Your Home Inspection
Before you buy a home, one of the things you should do is to have the home checked out by a professional home inspector. Buying a home is expensive. So why would you choose to fork over another $300 if you’re not required to? In this post, I’ll touch into why you shouldn’t forgo this optional procedure.
The Home Inspection Contingency
A less obvious reason that a home inspection is necessary is that it can be used as a contingency in your purchase offer. This contingency provides that if significant defects are revealed by a home inspection, you can back out of your offer, free of penalty, within a certain time frame.
What a Home Inspection Examines
Inspectors will vary in experience, ability, and thoroughness, but a good inspector should examine all components of the home you want to purchase and then produce a report covering his findings. The typical inspection lasts two to three hours. You should be present for the inspection to get a firsthand explanation of the inspector’s findings and be able to ask questions. Also, any problems the inspector uncovers will make more sense if you see them in person instead of relying solely on the photos in the report.
The inspector should note:
• Whether each problem is a safety issue, major defect, or a maintenance issue.
• Which items are nearing end of life, need replacement, or should be repaired or serviced.
• Items that are suitable for now, but that should be monitored closely.
A really great inspector will even tell you about routine maintenance that should be performed, which can be a great help if you are a first-time home buyer.