When you make an offer on a home, your contract will likely contain provisions allowing you various inspections of the property. The purpose of these inspections is to educate you as to the physical condition of the property you are purchasing.
While these inspections do not provide guarantees of the condition of the property, they do provide valuable information to you as the Buyer. It is important to remember that your contract will have a condition written in to it that requires a satisfactory home inspection by a particular date, that is if you choose to have one completed on the home that you are purchasing. If the report is unsatisfactory then you can renegotiate the price or deficiencies, or withdraw from the deal with no consequences. However, inspections should not be considered an open door to renegotiate the purchase price unless the deficiencies are relevant.
Home Inspection Process Explained
A typical home inspection takes 3 to 4 hours, during this time the house is examined from the ground up and from the outside in. A good home inspection should include observation and, when appropriate, operation of the plumbing, heating, air conditioning, electrical, and appliance systems, as well as observation of structural components: roof, foundation, basement, exterior and interior walls, chimney, doors, and windows. Findings should be provided in the form of a comprehensive inspection report, which includes an objective evaluation of the condition the home, clearly outlining any existing defects and potential problems. The home inspectors encourage their clients to accompany them for the final hour to review the home inspection (your realtor must be present when you are). This gives buyers a chance to ask questions and get detailed information about maintaining the home and its systems. In either case, accompanying an inspector can help a client get the most from a home inspection. To summarize, a home inspection / building inspection / property inspection is a visual examination of a house and property at a specific point in time.
When performed by a certified home inspector, it includes:
• A thorough visual inspection of the structure (inside and out, from foundation to roof).
• An examination of all major systems.
• An objective evaluation of the condition of a home.
• A printed report covering all findings and identifying potential concerns.