Home Buying: Conducting a Home Inspection
Home inspections are an important part of the residential real estate transaction. Depending on how the contract is structured, the results of the inspection may determine whether or not a buyer is required to proceed with the purchase. For homebuyers, this underscores the importance of having a contract that adequately protects your interests as it relates to the condition of the property.
Although there are a variety of different inspection types, they can be roughly broken down into the following categories:
Termite/wood destroying insect inspection
Determines if there is damage from termites or other wood destroying insects and whether infestation is continuing or the property has been previously treated and repaired. A termite inspection is almost always required by a lender before funding of a home loan.
Structural inspection
Usually includes an examination of foundations and/or basement, floor systems, ceilings, doors, windows, roofing, insulation, walls, decks, porches, garages, chimneys and other structural components.
Mechanical inspection
Usually includes an examination of plumbing, electrical systems, heating and cooling systems and components, appliances, and other integral mechanical equipment.
Environmental inspection
May include inspection of the presence of asbestos, lead-based paint, radon, mold, polybutylene piping, existence and integrity of underground oil/gas storage tanks, urea formaldehyde foam insulation, well water quality, septic tank function, and more.
Inspections should always be conducted by an independent inspector qualified in each particular field covered by the inspection he/she is contracted to perform. It should be noted that most inspectors are not trained experts for all inspection types. For example, a structural inspector may not be certified to test for mold. A good real estate agent can help you select properly trained and licensed home inspectors for each inspection type.
For additional detailed information about home inspections and how to properly structure a real estate transaction to include home inspection contingencies, please contact me.
