LESSON 8: The Home Inspection

YES, YOU DO NEED A HOME INSPECTION

Trust us. This one rule can save you thousands!

QUICK! ANSWER THESE HOME INSPECTION QUESTIONS

• You don't need an inspection for new construction
• All the problems will show up in seller disclosure
• A handy friend/relative can do your inspection

The answers are YES, you do! NO! and NEVER!

WHAT CAN AN INSPECTION DO FOR YOU?

• A professional inspector will examine and report on the physical condition of the property.
• He or she can often identify hidden problems the seller may not know about.
• IF you find major problems during the inspection, you can renegotiate for a price reduction or repairs.

NEW CONSTRUCTION INSPECTION

Even if you are buying brand new construction, an independent home inspection is a smart idea.

An inspection can uncover such defects as:

• incorrect elevations
• missing insulation
• wrong materials used
• errors in drywall installation
• defective tile installation
• problems with appliance installation

HOW DOES AN INSPECTION WORK?

• You schedule a home inspection when you sign the initial contract for the home.
• Make sure the contract specifies that the sale is CONTINGENT on the results of the inspection.
• Allow three to four weeks for the inspection process.
• Review the report, and decide if you accept it or need to renegotiate with your seller.

NEW CONSTRUCTION

• Your inspector can obtain builder plans and documents
• The inspection can be conducted during the building process or as a post-construction walk-through.

WHAT DOES AN INSPECTION COVER?

Your inspector will have a detailed checklist of items and areas to examine that include the following:

• Attic, roof, gutters, chimney, vent
• Basement, foundation
• Doors, windows, ceiling, floors
• Plumbing and electrical
• Heating and air conditioning
• Insulation and ventilation
• The lot and surrounding property

WHAT MAKES A GOOD HOME INSPECTOR?

• Significant experience in residential inspections
• Someone who is NOT tied to a builder/real estate group
• Qualifications, training and professional association membership

FINDING AN INSPECTOR

• Ask your agent for referrals (Who would he/she use?)
• Talk to several inspectors before deciding
• Ask for an itemized estimate of services and fees
• Make sure the inspector has E&O insurance (Errors & Omissions) This is protection against defects missed in an inspection.

GETTING A GOOD INSPECTION

• Schedule it during daylight hours(easier to see defects and spot problems).
• Plan to accompany the inspector and gain firsthand knowledge about your new home.
• Make sure the inspection covers all the key areas

SOME OTHER INSPECTIONS

• Termite/pest inspection (seller may pay)
• Radon inspection (required in some areas)
• Buyer walkthrough (just before closing)

NEXT: The Closing