Home Inspection: Why It’s Important And What To Expect

A home inspection is a complete examination of the property’s physical structures and major home systems. An inspector takes a close look at every nook and cranny of the home to determine its condition. An inspection report will highlight any flaws found in the home. Plus, it will usually include some information about the age of the home’s systems.

If you are taking out a mortgage for the home purchase, the lender will require an inspection as a part of the home buying process. Although many first-time home buyers are tempted to gloss over the importance of an inspection, it’s an essential part of the process.  It gives you the chance to realistically assess your financial commitments as a homeowner of the property.

After all, buying a home is a major investment, so you should consider a home inspection an investment in itself – for peace of mind that you won’t need to shell out major cash to fix something unexpectedly right off the bat.

When you make an offer to purchase a home, it’s common to include an inspection contingency. Essentially, this means that you have the right to inspect the home before closing.

As the home buyer, you should plan to be present for the home inspection, as probably should your agent and the sellers and their agent, suggests Sabrina Covington, managing broker at Covington & Associates in San Diego, California. She recommends “shadowing” the inspector as they take notes and photos and ask them to point out any items of concern with the home.

It’s important, too, to be around when your inspection happens because a good inspector will answer questions and demonstrate how to do maintenance, like changing the furnace filters or the operation of appliances.

After the inspection, the inspector will give a verbal report of the major findings and then send a more detailed report later.

Depending on what you find out, you can just use the information as background for your own maintenance or future repairs. But if you find something troubling, you can request that the seller make the repair before you buy the home, Covington says. You also can use it to negotiate the purchase price if they balk and you believe that it could escalate into an expensive problem that you’ll need to fix.

“If you have not yet removed your physical home inspection contingency, you have the right to cancel escrow and in most cases receive your initial deposit back,” Covington says. And she adds, as a point of negotiation, remember that repair items that are considered a material fact must be disclosed by the seller to future buyers.

Finding A Home Inspector

When it’s time to hire a home inspector, you’ll want to find a reputable option.

Start by asking people you trust that have recently bought a home. If those recommendations don’t pan out, then ask your real estate agent or find one through the American Society of Home Inspectors (ASHI).

Ultimately, you want to work with an inspector with a trustworthy track record. Otherwise, necessary repairs could slip through the cracks.

Having a home inspection can save you (or at least prepare you) from major bills down the road. For example, when they check the roof for leaks, they’ll give you an estimate on when it will need to be replaced. They’ll also share the facts about when you might need to replace the furnace and hot water heaters, which are two high-ticket items you’d want to know about.

But which items are covered in a home inspection can vary based on the property. Here’s a list of what you might find in your inspection report:

• Roof
• Foundation
• HVAC
• Appliances
• Walls
• Electrical panel
• Exterior walls
• Gutters

Depending on your location, you may need to pay for specialized inspections. For example, you might pay for a radon inspection or wind mitigation inspection.