Why home inspections are important

Wood-boring pests and insects, such as termites, can be a huge problem if not discovered. Termites cause approximately five billion dollars in damage to properties yearly. Other common wood destroying pests include carpenter ants and powder post beetles. Some home inspections will include a pest and insect inspection and others will not.

Find Structural Issues. One of the top reasons to have a home inspection when buying a home is to determine if there are any structural issues with the home. The structure of a home is one of the most important components to a home. Structural issues can costs thousands of dollars to correct if discovered and by performing a home inspection, you can avoid having such a large expense in the future. A home inspector who is a professional engineer should be able to determine whether a home has structural issues or not.

Other things to be aware of while looking a homes that could be potential structural issues include significant cracks in ceilings and walls, cracking in the foundation walls, and out of level door frames. Forecast Potential Future Expenses. Another important reason to have a home inspection when buying a home is it can help predict the future expenses. The home inspection is a great tool to help you create a future plan for expenses. Home inspections can help determine where expenses for replacement or upgrades may arise in the future for many components, including:.

There are programs available at local, state, and national levels that provide grant money and tax incentives for replacement for many of the above components in a home. Ask your Realtor about potential programs in your local area and state. Price Negotiations. First and foremost, the purpose of the home inspection contingency is not to get a better price on a home because of minor issues found during the home inspection. If there are some major problems that are discovered during the inspection however, it maybe appropriate to renegotiate the terms of the original accepted offer.

Depending on the type of financing and terms of the original contract, deficiencies from the home inspection can be used as a reason for a reduction in the price or a concession from the seller towards closing costs. The only person who can determine what home inspection findings that need to be corrected before moving forward, is the buyer. After the home inspection is completed, you will have the opportunity to request repairs of the home owner. The home owner will have the opportunity to agree to the repairs or disagree to the repairs.

Without a home inspection, you will not have the opportunity to request repairs from a seller. This is another very important reason why having a home inspection when buying a home is strongly recommended.

Haskett advises that people use home inspection to understand the nuances of what may be the biggest purchase they ever make. Some insurance companies will not insure a home if certain conditions are found, or without the presence of certifications like Wind Mitigation and four-point inspections, according to Haskett. It is your responsibility to understand as many details as you can about the property you may soon call home.

Home inspections reveal the inner workings of the property , allowing you to be informed of all the perks and pitfalls the home has to offer. Purchasing A Home. Real Estate Investing. Selling Your Home. Home Insurance. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.

At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification.

I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Home Ownership Purchasing A Home. Table of Contents Expand. It Provides an "Out".

Reveal Illegal Additions or Installations. Negotiating Tool. Testing is the only way to know if you and your family are at risk from radon. Hire a roofing company to understand whether or not the home requires repairs. Reports are issued on possible movement, the condition of materials, soundness of drains and gutters, etc.

Local plumbing companies often have contractors who can use a camera to inspect the sewer — looking at the overall condition and if there are any clogs.

In many areas of the country, termite and wood infestation reports must be completed before a purchase contract is signed. This is especially true when using government loans like FHA and VA loans, though it can be required with a conventional loan. Your real estate agent can provide you with a list of common home inspections in your area. Or, you can ask your inspector about recommended specialists who may be able to diagnose some of the above — or other — issues your new home may have.

Though it costs money, anything can be fixed. Home Buying Search. Understanding home inspections What does an inspection cover? Some of the specific things they will inspect include: Electrical outlets Window alignment Septic tank and pipe leaks The condition of roof shingles Sufficient insulation Basement and garage foundations Proper functioning of appliances Proper ventilation Up-to-code wiring Proper functioning of circuit breakers Operational fire and carbon monoxide alarms The general condition of windows, doors, floors, ceilings, and walls Requirements vary by state, but the American Society of Home Inspectors ASHI has a Standards of Practice list that outlines minimum and uniform standards.

What is not covered by a home inspection? Who benefits from a home inspection? Tips for sellers: what to look for before you list Why are home inspections important to sellers? Consider these questions when shopping around for inspectors: Are you focused on residential or commercial properties? What does the inspection include? How many home inspections have you done? How do you keep your expertise up to date?