You've made your offer. Now you need to have an expert verify "what you see is what you're buying." A formal inspection determines if anything needs to be repaired or replaced. If you're using a real estate agent, they'll arrange the inspection for you.
If you're on your own, make sure the contract indicates who pays for the inspection and whether you or the seller is responsible for any necessary work. The contract should also include a contingency in case the inspection reveals any repairs that cannot be resolved with the seller.
Licensed home inspectors inspect homes to determine what, if anything needs repairing or replacing. Typical inspections may include...
- Termites - signs of termites in the home or foundation.
- Plumbing - checks for leaks, dripping faucets, toilet tank leaks, etc..
- Electrical - up to code? Checks that all light switches and wall sockets are working properly
- Exterior - settling cracks, paint peeling
- Interior - signs of leaks in walls or ceilings, structure and general condition
- The Roof - checks for leaks or damage
- Windows- good condition and sealed
- Insulation - up to code?
- Appliances - checks that they work along with heating and air conditioning units
- Radon Gas - an odorless and colorless gas that is sometimes found in the earth's rock and soil
- Lead-Based Paint - some older homes may still have lead-based paint that can be hazardous if ingested
- Asbestos - homes built in the early 1970s and before often had asbestos tile floors and asbestos ceiling tiles. This substance poses a health risk and must be removed
The home inspector will write up an inspection report with all minor and major defects itemized. Good inspectors will find minor flaws in nearly any home. It's up to you to decide how important they are. It is also helpful to be present during the inspection.
Inspectors often provide you tips on the maintenance and upkeep of the home and its systems. Now that the inspection is done, it's time to move into the title and closing phase.
