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A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings. The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components.
Home inspections are a fairly new development in the real estate industry, emerging in the late 1970’s. This consulting service has become a standard part of most real estate transactions. While a growing number of homeowners recognize the importance of home inspection services, few are familiar with the details, including what is involved and how it works.
Today, Ashton Insider is debunking five common myths about home inspections.
FACT: A home inspection is for everyone: buyers, sellers and homeowners.
A new home is one of the largest and most important purchases you will ever make. Unlike cars, electronics, or furniture; new homes don’t come with a warranty if something goes wrong post-purchase. Factoring a home inspection into closing costs and including it as a condition in a purchase offer is an important step in the home buying process. An inspection allows buyers to find out what kind of condition the home is in before they’re locked into a purchase price or mortgage.
A pre-listing home inspection allows sellers to address any outstanding issues before the house is placed on the market. Sellers’ home inspections work for both sellers and buyers. They help the process in many ways, resulting in faster sales, increased comfort levels, fewer re-negotiations, reduced uncertainty, and lower liability.
For a homeowner, home inspections can be performed as part of routine home maintenance or used to address specific concerns. Hiring a home inspector allows for an independent view of a home, and because you can’t fix what you don’t know, it is important to have a your home inspected at least once every ten years.
FACT:. Although when you build a house everything is new, this doesn’t mean every contractor did everything correctly. Newer properties often have building issues, usually the result of original construction issues or neglected maintenance. Home inspectors provide significant value for new homes, including assistance with information for home warranties.
FACT: Value is terms of dollars is determined by appraisals. Value in terms of condition (e.g. serviceability, potential hazards) is associated with home inspections. Appraisal values factor in the size of the house, the general condition and the neighboring property values. Home inspections do not determine the market value of a home, simply the functionality. Home inspections and home appraisals are not the same. The purpose of an appraisal is to protect the lender, which is why a loan is not issued until an appraisal has been completed.
FACT: A home inspection report will never state whether a home passes or fails. This will always depend on the client’s tolerance. The purpose of a home inspection report is identify the serviceability, functionality and any potential health or safety hazards.
FACT: A home inspection report will provide clients with information and will point out structural flaws and weaknesses, but a homeowner can also get more out of an inspection if they tag along. Inspectors are usually generous in giving homeowners maintenance tips and advice in almost all areas of a home, and attending the inspection gives homeowners a chance to clarify things in person, eliminating future misunderstanding. Home inspections are a learning experience and a great way for a homeowner to get familiar with their property.
Are home inspections worth the time and money required? When you’re buying or selling your home the expenses can add up quickly, and if nothing seems wrong with a home at first glance it can be tough to shell out four hundred dollars on an inspection. However at the end of the day, you can’t put a price on peace of mind, and home inspections are the best way to ensure a property is functional, safe, and structurally sound.