Why You Need a Home Inspection
Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home's condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will:* Evaluate the physical condition: the structure, construction and mechanical systems.
* Identify items that should be repaired or replaced.
* Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.
The home inspector does not estimate the value of the house.
After the inspection is complete, you will receive a written report of the findings from the home inspector, usually within five to seven days.
A home inspection helps give you peace of mind that the home you are buying is sound — in other words, that you're not getting a "lemon."
Home Inspections Are Not Appraisals
A property appraisal is a document that provides an estimate of a property's market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are for lenders; home inspections are for buyers.
Finding a Qualified Home Inspector
As the homebuyer, it is your responsibility to carefully select a qualified inspector and pay for the inspection.
The following sources may help you find a qualified home inspector:
* State regulatory authorities. Some states require licensing of home inspectors.
* Professional organizations. Professional organizations may require home inspectors to pass tests and meet minimum qualifications before becoming a member.
* Phone book yellow pages. Look under "Building Inspection Service" or "Home Inspection Service."
* The Internet. Search for "Building Inspection Service" or "Home Inspection Service."
* Your real estate agent. Most real estate professionals have a list of home inspectors they recommend.
Source: U.S. Department of Housing and Urban Development « Return to Links & Tools