Well, you finally found the perfect home. You are filling out the purchase
sales agreement. You figure you have enough for the earnest money deposit to be
placed in escrow and the lender will want the appraisal fee up front. But now
the realtor is advising getting a home inspection. That's extra money. The home
looks great. Besides, won't the appraisal reveal any problems?
Buying a home is normally the single most expensive purchase you make. You
want to make sure the condition of the home is what you expect. A licensed home
inspector is an impartial party to the transaction. The inspector will evaluate
the home as is. You will have a written report on the spot or within days.
Saying the obvious- it is important to read the report. It will give the
condition of the structure. It will address the electrical, plumbing, heating
and air conditioning. There will be a section on any evidence of infestation of
pests and dry rot. There will be other sections. Pay particular attention to any
items the inspector recommends be corrected. If there are areas such as attic or
enclosed area that the inspector found inaccessible that should be identified on
the report.
You can find a qualified home inspector in the yellow pages, Internet or your
realtor may have a list of several to choose from. The home inspector is working
for you because you are paying for the work. The appraisal, although paid by
you, is done for the benefit of the lender to determine market value.
By making the purchase of your home contingent upon a satisfactory home
inspection report you are protecting yourself from potentially expensive problem
repairs that you may not have been aware of when you made the offer to buy. You
are also saving yourself the expense of the appraisal until an agreement is
reached on how the repairs will be handled.