House Inspection

Like all investments, buying a home can be risky. That risk can be reduced if not completely eliminated by taking the time to perform a thorough house inspection of the structure and utility systems in the same way you would check out a company’s financials, product line and markets before masking an investing. If you do not either perform your own home inspection or hire a professional to do it for you, you can incur a great deal of costly repairs. 

 By performing a house inspection before purchase you will know in advance what you are buying into. You may be perfectly happy with performing some level of repairs to the house at your own expense but you should know exactly the complete condition of the house. To perform a through home inspection yourself you should have a house inspection check list that includes at least the areas listed below.

• Heating system equipment, particularly boiler systems

• Water system, especially if there is a well

• Septic system (how old is the system, last time pumped, surface leakage)

• Wiring to include the circuit breaker panel

• Roof and floor structure

• Condition of roofing material

• Deck and porches for structural integrity

• Driveway condition

• Steps and porches

• Sill condition (dry rot or termite infestation)

• Condition of the kitchen, bathroom cabinets, and counter tops

• Windows and doors for general condition and dry rot

If defects are found, you do not necessarily have to reject the house. A purchase offer can include a contingency clause that identifies what needs to be corrected before the sale is finalized. Another option is to offer a lower purchase price based on the cost of correcting the problems. Before you offer a lower price to make the repairs yourself get estimates for all repairs needed and make an offer less the repair cost.   

It is common to have a home inspection before making an offer and a purchase contract is signed, however, the home inspection can be completed after an offer is made with it contingent on the home inspection. Some mortgage companies require a mechanical and structural inspection by a qualified licensed house inspector. Even if a lending institution does not require such an inspection, you should have one anyway. Always reserve the right to cancel the offer or renegotiate the purchase agreement if the home inspection reveals significant defects.

If you decide to hire a professional inspector, be there when the inspection is done. Follow him or her around and ask questions. It is important to know what is being checked, why, and the condition of each area. Hire a professional house inspector if you are not confident that you can perform your own detailed home inspection. House inspectors are trained to look for the details that a home buyer may overlook.