A home inspection is an important part of any real estate transaction. A trained and certified home inspector will look at the home’s physical structure and systems such as heating and cooling, electrical, and so on. Although you can have your home inspected at any time, there are a few times when it is essential.
Home inspections are routinely done before any real estate transaction to ensure the buyers the home does not have any major defects that will need expensive repairs or renovations. The buyer typically pays for the inspection and may be present in the home while it is being done.
After the two-to-three hour inspection, the inspector will submit a report to both the buyers and sellers. Most problems will be minor and/or cosmetic. Any major repairs needed, such as a bad furnace or septic system, could be cause for renegotiating the price.
To avoid unexpected problems at a closing, the sellers may decide to get a home inspection before listing their property for sale. This gives the homeowners an opportunity to make any repairs that might affect the selling price of the home or cause buyers to pull their offer.
Once you have the home inspection report, you can work on fixing them. Making small repairs can help you avoid bigger headaches later, such as in the case of water leaks. You should fix damage to your home like a roof leak before putting it on the market. A new roof will add value to your home.
Before an Appraisal
Even if you’re not buying or selling your home, you may need a home inspection if you are refinancing your mortgage or taking out a home equity loan. The home inspection can detect any problems that can affect the value of your home, and consequently, the amount you may be able to borrow or refinance.
While small problems like bad decorating won’t affect your appraisal, major flaws such as a leaky basement can be negative marks. With the results of a home inspection, you can make any improvements needed to raise your home’s appraised value.
Home inspections are a “must” any time you deal with real estate, whether you are the homeowner or the home buyer. An inspection will give you peace of mind that the property is sound and the agreed-upon price is fair.
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