Home Inspections
Home inspections are an essential component of real estate transactions for millions of buyers, sellers, and Realtors®. Whether you are shopping for a previously owned house or a brand new house, an inspection provides insight to the condition of the home you are buying. If you are putting your house on the market, an inspection helps hasten the sale and can generate a higher price.
In essence, a home inspection is a visual examination of a house and property. When performed by a qualified professional, it includes:
- A thorough visual inspection of the structure.
- An examination of all major systems.
- An objective evaluation of the condition of more than 400 items.
- A printed report covering all findings and identifying potential concerns.
Who needs a home inspection?
You do if you are shopping for a home. A home inspection can help you avoid costly and unpleasant mistakes and provide peace of mind. It will help you identify the house that is right for you, and alert you to potential concerns prior to closing the deal. It also will teach you about your home and its operating systems.
You do if you want to sell your house. A pre-market home inspection provides the seller with an objective evaluation of the home's condition before the house is put on the market. Consequently, you are provided with guidance in preparing your house for maximum sales appeal. A home inspection not only encourages a faster sale and a better price, it also helps ensure compliance with disclosure requirements.
You do if you are a homeowner. Even if you do not intend to sell your home, a thorough inspection of your house and property every four or five years can yield significant returns. First and foremost, a professional inspector can identify conditions that may be present or may lead to safety hazards for family members. Furthermore, periodic inspections can help detect potential problems early, before they become severe and costly.
What A Home Inspection Is
A home inspection is a thorough visual examination of the home and property. The process usually takes two to three hours, during which time the house is examined from the ground up. The inspection includes observation and, when appropriate, operation of the plumbing, heating, air conditioning, and appliance systems, as well as structural components: Roof, foundation, basement, exterior, and interior walls, chimney, doors, and windows. When conducted by a professional, a home inspection covers about 1,000 checkpoints in approximately 400 items around the home. Findings should be provided to you in the form of a comprehensive report. It is vital that such a report include an objective evaluation of the condition of the home, clearly relating existing defects and indicating potential problems.
A Home Inspection is NOT
A home inspection is not an appraisal. And vice versa. An appraisal is the formal process of estimating a property's value as it relates to a mortgage loan or mortgage insurance. It does not itemize defects or reflect potential problems in the home. Even an FHA appraisal does not attest to the condition of a home. In fact, the U.S. Department of Housing and Urban Development encourages home buyers to use private inspection services, and authorizes that closing costs may include inspection fees of up to $200.
A home inspection report is not a warranty. Because a home inspection is a visual examination of the home and operating systems, it is not technically exhaustive. There is not assurance, expressed or implied, that equipment will not break down at some future date. However, such protection is available when a home inspection is complemented by a home warranty. When the services are used in conjunction with one another, a home warranty covers the items that were serviceable at the time of the inspection and subsequently fail due to normal wear and tear.
A home inspection does not detect every conceivable flaw. It is an inspection of those areas and items that can be seen. Home inspectors cannot see through foundations, floors or walls, and cannot inspect areas or items that are inaccessible.
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