Why A Home Inspection is Important
Getting a home inspection contingency is essential before committing to buying a house. While it will cost you some money upfront, hiring a professional inspector can help you identify major problems that could require a large amount of money to fix, prompting you to either renegotiate with the seller or walk away from the deal entirely.
Key Benefits of Home Inspections
Getting a property inspected before purchasing it provides a number of benefits, which include:
- Discovering potentially hazardous issues such as mold or damaged wiring which could cause a fire
- Most lenders will not provide financing until the property is inspected
- Buyers will have a week to pull out of the deal once the property has been inspected
- Every part of the property is analyzed, including the plumbing, roofing, HVAC, foundation, and electrical system
For most people, buying a home is the largest expense they’ll ever incur. That being said, it is important to make sure your money is invested in a property that is safe and structurally sound, and an inspection is designed to confirm this. Another term that you will often hear is the house inspection contingency.
What Is a House Inspection Contingency?
When a property is inspected, the results can be used as a contingency in the contract. This means that if the inspection reveals serious problems, the buyer has the option to back out of the deal within a certain period of time without penalty. Real estate agents will often add housing inspection clauses within their contracts, especially for recently built residences, and they will cover:
- Pre-drywall: Reviewing the mechanics and structure prior to drywall being laid
- Foundation: Evaluating the foundation prior to pouring the concrete
Inspectors will vary in quality and skill, which is why you want to hire one with a great track record. An ideal inspection will last from 2 to 3 hours and the buyer should be present during this time so they can get a firsthand account of what is found and be able to ask questions about the findings. Home inspections aren't very expensive and the cost of knowing your new home's health is worth the cost
An older property is more likely to have issues than a newer one, and they will be broken down into three broad categories, which are minor defects, major defects, and safety issues. The inspector will inform you of which objects should be replaced, and those which can be serviced or repaired. They will also notify you of objects that may be viable for now but should be closely watched in case they become faulty in the future.
Things Not Covered by Home Inspections
Some things will not be covered by the home inspection, and examples of this are doors that might not open/close properly, floors that are slanted, and a foundation that has cracks that are hidden from view. Additionally, inspectors cannot look inside walls, sewer lines, pipes; the internal parts of chimneys, or behind electric panels, and all these areas might have problems. In these cases, it is best to hire a specialist in these areas if you want or need them inspected. Your agent or home inspector should be able to provide you with a reputable recommendation.