A Buyer’s Home Inspection Checklist
Buying a home is a very emotional process with many moving parts to it. One of the most important steps after you found a home and have an accepted offer is to have a home inspection of the property to ensure you are buying a sound property.
One of the first pieces of the process is the home inspection which is always noted in the purchase agreement and usually is performed within 7 days of the purchase agreement acceptance. This is typically called a home inspection contingency. The primary reason for the inspection is to have a 3rd party, impartial person uncovers any material defects or problems with the property which may cause you to either renegotiate the purchase price or to have repairs completed prior to closing. Sometimes, if the problems are many or too big, it may result in the cancellation of the agreement.
You must select a reputable and thorough inspector or inspection company. You want to be sure they are bonded and insured. A good idea is to do your research while looking for a home, so you are ready to place the order with them. Home inspections range in price from $350 – $750 depending on the square footage of the home. It is also recommended you are present for the inspection as well so you can speak with the inspector immediately and/or they can visually show you what they are discovering.
Upon completion the inspector will issue a home inspection report with many pictures and written explanations of what they see and recommendations. There will always be many defects noted in a report but what is important is the significance of any defect. If material enough, you may want to negotiate a lower purchase prices or ask for repairs.
Items which are typically examined on a home inspection are plumbing, electrical, heating and cooling, water, kitchen, bathroom, attic and roof amongst many other items.
So, in summary a home inspection is a great way of protecting what will be one of your most significant assets you will acquire. You want to make sure it is a sound investment. Always make certain you are also working a trusted mortgage provider as well and feel free to reach out to your Loan Officer at Hall Financial.