Real Estate Life

Wednesday, February 15, 2006

Home Inspections

Today we are going to be talking about home inspections.

What is a home inspection?
A home inspection is an objective examination of the physical structure and systems of a home, from roof to foundation. A home inspection report or home inspection service is the equivalent of a physical examination from your doctor. When problems or symptoms of problems are found, the inspector may recommend further evaluation or remedies, making the home inspection cost well worth it.

What does a home inspection include?
A standard home inspection is a visual inspection of the condition of the subject home’s heating system, central air conditioning system (weather permitting), interior plumbing and electrical systems; roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; foundation, basement, and the visible structures of the home.

Can a house fail a home inspection?
No. A home inspection is an examination of the current condition of the subject property. It isn't an appraisal, which determines market value, or a municipal inspection, which verifies compliance to local codes and standards. A home inspector will not pass or fail a house. A home inspection describes the physical condition of a property and indicates what may need repair or replacement.

What if the report reveals problems?
No home is perfect. When the inspector identifies problems, it does not indicate you should not buy the house. The findings are to educate you in advance of the purchase about the condition of the property. A seller may adjust the purchase price or contract terms if major problems are discovered during an inspection. If your budget is tight, or if you do not want to be involved in future repair work, this information will be extremely valuable. The home inspection does not relieve the buyer from their obligation to purchase a home either.

The home inspection is a tool to help serve both buyer and seller of the true condition of the home. When defects are found the seller or buyer can negotiate them to be repaired or the purchase price adjusted.
A broken drawer in the kitchen isn't a major problem, a leaky roof is, you wouldn't expect a broken drawer to be fixed or there to be any type of adjustments for the drawer but for the roof there might be an adjustment in the purchase price or the roof repaired.
If the replacement cost for the roof is $6000.00 one shouldn't expect $6000.00 off of the purchase price. One might expect $1000.00

If the report finds evidance of cracking in the basment floor this might be from normal aging.
Each inspection is diffrent, Talk to your real estate agent and he/she can educate you further.

You may also contact me with any questions you might have.

Thank you and good luck

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