What You Need To Know About Home Inspections When Buying Residential Real Estate

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Purchasing a home is a major financial undertaking. The last thing you want to do is invest your money into a residential property, only to discover that the home is in need of serious repair.

Buyers typically see properties through rose-colored glasses. You may fall in love with the hardwood floors, finished basement, and fireplace surround, but only a home inspection can reveal how long you can expect the honeymoon phase to last if you end up purchasing the home.

What Is a Home Inspection?

A home inspection is a process that allows buyers to ensure they are investing in a home that is structurally sound. Although an inspection is not invasive, it can uncover problems with major systems in the home.

The inspection usually takes place after an offer has been accepted, but before the closing occurs in a real estate purchase. Nearly all buyers' offers are contingent on the home inspection, meaning that you can back out of the purchase if you feel there is more damage to the home than you are prepared to deal with.

Who Arranges for a Home Inspection?

Many people will invest in a home inspection before they place their residence for sale on the market. A pre-sale inspection will reveal any major problems that the homeowner will either fix or disclose as part of the listing process.

If a seller hasn't secured an inspection or you want an independent assessment, then you will be responsible for the cost of the inspection. When you compare the amount of money that you will save by identifying major structural issues before you buy, the cost of a home inspection is minimal.

What Is Included in a Home Inspection?

A home inspection is designed to provide you with a thorough assessment of the condition of a property you are interested in buying so that you can make an informed purchase. All of the major systems within the home will be checked to see if they are working properly. This includes the HVAC, electrical, and plumbing systems.

An inspector will also check the roof, crawlspace, and foundation for signs of damage. Moisture-related problems, like mold and mildew, can also be spotted during a home inspection.

Significant problems with any commonly inspected areas in a home can mean a major investment in repairs. This makes the input of an experienced home inspector an invaluable part of the home-buying process.


12 March 2020

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