Real estate: For your protection: get a home inspection
Jul 12
What’s all the fuss about home inspections? For starters, it’s the opening statement the U.S. Department of Housing and Urban Development Federal Housing Administration, (FHA) makes before any documents will be considered when purchasing a HUD home or considering financing with FHA. What does HUD say about obtaining a home inspection? Let’s quote.
Why a buyer needs a home inspection. A home inspection gives the buyer more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:
• Evaluate the physical condition: structure, construction, and mechanical systems;
• Identify items that need to be repaired or replaced; and
• Estimate the remaining useful life of the major systems, equipment, structure, and finishes.
HUD continues on by telling us home inspections are not appraisals. Appraisals are for lenders, inspections are for buyers. Inspections evaluate, identify, and estimate. Appraisals estimate the market value of a house. Why would we want this information? So we can make an informed decision. The best surprise is no surprise, especially after we have closed on the sale and moved in.
What are some examples of structural issues we should inspect and consider? Obviously the foundation. Is it on a slab or on a crawl space with foundation walls? Is there settling or cracking? Are the floors properly supported or sagging with warped or rotten boards? Does the roof leak? What is the remaining life of the roofing shingles? Are there cracks in the walls or ceilings which appear excessive? Will the doors open and close without pushing and pulling? Are there broken windows? What about breaker panels and wiring; are there GFI outlets in the kitchen and bath. Are electrical outlets of the grounded type or not? It may make a difference if you need a grounded outlet for electrical components like stereo, computer and TV. Has the home been tested for termites? Is there active infestation? If so, repair the damage and kill the bugs.
