The purchase of a home is probably the largest single purchase you will ever make. Therefore it is prudent for you to learn as much as possible regarding the condition of the home before you buy to help eliminate costly surprises.
What Is A Home Inspection?
A professional home inspection is a thorough visual examination of the land, physical structure and systems within the home from roof to foundation and it is executed usually by an independent and qualified professional. The objective of the home inspection is to visually inspect all readily accessible components of the property and prepare a written report of the findings. If closer examination is required in specialized areas, then another opinion should be obtained. For example, if it is suspected that there might be an infestation of wood boring insects, then a certified pest control specialist should be consulted.
Applicable To Both Buyers and Sellers Of course, if you are buying a property it’s common sense to have the property professionally inspected so that you know what you are acquiring.
However, it can also make good sense for a property to be professionally inspected before a home is placed on the market. This is especially true if the homeowner believes there could be structural problems or is unsure as to the actual condition of the home’s various systems.
Why this option would be advantageous to an owner is obvious. A property inspection normally takes place after a Contract of Purchase and Sale has been successfully negotiated. However, after all the time and effort in finding a qualified buyer has been completed, after all the negotiations over price, terms, inclusions and dates have been agreed upon, there is still the possibility that the sale may collapse due to a “surprise” being uncovered through the professional inspection of the property.
In the vast majority of purchases the Buyer will order a property inspection. Should a defect be discovered during the inspection that you were not aware of, that defect could put the entire sale in jeopardy. Should this happen, the home owner will have to make some painful choices such as paying monies to rectify the problem or negotiating to a lower price to counter balance the defect.
The third option is to simply allow the sale to collapse. Sellers that are unsure of their home’s condition should consider getting an inspection done before placing their home on the market and make the indicated repairs beforehand. Taking this precaution may very well produce a higher end price for their home.