Potential home buyers should always try to gather as much information as they can about any property they might purchase because good information can help prevent a bad investment. Most people are aware of home inspections, but not many people know what really goes into an inspection. Before you buy a property, you should become familiar with the basics of home inspections.
Inspections Are Not Always Mandatory
In a vast majority of cases, any lender considering approving a mortgage will want a home inspection done. But if you are buying a property outright, then you should know that an inspection is not a required part of the home buying process in any state. Before you write that check, you should get an inspection done to find out what you will need to do to the property before you move in, and to make sure that the property is worth what you are paying.
Buyers Pay For Inspections
In some states, the lender will pay for and choose the home inspector before approving a mortgage. While your lender wants to trust you, most lenders will opt to hire their own inspector to make sure they get a quality inspection. But in some states, the buyer is required to hire and pay for the inspector. It is important to get an unbiased inspector who will give you an honest inspection to prevent you buying a property that is not worth the asking price.
Never Hire An Unlicensed Inspector
In every state, a home inspector must be licensed or certified to meet the state’s guidelines. You can save a lot of money by hiring a non-certified inspector, but your inspection would not be acceptable to any lender. When you are looking for a home inspector, always hire someone who is properly licensed or certified to do business in your state.
What Is In A Basic Home Inspection?
A home inspection is a comprehensive analysis of the property in its current condition. The report will indicate any work that the home needs to have done to be considered safe for habitation, and it will also include suggestions on how to improve the property’s value. Some of the topics covered in an inspection include:
- Electrical systems
- Foundation integrity
- HVAC systems
What Does A Basic Inspection Leave Out?
A basic home inspection does not cover all aspects of a home. Most notably, a basic inspection does not include the condition of the roof. You will also not get information on the interior of the walls, the chimney, the septic system, and any structures on the property not attached to the main house. You can get specific inspections for each of these elements, but they are not included in a basic inspection.
It is always good to get the opinion of an expert on the condition of a home before you buy it. In most cases, the mortgage lender will make a home inspection mandatory. But even if you are not required to get an inspection done before you buy a home, you should still have a licensed inspector look the property over before you make one of the biggest investments of your life.