What is a Home Inspection?

So you've hired a real estate agent, you found the perfect house, and you successful outbid all the other prospective homebuyers on this house. Congratulations! However, the process is far from over and there are several areas that still need to be addressed before you close on the property. Most importantly, you need to schedule a home inspection. Home inspections are the single most important aspect of buying a home and should be taken very seriously. The majority of first time homebuyers are not familiar with the home inspection process. This article discusses inspections in great detail and attempts to answer any questions that you may have.

What is a home inspection, you may ask? A home inspection is an objective visual examination of the physical structure and systems associated with the house to see if everything is in working order. This is done from the roof to the foundation. The home inspection report will include his opinion on the current condition of the home's central air conditioning system, heating system, roof, attic, plumbing and electrical, ceilings, floors, doors, and windows. The substructure components such as the foundation, crawlspace, and basement are also included.

Being that buying a home is the largest investment you'll ever make, it is absolutely necessary to get a home inspection scheduled. You want to learn as much about the property before you sign on the dotted line. The home inspector will include a list of needs and recommended repairs that the seller has the option of fixing. You'll learn a great deal about the structure from the home inspection, which will give you confidence and allow you to make a smart decision in buying the home. As a seller, a home inspection prior to listing your home is also a smart thing to do so that you can go ahead and fix whatever repairs are necessary before your home goes under contract.

One area where most buyers are confused with home inspections is the negotiations process. The best time to schedule a home inspection is shortly after a contract is signed. The contract actually has a contingency in it that states the buyer has the right to obtain a home inspection on the property. Once a home inspector submits a report to the buyer's agent, that agent will then talk with the buyer about what repairs he or she wants to request. The buyer's agent will then submit the repair request agreement to the listing agent listing the items that will need to be addressed. It is during that time that the seller has the opportunity to say yes or no to any repair. However, the seller is obligated to fix items that affect the structural integrity of the house such as a foundation issues or a broken window seal. Items such as chipped paint do not have to be addressed. The buyer and seller will negotiate back and forth, and eventually an agreement will be signed and the items must be fixed before closing.

The cost of a home inspection varies tremendously. Home inspections all over the country range across the board, and it depends on a number of things such as size of home, age of the structure, and where it is located. However, do not let cost be a deterring factor in deciding whether or not you need one. I highly recommend asking the buyer's agent which are some of the preferred home inspectors in the area. Most of the time, like myself, the agent has developed a relationship with a certain inspector because they know how credible the inspector is and most of the inspectors cut agents a break on the prices because they have a friendship. In my area, most inspections cost anywhere from $300 to $500.

Even if you are an experienced homeowner that is familiar with the structural components of a home, I highly recommend scheduling a home inspection. An inspector is a licensed individual that is trained in the field, must perform ongoing education, and upholds a code of ethics. Also, he is more familiar with the elements of a home than you are, which includes proper installation, maintenance, and overall safety. Also, a home inspector is a third party that is not emotionally attached to the home. He can stand back and make qualified assessments about a property while remaining completely objective.
Many people get appraisals and home inspections confused. They are not the same thing. An appraisal is the determining of market value while a home inspection is an examination of the condition of the house. A home inspector simply describes the physical condition and suggests what repairs need to be made.

If you need the services of a home inspector then I highly suggest asking your buyer's agent. They'll give you a list of preferred vendors and allow you to pick from the list. There are also several online websites that allow you to search for local home inspectors and read reviews. Whatever source you use for referrals, you can be assured that home inspectors, no matter where they are located, must uphold professional standards and ethics.