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
What To Know About Home Inspections
Dated: September 24 2019
The house hunt is finally over and you decide to start the closing process on your soon-to-be home, congratulations! You have visited the house and seen it at 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.
This 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?
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. Home inspectors will examine the house and determine the condition and viability of all of its systems. Do not confuse the inspection with the appraisal. The inspection will clarify the current state and condition of the house, not worth.
Inspections, Inspectors, and Common Mistakes
The list below is an idea of what will be examined in a residential inspection which ranges from $275-$500.
Exterior: Water drainage systems, condition of outside elements such as yards, trees, fences, stairs, 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 Systems: Leaks, water pressure, faucets, showers, material and aging of pipes, hot water system, septic tank (if present).
Electric System: Check electrical boxes for condition and code, fuses, visible wiring, type and condition, 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 applicable): Properly working and installed correctly.
Doors & Windows: Make sure all entries to the house are secure and in proper working order.
Fire Safety: Smoke detectors in place and operating, quality and condition of fireplaces and stoves.
Pest Inspection: Inspect presences 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 for a great home inspector, please feel free to reach out to me and I will gladly get you in contact with one of my preferred home inspectors.
A home inspection is one of your first opportunities to take a full tour around the house and see its features and conditions close up in the company of an expert who can and will point out flaws you might not recognize on your own. Do not be too afraid to ask questions about what you see. Buying a house may as well be the biggest purchase in your life, and it is not the time to gamble, especially with so much money at stake. When buying a home, get an inspection prior to signing - no ifs, ands, or buts.
What To Do After The Inspection
After receiving the 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 expenses in making the repairs after the purchase.
The worst-case scenario is that the house needs major investment not accounted for in the offer. You may ask the seller to vastly reconsider the sale price, ask for the full amount to fix the problem(s), or walk away. A home inspection will always be a part of the contingencies in a home sale, and so failing the inspection means any earnest money will be returned.
Can Inspections Affect The House Value?
The short answer is “yes,” but do not count on it too much. Thinking of the inspection phase as another chance to revisit price is not a good strategy. It is rare for the house inspection to greatly affect the sale price. That price has generally been negotiated prior to the inspection and the inspection is only used to validate and verify the home’s apparent condition.
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 a lender does not pay more than he should. During the appraisal, the specialist determines the market value of the house based on its square footage, the number of rooms, bathrooms, size of the outside territory, and the garage.
Home inspections focus on the home conditions. If those conditions are not obvious, the home appraiser will not factor them into the market price of the home. A property that possesses any red flags cannot be approved until all of them are eliminated. 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.
If you would like more information on home inspections, referrals for a great inspector, or questions about homes in general, please call/text me at 702-415-6348!
Finding the right realtor for you and your family would be like striking gold. This person can make one of the largest purchases in your life go smooth and seamless as possible so you can enjoy it. Th....
Latest Blog Posts
Real estate continues to be called the ‘bright spot’ in the current economy, but there’s one thing that may hold the housing market back from achieving its full potential this year: the
Inventory is arguably the biggest challenge for buyers in today’s housing market. There are simply more buyers actively looking for homes to purchase than there are sellers selling them, so the