Home inspections are frequently a part of the homebuying process, and with good reason. When applying for a mortgage, you can learn essential information about the property in question by commissioning an independent and qualified inspector to make a thorough check. It isn’t difficult or time-consuming to inspect a home, and the process can be essential in completing your purchase in a satisfying way.
When and why should you commission a home inspection?
As the Consumer Financial Protection Bureau explained, you should arrange the inspection as early in the purchase process as possible. If the inspector discovers a potential problem with the home, it’s important to know immediately, so there is enough time left to follow up on the issue. You should be the one who hires and pays the inspector, to ensure there isn’t undue influence from the seller.
The inspection will determine whether there are major or minor problems in the home you’re considering.
Smaller issues, ones that won’t stop you buying the house, may still become points to ask the seller to repair. You can require that the seller fix small instances of wear and tear before you take possession of the house, or add a credit for repair costs into the final price negotiations. Whether the inspection discovers major structural issues, small fixable problems or nothing amiss, it’s better to know the status of the property when making a final agreement with the seller than to have any unresolved questions.
What should inspectors look for?
A high-quality home inspection encompasses every part of the home, and the professional’s final report will explain any differences between the way the house has been described and its actual state. It’s then up to you to decide whether any of the described issues are severe enough to request the seller makes the repair.
The Home Buying Institute (HBI) explained that before you agree to hire a home inspector, you should verify that he or she will make a comprehensive sweep of the premises and note issues with: foundation and structural integrity, roofing, plumbing, electrical systems, windows and doors, HVAC and more.
A home inspection generally takes a few hours, and the HBI added that you can and should be present for the inspection. In most cases, you can follow the inspector during parts of the check, getting to know the house and seeing any potential damage up close rather than having to wait for the report. In most cases, the seller will not be present for the inspection process, so you can determine the house’s condition uninterrupted.
What happens after an inspection?
Once the inspection is done, it’s time to finalize the homebuying process. After the inspection, the house will receive an appraisal, which is a separate process to determine its value. With your mortgage approved and all the details settled between yourself and the seller, it will soon be time to get together and close the sale. With the peace of mind granted by a home inspection, you can be secure in the knowledge that you’re getting what you’re paying for.
Do you have more questions? Contact the loan officer who shared this blog post or send us a message.