Important Home Inspection Tips
Posted by Cherry Creek Realty Services on Thursday, March 25th, 2010 at 10:27am.A home inspection will generally cost between $300 and $500, and for that price you get the comfort of knowing the true condition of the house. That's a small price to pay for peace of mind. Home inspectors are trained to see things that regular people tend to overlook. They inspect the home's foundation, the roof, the electrical system, plumbing, heating and cooling, and the general condition of the property.
When the inspection has been completed, the inspector will give you a list of discrepancies. He will also review this list with you, explaining how serious each item is. Everything on the list is a negotiable item, so technically you could ask the seller to fix anything on it. But you need to listen to your agent's advice on this. If you are overzealous with your "fix it" list, the sellers might tell you to forget it. Be reasonable with your requests, consider the age of the home and let your agent guide you through it.
Summary of Key Points:
The home inspection is designed to protect you, the home buyer. It eliminates unpleasant surprises and gives you a clear assessment of the house you are buying.
A home inspector will examine the structural components of the home, as well as the installed systems. This includes the foundation, walls, roof, plumbing, electrical, heating and air, etc.
An inspector will not tell you if you’re getting a good deal on the home. That’s your agent’ job. The inspector’s job is to look for flaws within the home, and to tell you about them.
The inspection takes place shortly after the seller accepts your offer, usually within a few days of the acceptance. You want to do it early, in case you need to back out of the deal.
On average, home inspections cost $300-$500. This is a small price to pay for peace of mind. I strongly recommend that you have a home inspected.
Ask the inspector if you can follow him through (or as much of it as possible). This is a great way to learn about the inner workings of the home.
You should include a home inspection contingency in your purchase agreement. That way, if the inspector finds something you’re unwilling to accept, you can back out of the contract.
You can find an inspector through two organizations. Visit the National Association of Home Inspectors at www.nahi.org and the American Society of Home Inspectors at www.ashi.org.
Your real estate agent may be able to recommend a local inspector. If a friend or family member has recently purchased a home, ask them who they used for the inspection.
The inspector will give you a copy of the inspection report. It will include all of the discrepancies found during the inspection. He should explain each item to you I person.
You can handle discrepancies in several ways. You can ask the seller to fix them, you can repair them yourself out of pocket, or you can ask for a price reduction to cover the repair cost.
The market will partly determine how you handle repairs. In a buyer’s market, the sellers will be more likely to make requested repairs. In a seller’s market, they might not fix anything.
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