You’re probably debating if you want to spend more money on a home inspection after spending a ton on buying it. Your concerns about spending hundreds of more dollars on getting the home inspected are totally valid. Will it be worth it or not?
It’s definitely worth it. Getting inspections can help you identify problems that you thought weren’t there. It can save you a lot of time and money that you may be spending later on repairs. We have compiled a checklist that you should go through to keep track of all your new house inspections.
1- Add Home Inspection Contingency To Your Real Estate Contract
Make sure to add this clause to your real estate contract when purchasing the house. A house inspection contingency is a stipulation in a real estate contract as part of a purchase offer. A buyer’s agreement to purchase is contingent on the findings of a house inspection. The buyer has the option of canceling the deal or attempting to negotiate repairs depending on the findings.
You can either have the seller undertake the repairs or have the sale price decreased to cover the expense of the repairs. If the seller denies both, you have the legal right to terminate the contract.
2- Know-How The Contingency Works
The inspection period typically lasts one to two weeks from the moment you sign the purchase agreement. The contingency period provides you with ample time to perform the following steps.
- Locate a qualified inspector.
- Schedule an appointment
- Obtain a copy of your inspection report.
- Request any additional inspections or follow-ups
- Make a decision on how you want to proceed.
3- Hire An Experienced Inspector
The importance of hiring a thorough, skilled home inspector cannot be overstated. All educational courses and training should be up to date. They should also have extensive knowledge of the area in which you are purchasing. This ensures that they are informed of any current issues in your area with dirt, pests, or even home builders.
What The Inspector does
The home inspector performs a visual assessment and may offer suggestions based on their findings. If the house inspector recommends additional checks in the report, the buyer should seek professional guidance. Any of the following, for example, could necessitate an expert opinion:
- Termites and pests
- Chimney
- Heating and cooling are provided by electricity
- Encroachments and easements
- Basement and foundation
- Roof
- Septic tank or sewer system
- Stability of the soil
- Vegetation and trees
- Plumbing and water systems
- Mold
- Methane gas or radon
- Asbestos
- Zoning and permits
4- The Two Types of Home Inspection: Exterior & Interior
i- The Exterior Inspection
The inspector will conduct a thorough examination of the structure’s exterior. Climbing into any attics beneath the house and utilizing a ladder to climb and examine the roof are all part of this process.
- Roof: Includes looking for cracked or damaged mastic around vents, where roof defects or poor fitting could allow water to enter the home. Expect inspections for gutter damage.
- Walls: The inspector will look for damaged or missing paneling, cracking, or if the soil is too close to the house’s foundation, which might attract wood-destroying insects.
- Slopes: If the grade slopes away from the home, the inspector will inform you. If it doesn’t, water could leak into the house and cause damage.
- Garage: Inspector will verify the garage door for appropriate opening and shutting. He’ll examine any visible garage framework, and decide if it ensures ventilation to prevent the spread of toxic gasses.
ii- The Interior Inspection
Expect a thorough examination of the home’s interior. From the ceilings to the cabinetry under the sink, they’ll look over everything for signs of damage.
- Fire System: If the house has a connecting garage, the inspector will check to see if the wall has the appropriate fire rating and hasn’t been harmed in any way that would jeopardize it. They’ll also check the smoke detectors in the house
- Water System: The inspector will check the water heater with regard to its age and fitting.
- Bathrooms: Visible leaks, securely locked toilets, and suitable air circulation will be checked by the inspector. Mold and mildew can grow in a bathroom without a window or a ventilation fan. Moisture can distort wood cabinets over time.
- Plumbing: The home inspector will evaluate if the pipes are old and if they need replacement. He will inspect all faucets and showers for apparent leaks, as well as test the water pressure. The inspector will also locate the main water shutoff valve in the house.
- Electrical Setup: The inspector will determine the type of wiring in the home, and test all of the outlets. Any type of harm, such as electric shock, burns, and electrocution will be checked to see if they’re placed in all locations of the house. They’ll also inspect your electrical panel for any potential safety issues, as well as your electrical outlets for any potential fire hazards.
5- Don’t Expect The Following In Home Inspection
An inspection will not find everything that’s wrong with a house. It can only look for outward signs of problems. Outward problems include if the home’s doors don’t close properly or the floors are tilting. However, if the crack can only be seen by removing all of the house’s flooring, a home inspector won’t be able to tell you for sure. Don’t expect inspection in the following areas.
- Inside walls
- Inside sewer lines or pipes
- Chimney interiors
- The backside of electricity panels
6- Time To Read The Home Inspection Report!
After the home inspector has completed their work on your property, they will compile a detailed report of their results. Expect to find sections for different regions and each room in the report. The report will also show remarks regarding anything that needs to be repaired, is damaged or isn’t working.
The following terminologies are used to categorize the findings into four sections.
- Defective material: An issue that can pose a safety danger or have a substantial impact on the value of the home.
- Major defect: Includes a major component that is not functioning and requires replacement or repair.
- Minor defect: A minor flaw that can easily be repaired by the homeowner or seller.
- Cosmetic flaw: A minor defect or blemish that has no bearing on safety or functionality.
7- What Actions You Can Take After
You have various options after receiving the report of your inspection results.
Firstly, you can carry on as anticipated, with the same selling price and terms you agreed to at the beginning.
However, if the report is completely unsatisfactory, you can choose to part ways with the seller. You can walk away if the flaws are too serious, as long as the contract includes an inspection contingency.
Secondly, if the report is not completely unsatisfactory, you can ask the seller to rectify the defects. Buyers can also ask for a price reduction or demand cash credit at closing to fix the problems.
Lastly, if none of these solutions works for you, you can acquire estimates to remedy the problems yourself. Make a plan for the repairs you want after you purchase the home.
8- Check The Repairs You Asked For
If you went with option #2, make sure to check the repairs you demand. Do a walk-through with your agent of the home once the repairs are complete.
Reinspection
If you have asked for major repairs to the key components of the house, you may demand a “reinspection”. The existing inspector can return to double-check that all issues are taken care of. They can keep you safe and save you money in the long run.
9- You’re Ready To Move Towards Closing
Finally, you can close after the negotiation and confirmation of the completion status of the necessary repairs. On closing day, as long as everything with your lender goes smoothly, be ready to sign your paperwork, and receive your keys.
10- Home Inspection: From Seller’s Point Of View
Let’s reverse the roles and suppose you’re the one selling the home. What do home inspections mean for you then? Your house is considered to be “on the hot seat”, once it goes on inspection. Even if you’ve made all the seller’s disclosures and checked everything, some issues can still pop up.
Sellers Can Go For Pre-Inspections
An increasing number of sellers go for a pre-listing inspection. The fact owes to the ability to discover issues early on that could cause delays and obstructions later. A pre-inspection can bring on the present issues in your house early on. It gives you time to fix them.
When the homebuyers come, put forward the inspection report. Show them the problems with all honesty. Then tell them about the repairs you’ve made already. This will build trust and confidence between both parties.
Contact Regentology When Buying or Selling A House
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