Should I get a Home Inspection
What is a Home Inspection?
A home inspector’s objective is to give you an overall condition of your future purchase and to give you more foresight into an informed buying decision. A home inspection is a visual, non-invasive examination of the accessible components of a residential property. What does that mean? The home inspector should be inspecting all the major components of a house, the main structure like the foundation and major systems like the air conditioner and the roof. All the areas of the inspection are outlined in InterNACHI's Standards of Practice. What is non-invasive? The home inspector is limited to what they can see by walls, ceilings, and personal items. An inspector is not going to cut open your walls to inspect the wiring or plumbing, they are only going to see the visible items.
Should I get a Home inspection?
Short answer yes, a typical answer from home inspector. However, you’re about to make one of the largest purchases of your life with many expensive components. Wouldn’t you like a certified and licensed inspector to look over all the major components in your future purchase? A home inspector can help you identify the age or condition of equipment like air conditioners, water heaters, roofs, and siding.
A home inspection can help you prepare for future cost or help in what to ask for in negotiations. An aging or leaking water heater can cost up to $1,500 according to HomeAdvisor to replace. An air conditioning unit or Furnace can cost up to $5,000 a piece to replace according to HomeAdvisor. A home inspector can help identify current issues or if the systems are coming to the end of their service life.
Is a Home Inspection required?
Most banks or mortgage companies do not require home inspections. Some banks or mortgage companies do require an appraiser to value the property to ensure they are not over lending. Even the FHA loans do not require a home inspection but they do highly encourage it. The lenders main concern is the value of the property if they need to resale it not necessarily the condition.
Can a House fail a Home inspection?
No. There is no pass or fail criteria for a home inspection. The intention is to give you the overall condition of the property. The decision for pass or fail is up to the buyer and what is acceptable to them. The buyer might be able to negotiate the repair of any issues found or a price reduction if the seller does not want to fix it. The home inspection can get named the “deal killer” because they found defects in the house. That was the purpose of the inspection, to find defects in the house. So when the realtor says it’s a deal killer it’s because the defect found was not acceptable to the buyers.