The Benefits of Getting a Home Inspection
Purchasing a "new" home can be a daunting task. An obvious benefit of getting a home inspection is that you will have clarity and understanding of the home you are considering for purchase at a time when you may have doubts. Through the inspection process, you will be able to obtain specific information concerning the various systems and structural components of the home and ask any question that you may have.
Another benefit of a Pillar To Post home inspection is that it can be one of the best pre-sale investments you make on a real estate transaction. The inspector's work benefits both the buyer and the seller, sometimes in similar ways, but often the inspection takes care of opposite sides of the same coin. If the seller purchases the inspection, the cost of the process can be factored into the asking price of the house. If the buyer has the home inspected, it is usually up to him to cover the cost, so either way, the seller is not out the cost of the inspection. Furthermore, if the home inspection points out the necessity for major or minor repairs, the buyer can insist on correcting the problems prior to closing. If any major issues are pointed out during the inspection process, the buyer can adjust the purchase price by an amount that will incorporate the cost of the repairs.
The information gathered during a home inspection can also benefit the buyer by making them familiar with the home. The location of shut off valves, pump switches, heating and cooling filters, and breaker panels is all found in a comprehensive home inspection. Sometimes valves and switches are located in unusual places, particularly in older houses. The inspection process identifies and maps these items and also provides the buyer with important information about maintaining the home to make sure their investment stays safe and functional for years to come.
What is the Difference between a "home inspection and a "home valuation or "appraisal?
A home appraisal is the formal process of estimating a property's value as it relates to a mortgage loan or mortgage insurance. It does not itemize defects or reflect potential problems in the home. Even an FHA home appraisal currently does not attest to the condition of a home. A home appraisal is not a home inspection and the appraiser is not acting as a home inspector when preparing the appraisal report. When performing the appraisal of the property, the appraiser visually observes areas that are readily accessible. The appraiser is observing the condition of the property and its amenities. The appraiser will note any deferred maintenance and adjust accordingly if significant enough to affect the properties marketability and/or value.
A home inspection involves an evaluation of the condition of the home's heating, central air conditioning, plumbing, electrical systems, roof, attic, floors, foundation and structure. The borrower has the right to have a home inspection by a professional home inspector. Whereas the home appraisals primary purpose is to determine the market value of a particular property, the primary purpose of a home inspection is to highlight items that may be in need of repair or replacement.