The Importance of Home Inspection

The importance of a formal home inspection can never be over emphasized and it is probably one of the most important aspects of the home buying process. While an appraisal provides a general market value of a property, a home inspection provides the most accurate tangible value. Home inspections are not only required as part of the home buying process in many states, but they also give buyers peace of mind about one of the biggest investments of their lifetime. It also fulfills the sellers’ obligation to provide accurate disclosure information. Most banks and mortgage servicers require a home inspection report as part of the loan closing paperwork.

A home inspection is an objective evaluation of a home’s condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property.  A home inspection typically includes an examination of the building codes, heating and central air conditioning systems, interior plumbing, electrical systems, the roof, attic, visible insulation, walls, ceilings, floors, windows, foundations, and basements. Some may also include appliances and outdoor plumbing. Within five to seven days after the inspection is complete, a home inspector provides a detailed written report of the findings. The home buyer pays for the inspection.

The result of a third-party inspection not only discovers the flaws, but it also underscores the positive features of a home. This information documented will ultimately determine the final price of the home. The home owner can choose to repair or remediate any defects to increase the asking price and conversely, the buyer could use them to lower it. The inspection enables both the seller and buyer of the home to make critical decisions, which will affect the outcome of the deal.

The American Society of Home Inspectors (ASHI) is the largest professional association for home inspectors in North America. The National Association of Certified Home Inspectors is another source for identifying and locating licensed home inspectors in every state. The websites of both these organizations are a great resource to learn the various aspects of the home inspection process.