Importance of Home Inspection Contingency

Posted on Feb. 2nd, 2022

Before you buy a home, one of the things you should do is to have it checked out by a professional home inspector. Yes, we can hear your objection: "Buying a home is expensive enough as it is! Why would I choose to fork over hundreds more if I'm not required to?" In this article, we'll delve into what a home inspection can reveal and whether it's worth the investment.

Home inspections provide an opportunity for a buyer to identify any major issues with a home before closing. Your first clue that a home inspection is important is that it can be used as a contingency in your contract with the seller. This contingency provides that if a home inspection reveals significant defects, you can back out of your purchase offer, free of penalty, within a specific timeframe. The potential problems a home can have must be pretty serious if they could allow you to walk away from such a significant contract.

Inspectors vary in experience, ability, and thoroughness, but a good inspector should examine certain home components and then produce a report covering their findings. The typical inspection lasts two to three hours, and you should be present for the inspection to get a firsthand explanation of the inspector's findings and, if necessary, ask questions.

Exterior InspectionThe inspector will complete a full inspection of the outside of the structure. This will include climbing into any crawlspaces under the home and using a ladder to reach and inspect the roof and other items. Exterior walls, foundation, grading, garage or carport, roof.

Interior Inspection

The inspector will also complete a thorough inspection of the interior of the home. They will inspect everything from the ceiling to the cabinets under the sink. Plumbing, electrical, heating, ventilation and air conditioning (HVAC), water heater, kitchen appliances, laundry room, fire safety, bathrooms.

Original article: https://www.investopedia.com/articles/mortgages-real-estate/08/home-inspection.asp