Play accounts for some of the world’s most successful unicorns. Amit is an expert in his field, and he uses his knowledge to help others achieve their individual goals.