Everything You Need To Know About Home Inspections
When you are saving all your hard-earned dollars for a down payment on a new home, be sure to put away a few hundred for the home inspection, too. A home inspection is a vital step in the home-buying process. The inspector will spend several hours in the house looking over every detail. He or she will produce a report that explains everything that needs to be repaired in the home. Minor details, like the stove may be nearing the end of its life expectancy, and major details, like there is black mold in the bedroom under those freshly painted walls, are all in the report to help the buyer make an educated decision before moving forward with the purchase.
Who hires the home inspector?
The home inspector is hired by the buyer. The buyer may have a residential home inspection service in mind, or they may work with an inspector recommended by their real estate agent.
When is a home inspection performed?
Once the price of the home and terms are finalized and all parties have signed the purchase agreement, the buyer typically has three to seven business days to have a home inspection done.
Who attends the home inspection?
The buyer's agent attends the home inspection as they have access to the house via the lockbox. While it is advisable for the buyer to attend the home inspection to learn more about the house they are buying, it is not mandatory. Neither the seller nor the seller's agent attends the home inspection.
Does the seller get a copy of the home inspection report?
Traditionally, the seller does not get a copy of the inspection report. The buyer ordered and paid for the report, so it is theirs. In cases where the buyer is requesting repairs be made, the buyer may choose to share a portion of the report with the seller.
Why is a home inspection important?
Without a home inspection, a buyer may unknowingly purchase a home that is need of major repairs. These types of repairs are not visible to the naked eye and often go unnoticed by a layperson, like mold, hidden foundation issues, or faulty electrical work. A home inspection keeps the buyer safe and can save them from costly future repairs.
What are red flags during an inspection?
Many items that appear on a home inspection report are minor and can be expected when buying a home. There are several issues, however, that are red flags when they are noted on the report. Structural issues are especially worrisome. No buyer wants to deal with a cracked or sinking foundation. Likewise, old and outdated mechanical systems -- heating, plumbing, electrical -- can be expensive to repair.
The most important takeaway is that a home inspection is an important part of the home buying process and should not be skipped or hurried. Investing in a home inspection is money well spent.
To learn more, contact a home inspection service.
