Real Estate has been one of the most talked about things for the last 2 years. There has been such a buying and selling frenzy. Prices have been insane. Lots of bidding wars.
One thing I have noticed about these transactions is that buyers have been skipping home inspections.
What a huge mistake. I’m going to tell you everything you need to know about home inspections.
Who should be getting a home inspection?
Do I really need a home inspection?
What do you need to know about home inspections?
As a realtor, I will preach to my buyers to have a home inspection. I think it’s also a good idea for a seller to have an inspection done before listing their home. This way they can address any problems before they sell the home. This can also be a great selling tool that a seller presents to a potential buyer.
If you are new to buying real estate, be sure to check out the mistakes that first-time homebuyers make and grab my Home Buyer Cheat Sheet.
Since the real estate market has started to cool off, buyers are getting home inspections again. They are also asking sellers to make repairs. That was unheard of 6 months ago. Buyers were buying properties as-is.
I think every buyer should have a home inspection done…even if you are buying the house as-is. You need to know what you are buying and what condition the property is in.
So now let’s talk about everything you need to know about home inspections.
According to the ASHI (American Society of Home Inspectors) a home inspection will cover:
Foundation
Everything you need to know about home inspections will start with the foundation. This is the most important part of your home. This is what everything sits on.
The inspector will note which type of foundation you have (raised or slab) and will look for any problems.
Common problems with foundations can be cracking of bricks, separation, and more. If problems do arise, they will recommend a licensed professional to assess the problems.
The Land
The next item that the inspector will assess is the land or grounds. They will make sure to look for any cracks in driveways or sidewalks. They will also assess that water is flowing away from the home. If the home has a basement, then this item is super important.
Some items that the inspector will not assess are a well or septic system. If the home has any of these items, then you will need to do a separate inspection.
Roof
The next item that is very important is the roof. An inspector will check out the age of the roof. They will also look for any leaks or cracks. A roof is a big ticket item, that can cost a homeowner a lot of money.
Heating and Cooling Systems
Your heating and cooling systems can consist of HVAC and/or furnace. Depending on your location in the country will dictate which systems the home has.
The inspector will look for age and wear and tear. They will also make sure that the system is in good working condition.
If the system has problems, the inspector will recommend a licensed HVAC company come and look at the system.
Plumbing
The plumbing consists of your hot water systems, toilet, and faucets.
The inspector will assess the age and working condition of the hot water heater. They will also make sure that all plumbing fixtures are working. No leaks.
Electric
Your inspector will be looking at lighting fixtures, fans, outlets, and circuit breakers.
They want to make sure that everything is in working order. If not, they will recommend that a licensed electrician come and assess the problems.
Walls, Floors, and Ceilings
An inspector will also be looking for cracks in your walls, floors, and ceilings. This includes whether everything is level (straight).
This is not a cosmetic inspection. This is looking for potential problems with the foundation.
They will also assess these items for moisture.
Windows and Doors
An inspector will check your windows and doors to make sure they are in working order. That they open and close. That they are installed correctly.
They will also be checking these items for wood rot and decay. Having working windows and doors will help you save on energy costs.
Appliances
An inspector will check all the appliances to make sure that they are in working order. It’s good to know that your appliances are in good working order.
A few things to note about a home inspection. They do not cover everything. Your realtor will suggest a few other tests…depending on your area in the country. Some of these additional tests can include:
- Radon
- Termites
- Alarm Systems
- Pools
- Asbestos
- Lead-based paint
- Mold
Some of the above items may not pertain to your property.
Some other quick tips about a home inspection. A home inspection will generally last 2 to 4 hours. The buyers do not have to attend the home inspection.
If the buyer wants a brief rundown of the home inspection, they should meet the inspector at the end. He can point out some quick items.
Typically, the inspector will send you a full detailed report in 24-72 hours. The home inspection is a negotiated item on a contract. The buyer usually pays for the home inspection.
The home inspection needs to be done during a specified period in the contract. This is sometimes called due diligence.
A home inspection report is a report of potential problems. The home inspector handles pointing out potential problems. Not diagnosing the problems. The inspector will make recommendations to have a certain type of contractor look at the problems.
Once the report is received, the buyers have a certain amount of time (specified in the contract) to ask the seller to fix a problem. Sometimes buyers will ask for a credit on the sales price for the problem. This is all negotiable.
This is one of the reasons that I recommend hiring a realtor. They are professionals and will help you negotiate the home inspection.
And remember, if you have questions about the home inspections, ask the home inspector.
I hope this helps your understand everything you need to know about a home inspection….with the #1 thing being to have one done before you buy a home.
