What is a home inspection?
A home inspection is when you hire a home inspector who will evaluate the condition of your home. It is highly advised that you hire a home inspector when buying a new home. The home inspector will inspect the general condition of your new home. Areas covered include both the exterior and interior of the home. The home inspector will especially inspect the electrical, plumbing, and heating/air conditioning conditions of the house and see if everything is per code and there are no major problems. The home inspector will also inspect the foundation of the house and make sure there are no cracks or whether the foundation is sagging which can really cost thousands of dollars. The home inspector will check for mold, termite, and other potential problems that are hidden. The inspector will also check whether the home is properly insulated and whether all recent renovations were performed per code.
What is the difference between an appraisal and home inspection?
An appraisal is mandatory if you intend on getting a residential mortgage loan. An appraiser will note the condition of the home he is appraising but will not get into a detail inspection of the condition of the home. The appraisal will only note whether the condition of the home is excellent, good, fair, poor, or needs improvement. The home inspector will actually inspect the wiring of the home, the furnace, the plumbing, and other cosmetic and structural portions of the home.
Are home inspections required?
Most residential mortgage lenders do not require a home inspection. A home inspection is not mandatory but is highly recommended for the new home buyers. A home inspection is normally paid for by the buyer and prices vary. Most home inspections in California, Illinois or Florida costs under $400.00. A home inspector will inspect both the exterior and interior of the home and write up a report for you to review. The home inspection will provide the negative items of the home and pin point the potential hazards. Once you review the home inspection, it is up to you, the home buyer, whether to renegotiate the price of the home or seek to request to the seller to fix the items that were noted on the home inspection. A home inspection is normally done prior to the appraisal.
Home Inspections Recommended On Home Purchase
There are many cases where home buyers have not done a home inspection and closed on their homes to find that the home had problems such as faulty electrical wiring or a leaky roof. Others found that their crawl spaces and attic areas were termite infested. Whether you hire a professional home inspector or have someone knowledgeable with homes inspect it, you should do a thorough inspection of the new home before you close on the home.