Buying a home is a major investment that should be handled very carefully. As you go through open houses, you may notice that there are certain defects in each home you visit. Once you find a home that you want to purchase, you can’t count on only the information you obtained during the open house or in the disclosures. Instead, you need to get the home inspected.
A home inspection is done by a trained professional who looks at various aspects of the home. The goal is to give you information about potential defects that can help you to make an informed decision about the purchase.
Why is the inspection important?
Buyers can use the information they learn in the home inspection for bargaining power. If there are issues uncovered, they may be able to:
- Ask the seller to make repairs before closing
- Request a credit toward repairs
- Renegotiate the purchase price
- Decide to walk away altogether if the problems are too severe
Most purchase contracts contain a contingency clause that allows the buyer to back out of a deal if the inspection uncovers major issues. The contingency will typically mean that the buyer won’t lose their deposit if they back out for this reason.
What does a home inspection cover?
The home inspection will check various areas of the home. This includes the structure and major systems, such as:
- Roofing and gutters
- Foundation and basement
- Electrical system
- Plumbing
- Heating and cooling systems
- Windows and doors
- Attic and insulation
- Visible signs of mold, pests, or water damage
Depending on the age and location of the home, additional specialized inspections might be important. These could include:
- Radon testing
- Sewer line or septic system inspection
- Pest or termite inspection
- Chimney evaluation
- Mold or asbestos testing
These aren’t always included in the standard inspection, but they can be just as important, especially for older homes or properties with visible issues.
The inspection is only one aspect of the homebuying process. Anyone who’s in the process of buying a home should ensure they understand the entire process so they can make decisions that are in their best interests.