Friday, October 9, 2009

Home inspections: good for buyers and sellers

A home inspection is an important aspect of the process of buying or selling a home. Although not a warranty or guarantee, it does allow for an independent third party to give an assessment of the current condition of a property. This in turn assists the seller in establishing their home’s fair market value, and it may help avoid any surprise problems for the buyer.


A professional home inspector is familiar with the many systems of a house. His/her inspection covers everything from the foundation to the roof. Heating/cooling, plumbing and electrical systems are all a part of an inspector’s examination. Floors, walls, ceilings and windows also come under close scrutiny. Also checked are attics, basements, roofs/chimneys and foundations. A home inspector will not “grade” a home in a pass/fail sense, but will give detailed information about its physical condition and will identify what may need to be replaced or repaired.

If you are a home buyer, it’s suggested that you attend the home inspection. Having the home inspector at your disposal gives you an opportunity to ask direct questions about the house and to discuss any potential problems. Your interaction with the home inspector should help to make the written report easier to understand.

It is also recommended buyers include a home inspection contingency in their purchase agreement. Should the inspection uncover any major problems, you can then re-work the terms of the purchase, e.g. sale price and/or the seller covering the cost of repairs. If the seller is unwilling to re-negotiate the terms, the buyer may withdraw their offer.

A home inspection is a costly venture, ranging anywhere from $300 to $600. However, in terms of the large expense of a house purchase, it is minimal. A home sale can be transacted that gives both buyer and seller a realistic view of the condition of a house and peace of mind that an honest and fair exchange has been made.

TALK BACK: Tell us about your experience getting a home inspection - was it helpful? Was it worth it? Post your comments below.

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