A home is typically the most expensive purchase a person will ever make, and because of this, it’s imperative to have it inspected before moving forward. Your homeowners association recommends that you have your potential home inspected before finalizing the deal and becoming your own property manager. An inspection gives you an idea of the home’s physical condition, including the central heating and air system, plumbing and electrical systems, the roof, attic and visible insulation, walls, ceilings, floors, windows, doors, foundation, basement and structural components.
A home inspection addresses what needs to be repaired now and anything that might require future repair. If you have a property inspected before signing a contract, you might be able to negotiate a lower price that reflects the inspection’s findings. Simply because a house needs repairs doesn’t mean you shouldn’t buy it. The buyer must decide how much to spend and how much work he or she is willing to do after the purchase.
Home inspections don’t cover everything. Inspectors aren’t required to identify conditions that are hidden or could be considered latent defects. They don’t have to move personal property, plants, snow or debris to inspect an item and they aren’t liable if they miss something. Inspectors also don’t have to evaluate systems that aren’t easily accessible and they are not obligated to note whether termites, mold, hazardous plants or animals are present.
It’s not possible to know everything about a property before your purchase, but a thorough inspection should provide you with a decent idea of its condition. While the cost of a home inspection is typically based on the size, complexity and number of systems in the property, an inspection can cost as little as a few hundred dollars and has the potential to save much more. Some inspection fees are based on a percentage of the asking price. When calculating the time for lab results, inspections on average take approximately three weeks to finalize. Ultimately, the initial investment of money and time could mean fewer negotiations and surprises, a lower sales price, a decrease in the likelihood of litigation for improper disclosure and an increased chance of closing the deal.