Home Buying Process, Step 3
Home inspections before finalizing your home purchase can be daunting—is my home inspector qualified and is he or she telling me everything I need to know about my potential home? Check out our video on tips to have a informative and successful home inspection.
Inspecting the property and resolving inspection issues.
Home inspections are a very important part of the home buying process. They occur after the purchase agreement has been signed because in most cases, the purchase agreement will contain a home inspection condition. Should any serious issues arise, the home inspection condition will allow the buyer to back out of the transaction after the home has been inspected and issues reported. Your real estate agent can usually recommend professional home inspectors, but here are some things to watch out for when finding your home inspector.
Find a good home inspector by asking the proper questions. Number one, how long will the inspection take? Make sure you are choosing someone who will complete a thorough inspection. A typical home inspection lasts two to 3 hours, depending on the size of the home and whether it’s an individual home inspector or a team.
Do you have any examples of written reports? Examples will help you determine whether the inspector is detailed while giving you a glimpse of things he or she inspects.
Would you like me to be present at the inspection? Your inspector should encourage you to come to the inspection so that he or she can explain anything to you in detail.
Do you have any references? This is a good chance to see whether past references were ever given misinformation from the inspector that may have caused them trouble after the purchase of their home.
What does the inspection cover? Inspection should cover the close examination of the structure and foundation of the home. This can determine if there is any termite or water damage that may need to be repaired. The plumbing inspectors should be able to identify to you the pipe materials used as well as the condition of them. All appliances, everything from refrigerators to garbage disposals to smoke detectors should be checked. The electrical inspectors look for whether or not the electrical is properly grounded and if there are any wiring problems.
The Roof any damage to roofing or roofs with a short life expectancy can be a costly repair. The exterior of the property, all wall coverings, windows and landscaping should be included in your inspection.
The Garage the same standards of inspection for the rest of the home should be in consideration for the garage as well and the ventilation and insulation.
You don't want a home that comes with the added monthly cost of high energy bills. Make sure your home is able to prevent energy loss. Costly repairs that you should consider resolving with the seller are roof repairs or roofs that may need to be replaced soon, Furnace or air conditioning issues structural problems or issues with the foundation, water damage mold or drainage repairs needed anything related to your health and safety. If there are issues to resolve, which is almost always, then you will need to decide how you want to deal with them.
Commonly, the seller will be asked to lower the sales price. Fix the issues before closing or provide credit towards the buyer's closing costs. You and your agent will put in writing what needs to be fixed and how you would like it to be handled. This is presented to the seller and their agent. The seller will then agree or disagree to the terms or provide a counteroffer. Complete your home purchase with confidence.