A home inspection usually covers the following:
- Plumbing conditions - if there is leakage or clogging
- Roofing conditions - if extent of deterioration, if there is leakage
- Electrical conditions - if there are inadequate circuits or potential fire hazards
- Structural problems - if there are problems with the underlying foundation of your home
Some of the biggest deal breakers when buying a home are roofing, foundation and electrical concerns. Of course, buyers may want to walk away from a purchase contract to buy whenever they feel there were just to many repairs and code violations found in an inspection report, but most of these conditions and concerns can be negotiated with the sellers. Whenever a buyer and seller can come to an agreement on repairs, many transactions will proceed to closing. However, most lenders will not grant loan approval when these conditions are noted on an appraisal report. Consequently, buyers and sellers will have to agree in writing normally with anything that the appraiser may write up as a condition to get the final loan approval.
As a seller, the home inspection reports protect them because it establishes the actual condition of the property at the time of the sale. For the buyer, it gives them peace of mind, knowing what the actual condition of the property is in.
Some sellers may decide to have a home inspection done prior to placing their home on the market, so they can address any conditions or repairs ahead of time. Remember, the three biggest factors for buyers and sellers are price, condition, and location. It’s the home inspection that will always show the condition of any property. Buyers and sellers will always want to hire a license professional, who will take great photos and have a very detailed report on all the deficiencies and violations noted.
These inspection reports will utilize the current and up to date standards, so older homes often times will not pass, but remember any and all deficiencies found can be negotiated to be repaired or replaced. It’s always recommend when buying a pre-existing residential single family home to request the seller to pay for the first year for a residential home service warranty that may cover many of the conditions that might happen like plumbing, heating, air conditioning, and electrical. It’s even recommended to have a third party home inspection done with purchasing a new construction home, even though buyers are given a 10 year home warranty to cover most concerns and repairs that might arise. The good thing about finding any concerns or needed repairs in new construction homes is the most builders will fix and address just about everything the home inspectors finds, since these new home builders deem customer satisfaction very highly.