Get A Home Inspection Before Closing Escrow

By Lawrence J.T. Reaves

Nearly all real estate experts agree that if you’re buying a home, you should have it inspected prior to taking ownership. In fact, your mortgage lender (if you are using one) will require this as a prerequisite to extending the loan. But at an additional expense of $300 or more (often, much more), many homebuyers wonder whether the cost delivers value.

Below, we’ll explain the reasons to have a professional home inspection performed when you buy a house. You’ll learn why lenders make it a condition of their loans. We’ll also present the main items checked during the inspection as well as a few that are commonly overlooked by inspectors.

Reasons A Home Inspection Is Valuable

To an untrained eye, a house may hide countless imperfections. Minor aesthetic blemishes are rarely an issue, and can usually be fixed inexpensively. Major problems, however, may cost thousands of dollars to correct. By having a house inspected before agreeing to take ownership, you can avoid expensive surprises.

An inspection can also reveal problems that may affect your safety as well as that of your family. For example, the inspector will examine the integrity of the roof and electrical system. Depending on his licenses, he may also check for radon and carbon monoxide leaks.

Another benefit to having a home inspected is to get an idea about expenses you’ll need to address down the road. For instance, the inspector will check the plumbing for age and condition. Even if there are no problems at the time of the inspection, he can provide an approximation regarding when the pipes will need to be replaced.

Also, many property insurers will refuse to cover a home that has not been properly inspected. If you plan to invest in property insurance, the inspection is necessary.

Items Checked During An Inspection

The inspector will examine items on the interior and exterior of the house. In addition to the plumbing and electrical systems, he will check the heating and air conditioning unit, bathrooms, basement, attic, water heater, ceilings, floors, and walls. The inspector will also check major appliances, such as the refrigerator and dishwasher.

Outside, he’ll evaluate the foundation and grading. This latter item is important since a poor grade can cause flooding in your house. The inspector will also assess the exterior walls, looking for signs of structural problems (e.g. cracks, fissures, etc.). He’ll examine the driveway, sprinkler system, and sidewalks.

There are many other features besides those mentioned above. Problems found in many of them can cost thousands of dollars to fix.

Problems That May Be Overlooked

Unfortunately, inspectors can make mistakes. Many of the issues they try to uncover are difficult to find. For this reason, it is possible for problems to escape their notice.

For example, leaks in a roof may be missed since the inspector does not climb onto the roof for a close examination. Instead, he’ll typically observe it from the ground. He may also miss mold that is growing underneath the home’s carpeting since the carpet is not removed during the inspection. Other potential mistakes can involve the appliances, the air conditioner, and the windows. Termites and other pests may also be missed.

A home inspection does not ensure that a house is in perfect condition. Rather, it minimizes the likelihood you’ll find costly issues down the road.

What To Do When Problems Are Identified

If the inspector uncovers one or more problems with a house you’re considering buying, you have a few options. First, you can ask the seller to fix them. If the problems are substantial – for example, a defective heater and air conditioner – your purchase can be made to be contingent upon their repair.

Second, you can ask the seller to reduce his or her asking price by the amount you’ll need to pay to have the problems corrected. If the seller refuses, consider canceling the transaction (assuming your purchase offer includes this contingency).

Third, if the issues found by the inspector are insignificant, you can choose to have them fixed after you assume ownership of the house.

A professional home inspection is a critical step toward buying a house. Don’t dismiss it. A well-trained inspector can help you to avoid expensive headaches.

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