When it comes time to sell a property, a home inspection is necessary, or is it? This is one additional expense that may be useful but in certain cases is not a mandatory aspect in purchasing a home. In fact, some individuals buying in competitive markets may want to forgo the home inspection process to get ahead of other bidders and close on a desirable property. There is much to learn about home inspections, starting from the basics and getting into a few secrets not often disclosed to potential homebuyers.
Learn more about home inspections and what to be aware of when and if deciding to schedule a home inspection on a property today.
More Common than Before
Compared to twenty years ago, more home sales are contingent on information provided from a home inspection. The inspection is an additional fee and is not generally seen as expensive, costing buyers around $450. However, some inspectors can be considered to be overzealous and create a list of minor problems that may overwhelm owners and buyers. Sellers and buyers want to know which items are most important to address and which issues may reduce home value or impair the structural integrity of a home.
An issue with some inspectors is that they create a list with more important items and those that are generally seen as more cosmetic and those reading the list may not know which concerns to prioritize and how much necessary repairs will cost. A professional inspection should cover the foundation, framing, roof, plumbing, wiring heating systems, water heater and fireplaces. Professional inspectors who include pictures of problems make it easier to understand the extent of a problem.
Home Inspections May Be Required
In certain instances a home inspection may be mandatory. Some banks and mortgage loan products may require borrowers to carry out a home inspection. Home inspections are generally useful as buyers and investors are making a significant purchase and some issues may be addressed by the seller or help to reduce the asking price of a home.
Speak with a bank or lender and be aware of their flexibility when it comes to home inspections. There are those who forgo certain contingencies, including a home inspection, in hot housing markets. Sellers looking to close quickly may choose those buyers who are willing to do without a home inspection.
A lack of national standards may make it possible for different home inspectors to have greatly varying levels of expertise. Approximately two-thirds of states have established laws helping to regulate home inspectors. This inconsistency may make it difficult to know whether or not a home inspector possesses the knowledge base necessary to provide sellers and buyers with relevant advice.
Home inspectors in New York are required to take a 140 hour course for pre-licensing. California home inspectors do not need to take classes or have a license. Find out more about regulations that may apply to home inspections in a specific state and speak with a trusted agents and friends to find out more about their experiences with local home inspectors in the area.
Learn More About Home Inspections
Buyers and sellers need to know more about the home inspection process and when skipping a home inspection may be in their interest. Talk with an experienced real estate agent to learn about general home inspection expectations and potential problems.