The homeownership process comes with a lot of frustration and when it comes to the crunch, clouded decisions may be made.
Currently, the housing market is ablaze and many first-time home buyers are faced with the challenge of plunging sales and skyrocketing prices.
With competitive offers flooding the real estate market, home buyers often end up overlooking the importance of having a home inspection done before closing on a property. Consequently, this causes major hazards, a huge dent in the pocket, and in the long run, the value of the home suffers a drastic drop.
The question stands, ‘Is a professional home inspection a worthwhile investment?’ This article provides you with all the necessary information that will guide you in the making of this decision.
That said, let’s dive in!
What is a home inspection?
Simply put, home inspection involves a 2–4-hour thorough examination of the potential home’s plumbing, electrical and mechanical components, among other things.
- Usually, a home inspection is conducted to ascertain whether a certain piece of property is in its best condition or not.
- Once the inspection is done, your inspector combines an exhaustive report which mostly is submitted to the buyer in a span of 1-3 days.
- The inspection report provides you with a comprehensive understanding of the systems and physical structure of the property.
- Not only does an inspection give you with peace of mind, but it is also a great learning experience.
When should I look for home inspection services?
Ideally, the perfect window for carrying out an inspection should be right after you have signed the purchase agreement and before the agreed closing date.
This not only helps you get a detailed understanding of the real estate property that you are intending to buy, but also helps you avoid major financial pitfalls that most first time home buyers get themselves into when purchasing a house.
What is the cost of running a home inspection service?
The approximate cost of an inspection lies between the ranges anywhere from $300 – $500 plus. Of course these prices vary depending on the area and size of the home.
As a first-time homebuyer, here is a piece of advice that will be of great help to you…
When searching for an inspector, it is advisable to look for one with no conflict of interest. What this implies is, you should not go for a firm that is in the home repair business for instance. Instead, the inspector should be very professional and unbiased.
In addition to that, you should ensure that the firm possesses the required insurance which comprises of professional and general liability insurance as well as worker’s compensation.
More importantly, you should insist on an inspection contingency clause being included in the sale contract which clearly states the responsibilities of both the buyer and the seller, should it happen that the inspector finds major defects.
Finally, you should be on the look out for inspectors pushed your way by any person involved in the sale of the property. This is because their interests may conflict with your own.
What does a home inspection comprise of?
The main objective of an inspection is to provide the buyer with the real value of the property. It especially helps you identify defects with homes that were built years back.
The examination therefore typically includes the following:
- The overall structural integrity of the property including its foundation
- Plumbing system
- Electrical components
- Roof, windows, gutters, and exterior walls
- Heating and air conditioning systems. This includes furnace and other related devices
- Kitchen area including appliances
- Mold and mildew
- Exteriors. This comprises of driveways, porches, and any other spaces around the property
- Surrounding vegetation of the home
- Insulation and ventilation
- Water control
- Waste disposal
- and more!
Components of an Inspection report
That said, here is what you can expect to see in your report once it is submitted to you:
- Information about the house and inspection conditions – the inspector will give a key of symbols or codes that have been used in the entire report to describe the severity of each issue. Weather conditions on the day of inspection are also indicated, the areas that were accessible as well as who was present
- Detailed assessment of systems and components – anything and everything that has to do with the house is observed, evaluated, and reported
- Annotated pictures of reported problems – any issues spotted are photographed and documented in the report. The buyer and seller will use the photos as guidelines when reviewing the inspection report
- Summary and rating of issues found – the summary is essential during negotiations
Benefits of a Home Inspection
Both buyers and sellers stand to benefit a great deal from a home inspection. For the buyer, the benefits include:
- Assurance – an inspection gives meaning to the phrase “more than meets the eye”. When you have a good understanding of the condition of the property and can properly identify any safety concerns, you are able to make an informed decision about the home early enough
- Dictates deal breakers – once you have submitted your offer, realtors will make it contingent based on the findings in the report. By doing that, you are able to back out in case any thing is wrong
- Saving – identifying issues before purchasing a piece of real estate property prevents the burden that comes with unexpected repair costs.
- Room for negotiations – your realtor helps you examine the home inspection report and guides you on whether to request for repairs or a price deduction by the seller
- It ensures safety – things such as carbon monoxide and radon are not visible to the naked human eye. Carrying out an inspection helps you identify such issues and explains the necessary measures you can take to safeguard your health
On the other hand, the seller gains in the following ways:
- Valuation increase – other than having a higher selling price, the sale process is smoothened as the buyer’s confidence is built
- Transparency – having a home inspection report readily available to buyer portrays confidence about the quality of the house being sold and it also shows that there is nothing to hide
- Substantial repairs – the seller can have necessary repairs done before putting a home out in the market. This helps ensure that the house is in the best condition thus ensuring sales
Conclusion
In as much as becoming a homeowner is a thrilling experience, it should not cause blind sidedness.
The real estate market shows little to no indication of slowing down in the foreseeable future, but decisions revolving around home purchases should be made levelheaded.
Whether it is your first, second or even third home purchase, it is important to note that focus should not only be on the listing price of the property, but also, a lot of thought should be put into the overall cost of home ownership as well. This prevents future heartache and inconveniences.
If you wish to inspect a piece of property in Edmonton, make sure to contact us today and we will be sure to respond back to you in good time.
