If you are in the process of buying a home, you may be wondering whether or not you should invest in having the property professionally inspected prior to purchase. Although there are some critics who would recommend that you do not bother with an inspection, the majority of experts agree that it is one of the wisest investments that you, as a homeowner, can make. The amount of money that you spend hiring a home inspection company falls short in comparison to the costly repair or replacement bills that you stand to incur when buying into a property whose condition is of unknown quality.
Home inspection companies specialize in performing professional evaluations of residential properties. A home inspection consists of a thorough visual examination of every aspect of a home from the structural components to individual systems, such as heating/cooling, plumbing and electrical. Home inspectors are licensed by each individual state. Although state requirements may vary somewhat, all states require both a minimum amount of classroom training, an internship/supervised home inspections and a passing score on a licensure exam.
In some cases, such as when applying for a federally guaranteed (FHA) loan, the law requires a home inspection be conducted as a condition of the mortgage. However, the U.S. Department of Housing and Urban Development (HUD), strongly recommends that all buyers of residential property have the prospective home inspected, even where it is not required by law.
A thorough home inspection can take anywhere between one and three hours. Your inspector should welcome your presence during the inspection, and this is an excellent time to address any questions or concerns that you may have. Ask the inspector to physically point out any problems that he or she encounters, and to explain the extent of the damage or defect. Most inspectors offer you a verbal summary of findings upon completion of the inspection and you will receive a full written inspection report afterwards, generally within two to three days.
A home inspection will not only alert you to any defects in your prospective property, but also give you and idea of the useful remaining lifespan of the home’s systems. For example, you may learn that although the heating system is currently functioning adequately, observable conditions indicate that it might need to be replaced in the next 3 to 5 years. You can use this information to help make your purchase decision, and in negotiating a fair purchase price.
When in the market for a qualified home inspection company, you will want to consider the following factors:
* Licensure: Individual state laws regulate home inspectors. In the state of New York, any person who performs a home inspection for compensation is required by law to pass the Home Inspectors examination to obtain a license. The state also requires that inspectors acquire a certain number of continuing education credits to remain eligible for license renewal.
* Additional Certifications: There are several national organizations that provide additional certifications to home inspectors who complete continuing education coursework and/or pass written or practical examinations. NACHI, the National Association of Certified Home Inspectors, maintains stringent membership requirements.
* Experience: Look for an inspection company with expertise in your specific type of dwelling, and one that is familiar with your geographic location. Many problems are specific to different regions or types of dwelling. An experienced home inspector will examine your property with an eye towards detecting any of these commonly seen problems.
* Cost: Costs between different inspection companies can vary dramatically so be certain that you understand both the cost and the scope of the inspection. (For example, some companies will include pest inspection, while others do not.) Find out exactly what services are included in the fee, and what the costs are for any additional services. Also ask the inspector if they are able to give you estimates regarding the cost of correcting defects. Again, some inspection companies offer this service, while others don’t. Read your contract carefully before signing and ask for clarification if necessary.
In the New York area, we give the highest recommendation to Olympian Civil Home and Building Inspectors (OCHBI). All of their inspectors are fully certified by NACHI and have extensive experience serving New York City (all five boroughs) and surrounding areas. In addition, Olympian offers several extra services to assist you in making an informed purchase decision, including indoor air quality and water testing, pest inspections, and asbestos and lead testing. But perhaps most importantly, Olympian aims to be the best and prides itself on always providing top quality customer service. They were, in fact, voted number 1 in customer satisfaction amongst home inspecting firms in all of New York City.
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