Home inspection

An examination of the structure and mechanical systems to determine a home's safety; makes the potential homebuyer aware of any repairs that may be needed.

If any defects or faults are found by the inspector the lender will most likely require them to be repaired before they will allow the loan to close on the property.

Some common problems that are found are:

Foundation problems

Roof problems

Excess peeling paint

Faulty or out of code wiring

Excessive basement moisture

The Home Inspector may also suggest having further environmental testing, based on what they think may be a problem with the home or neighborhood. Some of these may include;

Lead testing
Asbestos testing
Water testing
Radon testing
Carbon monoxide testing
Septic inspection
Formaldehyde testing

Having a home inspection completed can save you thousands of dollars in unexpected structural repair bills. With any new purchase, you should always hire an independant inspection to cover the structural integrity of the home you are buying.

A home inspection is important to protect yourself from any mechanical or structural problems but finding an experienced, qualified, home inspector is equally important. Experienced, qualified inspectors know what to look for when inspecting a home. They can spot future problems as well as present problems with a home.
So, while getting a home inspection is a great idea using a qualified home inspector is just as important.

If you do not know of a qualified home inspector then I would ask you realtor for a couple of names are you can also ask your loan officer.

Home Inspections can also be very educational for the first time home buyer. As the inspector is going through the house and checking all the systems they can often provide you with information that is vital for the maintenance and safety of some of the systems. For example, the main shut off for the water supply, the main switch for the electric, where and how to replace heating filters, etc.

If you are a first time home buyer, and you don't know much about houses, ask your home inspector to explain the different systems as they go through the house.

A home inspection is highly recommended. I can not emphasize enough how important a QUALIFIED home inspector is. You want someone who is going to do a thorough job and not cut any corners. This obviously is going to help you by minimizing the unexpected costs of home repair. A qualified home inspector can be referred from your realtor and/or mortgage broker, or one can be located either online or in the phone book.

Make sure you are with the home inspector as they do the inspection so they can give you tips on preventive maintenance. They can also help you identify potential future problems with the home.

How does one get peace of mind when buying a resale home? A home inspection by a qualified inspector plus a Home Warranty policy equals: Peace of Mind for the buyer.

It is in the home inspectors best interest to do as complete a job as possible. If you are with the home inspector, during the inspection, and he/she does not go out and bring in any tools or atleast get a little dirty looking around. Then I would highly suggest, that you find a new inspector.

As soon as the home inspector signs off on his/her inspection, then they could be held liable for any damage done to the house. If they sign the inspection and the roof falls down a year later, with no mention of that as a possibility, they would be considered liable and thus action could be taken upon them.

Remember, no home, even brand new homes, will be completly free of defects. Don't expect your new home to have a perfectly clean inspection report.

At this time home inspectors are unregulated. So its very important to make sure they have the experience. Since there is no regulation there are no standardized levels of competency. The inspectors experience is vital to a good home inspection.

In cases where the Home Inspector finds minor problems with a property, the home buyer can often use that information to negotiate for a discount on the price. A home inspection report listing the problems of the property is a great negotiation tool.

Since many states do not have licensing requirements for home inspectors it is important that you check with your local better business bureau or home builders association before hiring an inspector.

Since not all states license inspectors, finding a qualified home inspector isn’t always easy. The first place to start is to ask your real estate attorney for a referral. You can also talk to friends or colleagues who have recently bought a home. The American Society of Home Inspectors is a professional association which requires its members to pass exams and perform a minimum of 250 property inspections. For local members, check out the web address at www.ashi.com, or call 1-800-743-2744.

Home inspections are performed prior to purchasing the home to learn of any hidden defects. Frequently you can present the defects to the seller and have him repairthem or compensate you for repairs.

» DISCLAIMER: The information contained in this article on 'Home inspection' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.