With the real estate market incredibly competitive in many locations around the country, many buyers are choosing to waive their right to home inspections in their offers.
However, experts typically suggest that you have a home inspection contingency so that you can know about any problems before closing on a property.
Are you a first-time buyer and wondering what you should know about home inspections?
Let’s take a look at what you need to know.
What Are Home Inspections?
A home inspection is when a professional inspector makes an objective visual examination of a property. This includes both the systems of the house and the physical structure. It usually takes between two and four hours to complete an inspection for a standard single-family home.
Standard home inspector’s reports will include the condition of:
- Interior plumbing system
- Heating system
- Central air conditioning system
- Attic and visible insulation
- The roof
- Electrical system
- Windows, doors, floors, walls, and ceilings
- Basement, foundation, and structural components
It is typically a good idea for homebuyers to be present for inspections though it isn’t required.
If you’re selling your house and are worried about issues with the home inspection for loan prospects of buyers, check out these home buyers.
Do You Need an Inspection When Buying a House?
For many people, buying a house is the single largest investment they ever make. When you get a home inspection, it can help to minimize unexpected difficulties and unpleasant surprises. This is because an inspection offers you a lot more information about the house than you received in the MLS listing and showing.
The Homebuying Process: What If Problems Are Revealed?
A home inspector does not give houses a passing or failing grade. Instead, they explain which systems and components might need replacement or repairs as well as describe their physical condition. This is a different event from the appraisal and a municipal inspection.
No house is perfect, and things will typically always come up in an inspection. A home inspection is a great opportunity to learn more about a property you are planning on buying.
If problems are uncovered during this process, the buyer has a few options. They might choose to negotiate with the seller using this new information, or they could end up walking away from the deal entirely.
Home Inspections Are an Important Part of the Mortgage Loan Process
Home inspections can help you learn more about the property that you are purchasing and give you a sense of future repairs you might need to make. When you have a home inspection contingency in your offer, it also gives you the opportunity to renegotiate or walk away from the deal if you aren’t happy with what was discovered during the inspection.
Did you find this article about home inspections useful? If so, be sure to check out the rest of our blog!