5.64 million existing homes were sold in the US in 2020. People are purchasing property all the time, and clearly, COVID-19 isn’t stopping everyone from moving forward with their plans.
However, before buying a home, it’s important that you learn everything you can about it. You want to invest your money in something that will be good for your financial future.
While a pre-purchase inspection isn’t a requirement, it is a very smart move for anyone interested in buying a property.
Keep reading to learn more about some popular questions homebuyers have about home inspections.
What Is Commonly Found During a Home Inspection?
The most important thing about a pre-purchase inspection is that it tells you what is actually going on with the house. You’ll learn more about the condition aside from what the sellers or real estate agents have mentioned.
This helps you know if it’s a worthwhile investment or not. It also gives you a better idea of what type of home repairs or renovations are necessary after purchase.
Some of the common issues include:
- Grade sloping toward the house
- Hidden defects (unknown water damage, bad sewer lines, etc.)
- Damaged or worn roof materials
- Stucco system installation errors
- Poor building materials
- Faulty wiring or electrical component concerns
You may find that other issues are more common if a home was built during a specific period of time. For example, homes built in the ’80s or ’90s may have ABS piping because it was popular at the time. It’s since been found to be easy to crack and expensive to replace.
Condo vs Home Inspections: What’s the Difference?
You can get more info on condo inspections vs home inspections, but they are fairly similar. The main difference is that the inspector will also ask the buyer to request records from the condo association regarding the overall structure of the building.
Unlike a freestanding home, inspectors generally won’t be able to access these areas because they are not the sole property of the buyer. Other common areas, like the lobby or the mailroom, are also inaccessible to an inspector in most cases.
As the buyer, it’s important to talk to the owner of the building and other necessary persons, such as the HOA president, about the state of the condo building before you make your purchase.
What Can You Expect as the Future Owner?
Home inspections will usually take place during the due diligence period, which is when the seller accepts a buyer’s offer, but closing hasn’t happened yet. When the purchase agreement has been signed by the buyer and the seller, the home goes into escrow, and the buyer can request a home inspection in most real estate transactions.
As we stated previously, a seller isn’t required to have a home inspected before listing it. The main idea is that most responsible homebuyers are going to do this anyway later, so what’s the point?
However, as a buyer, choosing a home that has been inspected already can help you feel more assured that the home is actually of good quality. On the other hand, if the home hasn’t been inspected yet and serious issues turn up, you can also negotiate that in your favor.
Protect Yourself With a High-Quality Pre-Purchase Inspection
There is a lot that goes into a pre-purchase inspection, but doing it at the right time and using it to your advantage is key. You’ll be able to learn more about the property itself and potentially save yourself some heartache later by paying close attention to the results.
Was this information useful? If you’re a future homebuyer (or a recent homebuyer), be sure to check out our website for more tips on making your house a home.