Why Do You Need to Get a Home Inspection Now!

What Is a Home Inspection?

A home inspection is an assessment of a property to determine its condition. The process includes examining the HVAC system, structural aspects of the house, electrical system, and plumbing system. Once the inspection is complete, the home inspector submits their report to the respective parties.

The home inspection report is also an influential factor in the home appraisal process. The defects listed in the report will have a bearing on the total appraised value of the property and the loan amount you will receive.

What Does a Home Inspection Cover?

A home inspection covers all the major and minor defects. It also covers checks for any possible safety hazards present in the house. Here are some of the inspections that are covered:

Why Get a Home Inspection?

When you buy a house, every lender requires an inspection report before mortgage pre-approval. You can also include a home inspection contingency in your purchase agreement, which lets you renegotiate your deal.

If the home inspection report highlights major flaws in the property, you can choose to back out of the deal. The contingency clause in the contract gives you 7 to 10 days to do so.

What Do Home Inspectors Look for?

In a home inspection, an inspector checks two major aspects to assess the overall condition of a property:

• Structural Aspects of the House: It includes the foundation, roof, walls, and floor. A home inspector looks for minor or major cracks, leakages, or damages.
• The Essential Systems: These include heating and cooling (HVAC), plumbing, electrical, and other systems and appliances. They check for leakages, exposed wires, uneven airflow throughout the house, and more.

📝 A Home Inspector Isn’t Your Financial Advisor: A house inspector can only provide you with information about the property’s defects and suggestions to repair them. They cannot tell you whether to buy the property or not.

What Happens After a Home Inspection?

Once the process is complete, 4 possible scenarios could unfold:

• You Close on the Sale: You may end up buying the property as agreed upon without making any changes to the asking price.
• The Seller Makes the Necessary Repairs: Sometimes, sellers can fix some issues found in the inspection report before closing.
• The Final Sale Price Is Reduced: You can negotiate with the seller to reduce the asking price by the amount that would go into repairs.
• You Cancel the Deal: If an issue is discovered that is a safety hazard, you can walk out of the deal.

Don’t focus on the number of problems reported; make a decision based on the severity of the issues. After you get the inspection report, you can ask for repairs or renegotiate the deal.

Bottom Line

Many home buyers avoid home inspections to beat the competitive market. However, this is more expensive, as they shell out thousands of dollars on repairs. If you plan to get a mortgage for your new home, you will require an inspection report.

A home inspection report can help you decide whether to move ahead or back out of the deal. If you choose to back out, you can continue your search for your new home that’s free from major defects.

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