Earlier this year, realtor.com announced the release of the Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index
Home Inspection Tips For Home Buyers
Dated: December 14 2018
What to Know About Home Inspections
The house hunt is over, and you decide to start the closing process on your soon-to-be home. You have visited the house and seen it as its best, beautifully polished, shiny and welcoming. But what if this is just part of the picture and something else is hidden underneath its glossy surface? Issues here may vary from termites and mold to leaking pipes or cracked support walls.
That is why before closing a deal on your highly-anticipated new property, you need to order a home inspection to be conducted. It will help evaluate the house condition and let you sleep safely at night before and after the purchase.
Why Do You Need a Home Inspection?
Some buyers tend to skip this step, especially if the market is hot and you are competing with several other buyers. Home inspections cost money and take time, but if there are serious issues found, more time and money is saved after the deal is closed. You need a house inspection to know what exactly you are buying and what to expect from your property in the future.
Do not confuse the house inspection with the house appraisal. The inspection will clarify the current state and condition of the house, not what it is worth.
After the inspections, you will receive a report containing suggestions for future maintenance or repair steps, or the need for additional expert opinions.
Inspections, Inspectors, and Common Mistakes
There are different types of house inspections available. General or residential inspections will observe and give an evaluation of the house elements and systems.
Below is an idea of what should/will be examined in a comprehensive residential inspection (which costs approximately $300 to $500)
Exterior: water drainage systems, condition of outside elements such as yard, trees, fences, and notable cosmetic issues.
Structural elements: construction type and quality, visible foundation and framing condition, structure’s overall upright position.
Roof: installation quality, visible damage, condition of shingles and gutters.
Plumbing system: leaks, water pressure, faucets, showers, material and aging of pipes, hot water system, septic tank (if present).
Electric system: check electric boxes for condition and code, fuses, visible wiring, type and conditions, safety issues.
Heating, ventilation, and air conditioning (HVAC): inspect chimneys, vents, house insulation, and ducting. Inspect all furnace and AC systems for age, condition, and proper function.
Laundry room: ventilation and dryer systems, search for leaks and potential fire hazards.
Bathrooms: bathtub, shower, sink, and toilet inspection. Proper ventilation and plumbing.
Kitchen appliances (if part of purchase): properly working devises and correct installation. Condition and quality.
Fire safety: smoke detectors in place and operating, quality and condition of fireplaces and stove.
Pest inspection: inspect for presence of wood-boring and other insects, molds, and fungi.
A good expert Is hard to find, but choosing the right inspector is the key to a thorough and comprehensive report. If you need a referral, we have some amazing home inspectors we can recommend.
What To Do After The Inspection
after receiving a report, there are two possible outcomes which will dictate how the situation develops. In the best-case scenario, everything is fine, the house is in exemplary condition, and no further work is required. You are good to go with other paperwork.
The more likely scenario is that the house requires some minor repairs. This may involve negotiations that, for instance, the repairs to be done and inspected again before moving along, or a price concession to account for your expense in making the repairs after the purchase.
Regretfully, there is no standard template and step-by-step guide about what to do if there are issues with the house. It depends on how you crafted your conditions. The best buyer option is for the seller to be liable for all the repairs.
When To Back Off
The professionals say you should cancel the deal if you cannot buy the house you want, on the conditions that you want, and for the money that you have. However, some repairs are just not worth it. If the problem that the house owner refuses to fix or pay for is dangerous and you cannot fix it, back off. If the problem is something you need to fix soon, but it is too expensive for you, back off.
Consider the pros and cons carefully and listen to your real estate team’s advise . also, listen to your own gut. If the doubts and uncertainties are too anxiety-provoking, it may be better to turn the house down and start over.
Can Inspections Affect The House Value?
The short answer is, “yes they can,” but do not count on it too much. Thinking of the inspection phase as another chance to revisit price is not a good strategy.
The role of the home inspection is to protect the buyer from inheriting major issues with his purchase. Home appraisal, on the other hand, makes sure that the lender does not pay more than he should. During the appraisal, the specialist determines the market value of the house.
If inspections are made properly, you will be able to know your future house’s exact condition. Make certain that you have a trustworthy and reliable home inspector on your side – at this point, the whole deal may well depend on his assessment.
Daryl Hanna and The Hanna Group are committed to bringing the respect back to the real estate profession through making sure each and every transaction is handled with the utmost care & respect!! The ....
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