Whether you are a first time homebuyer or not, if you are considering purchasing a used home, you will likely have questions regarding the condition of the property. Enlisting the help of a professional home inspector can alleviate any concerns that you have while arming you with knowledge that can facilitate a fair purchase price negotiation. Any inspector will tell you that a residence that is perfect in every way is a rare commodity. Most defects in homes are not immediately visible to the untrained eye. Anyone who is applying for a federally backed Federal Housing Administration (FHA) loan is required to have the property inspected prior to purchase. Although the Office of Housing and Urban Development (HUD) does not require home inspections, it does strongly recommend that all potential homeowners have one performed.
There are skeptics who strongly assert that including an inspection contingency clause in a home contract puts you at a disadvantage in the buying process, because it limits your ability to make multiple home offers at one time. However, the majority of experts’ counter that this small inconvenience is far outweighed by the benefits. For one, if the inspection does turn up any problems, you can negotiate the purchase contract based upon the extent and severity of the findings. Secondly, a qualified professional home inspector can give an estimate of the useful life that is left in your home’s systems, and when you might reasonably expect to have to replace appliances.
A residential home inspection consists of a thorough visual examination carried out by a licensed and trained home inspector. The inspector will look at the home, both inside and out, following a written checklist and take note of any defects or irregularities. When he or she is finished, they will give you a verbal summary. A written report follows, generally within 2-3 days.
The areas of the home that will be examined include, at a minimum, structural components, heating and cooling, plumbing and electrical systems. Looking at the foundation, roof, ceiling and floors, windows and any supports, the inspector assesses the structural integrity of the residence. Structural problems can be the most problematic of any defects, since repairing or replacing a foundation is a very extensive project. The inspector will note the extent, nature and exact location of any defects that he or she finds. You can use this information to determine whether you are still interested in purchasing the property or to negotiate a price that includes repair or replacement of any defective systems.
It is important to note that a home inspection is not the same thing as an appraisal, and does not include an estimate of a home’s value. Rather, a home inspection provides information as to the current condition of the residence.
As for finding a knowledgeable home inspector, the best advice is to simply “Do your homework.” It may take some time to locate the best qualified home inspection service, but there can be no question that it is worth the effort considering the results might save you money in the long run. First and foremost, look for an inspector who is licensed to practice in your state. State law governs home inspector licensure, but all states require a minimal level of education and a licensure exam. Find out how much experience the company has in inspecting your specific type of residence in your geographical area. Also, inquire as to whether the inspector is certified by an outside organization, such as NACHI (National Association of Certified Home Inspectors). Such organizations hold their members to stringent membership requirements including participation in continuing education and skills/knowledge testing.
Home inspection fees can vary widely from company to company, so you may want to do some research in this area. When comparing prices, however, be certain that you understand what the scope of the inspection will cover. Some companies offer additional services such as air quality testing and pest inspection in the inspection fee, others perform these services at additional cost, and still others do not provide these services at all.
The key to getting the most out of your home inspection is to be as involved as possible in the entire process. Once you find a qualified inspection company, be present for the inspection itself and ask any questions you have. Follow up by asking for clarification on anything in the report that is unclear. Buying a home is a huge financial decision, and getting a home inspection is one way to protect your present and future interests.
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