What You Should Know About Home Inspections | Trusted American Mortgage
When it comes to the mortgage application and home-buying processes, there are steps meant to protect the lender and some that give you a chance to ensure you’re getting a place you’ll love. In that latter group is the often-misunderstood home inspection, which is typically optional and not related to the required appraisal.
So, what do you need to know about the home inspection, what can you get from it, and why should you say, “yes,” when you’re asked if you want one?
Read on to learn about this important safeguard that can protect you from getting in over your head and ensures you know what work you’re likely to face in perfecting your new place.
What Is a Home Inspection?
A home inspection is a thorough, but not comprehensive, visual examination of the property by a licensed professional. The inspector will look the property over from top to bottom, and even underground, checking for common problems and areas where they typically show up.
For instance, he or she may check the basement to ensure there isn’t an issue with water intrusion, or lingering damage or organic growth caused by previous problems. It’s likely the inspector will also look at home systems, such as the HVAC to ensure it’s in working order and the plumbing system to verify there’s adequate water pressure.
Basically, it’s a check to let you know about common issues that can range from minor things you’ll need to fix to massive red flags that could throw the purchase into doubt, such as a failing septic system or wide-scale black mold growth.
It’s important, though, to understand what the inspection isn’t. For instance, the inspector won’t look inside the walls or floors, so there could be hidden issues there. The inspector can’t predict the future, so there may be issues arise that you didn’t expect, even with this assessment.
The Benefits of a Home Inspection
In most cases, the home inspection is an optional step, one taken or skipped on the preference of the buyer. If you’re debating whether you want to incur the additional cost and delay in your purchase, there are some good reasons to opt for the check.
As we noted, a home inspection could find serious structural or health issues that could present a danger to your family and which may make you decide to back out on the sale. Certainly that’s worth the investment. In most cases, however, the findings are minor and may come down to just best practices and things you can do to make the place more comfortable.
One real benefit of a home inspection is the findings can sometimes be used as a negotiating tool to push for a lower purchase price based on the expected costs of remedying issues found. Even if that isn’t the case, it does at least ensure you come into the purchase with a full and clear understanding of what you’re getting into. Knowing you’ll have to replace that fuse box or address the lingering damage from a sink leak that’s been repaired beats being surprised by those problems later.
The experts at Trusted American Mortgage are dedicated to helping you find the right funding for your home purchase and walking with you every step of the process. Call us today and get a partner in the mortgage business!