The Ins And Outs Of Home Inspections
Most types of real estate transactions will include a home inspection as a prerequisite for completion. Home inspections are comprehensive reports prepared by an independent party.
A home inspection allows both the buyer and seller to gain a better understanding of the positive and negative features of a property so that fair negotiations can take place.
Despite the important role they play in purchasing or selling real estate, too many people don't really understand the ins and outs of home inspections.
Buyer's Inspection vs. Seller's Inspection
There are two primary types of home inspections in use today- the buyer's inspection and the seller's inspection. A buyer's inspection will usually take place after a bid has been accepted and the property is placed under contract.
It is common for real estate contracts to allow buyers to back out of a deal or alter their offer based on the results of the home inspection.
A buyer's inspection should always be completed to ensure that the home being purchased is mechanically sound, safe to live in, and up to current building code standards.
A seller's inspection will occur before a property is placed on the market. This type of inspection is designed to let sellers know about any issues with the home that may need to be addressed prior to listing.
Variation in Cost
There is no standardized fee for home inspections.
Many factors are taken into consideration when determining how much it will cost to have a specific property inspected. Some of these factors include the experience level of the inspector, the size of the home, the age of the home, and the distance the inspector must travel to reach the property.
Hiring a local home inspector is a good idea if you want to save money. Local inspectors will also have a more in-depth knowledge of local rules and regulations, which ensures that you will receive a quality inspection.
Major Systems Inspected
A home inspector will evaluate all of a property's major systems during the inspection.
The roof, windows, doors, and basement will all be inspected for evidence of damage or deterioration. A home's HVAC system will be inspected to rule out carbon monoxide leaks and verify the efficiency of the furnace and air conditioner.
Both the electrical and plumbing systems will be inspected to determine if they comply with current regulations and are in good repair.
Because a home inspection includes a thorough evaluation of these major systems, buyers can feel confident that no unexpected and costly issues will arise once a real estate transaction is complete.