Buying Step 6: Home Inspections
An offer to buy a home can include a “subject to” clause that is dependent on a home inspection. Not all buyers elect to include this clause because they may be purchasing a new home that is already under warranty, they may know enough about homes and building that the inspection is unnecessary, or they may want to save money.
Home inspections give you a professional assessment of a home’s condition. With such a major purchase as a home, an inspection gives you peace of mind in knowing whether there are any deficiencies that need to be dealt with now or in the future.
When writing your offer, include a clause that purchase is contingent on a satisfactory home inspection. Also include a clause for a final preclose walkthrough to ensure the property is in the condition you have agreed to and that any required fixes have been made.
Types of Inspections
A number of inspections are common in residential realty transactions. They include
- structural inspections (which may also include the foundation, roof, furnace, heating, plumbing, appliances, etc.)
- termite inspection
- property boundary survey
- preclose walkthrough
Structural inspections are particularly important. During these examinations, an inspector comes to the property to determine if there are material or physical defects and whether expensive repairs and replacements are likely to be required in the next few years. This is the kind of inspection discussed in this article.
Finding an Inspector
Your REALTOR®, Fran Gatti, is able to advise you on which types of inspections you need and where to find a licensed inspector.
Inspections
Be aware that new home builders or sellers may try to prevent inspections and make final settlement walkthroughs difficult by not allowing enough time to schedule and carry out an inspection. Be suspicious if the owner refuses to have an inspection done.
Time must also be allowed for you to receive and review the inspection report. You may choose to forego an inspection, but then you also choose to forego finding any issues that may cause major problems and expense in the future.
After the Inspection
After inspection, the buyer may decide to proceed with the offer as is, make a counteroffer with terms that address any issues found in the inspection, or withdraw their offer.
Inspectors can also offer suggestions for making appropriate and cost-efficient repairs.
Final Walkthrough Inspection
Before you close on your property, do a final walkthrough to ensure everything is in the condition specified in the sale agreement and that any repairs that were agreed to based on the inspection report have been made as arranged.
Buying a home is a major investment and doing inspections gives valuable professional assessments that allow the buyer to make an informed decision on whether or not their investment has any significant defects.