The Importance of a Home Inspection

Typically, home purchases require a home inspection. The most common purchases that might skip an inspection involve buyers of new home and buyers that receive a warranty. That being said, many housing experts argue that every purchase offer should be made with a home inspection contingency clause.

Of course, major problems that a seller refuses to rectify can cause an offer to be withdrawn. Minor problems can result in a lower price being negotiated.

Often, a home inspection is confused with an appraisal. Basically, an appraisal is for the benefit of the lender to assure that the value on the house is greater than the requested loan. Typically, an appraisal involves the overall value of the home, in comparison with the neighborhood, and does not take into account the performance of mechanical systems.

Conversely, a home inspection is for the benefit of the buyer so that they might make an informed decision before actually making the purchase.

Often times a seller may schedule an inspection before putting the house up for sale so that they know what issues must be addressed.

In the big picture, a home inspection is good for both buyer and seller.

1 thought on “The Importance of a Home Inspection”

  1. I’m trying to sell my house so that I can move into a larger one (my eldest kid wants his own room) and I’m considering getting an appraisal done to help advertise the property. If the appraisal is done early, then the buyer will have a much easier time finding a lender that can vouch for the price I’m offering for the house, and I’ll know that the house is within the proper range to begin with. It’s good to know, though, that it is different from a home inspection, and I may consider getting both so that I know what problems may need to be addressed.

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