All of your hard work has finally paid off. You found the home of your dreams - a perfect place to raise a family in a community replete with culture and amenities. The home loan process was handled with ease. The house appeared to be well maintained, with a large yard, beautiful landscaping and all the amenities you ever wanted. You sign a purchase agreement and 45 days later, the closing is completed, and you have moved into your dream house.
|
Two weeks later, the unthinkable happens. You notice that a large water stain has appeared in the master bedroom and living room. Believing that you have a leak, you call a plumber to determine the source of the leak and repair it. After an extensive search the plumber gives you good news and bad news. Your plumbing system is in tip top condition. The bad news? Your roof is the source of the leak. After consultation with three roofing companies, the verdict is the same - you need a new roof. The lowest estimate is an alarming cost of $10,000! It took you two years to save up for your home purchase and you don't have enough left to fix the roof. One unseasonable rain storm has turned your dream home into a nightmare.
|
What happened? You did your homework and prepared for the home buying process. You prepared your finances, increasing your savings and reducing your debt. You obtained a pre-approval for a mortgage and after an exhaustive search, you found what you believed to be a perfect structurally sound house.
|
You could have prevented or at least minimized this nightmare by having the home fully inspected by a home inspection company. A home inspection is designed to uncover deficiencies or hidden flaws in a house. The inspection provides prospective home owners an extra measure of protection from buying a home that they believe is perfect.
|
Buying a home is a significant investment. Buyers should always opt for a comprehensive inspection even if the home is brand new. A home inspection can uncover maintenance needs, builder oversights, or the need for major repairs. Most importantly, a home inspection arms you with information so that you can make your purchase with confidence.
|
The standard home inspector's report will cover the condition of the home's heating system; central air conditioning system; interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components. The report may or may not include information on well, septic, radon testing, pool/spa, sprinkler, appliances and termite damage.
|
If the home inspection reveals deficiencies you have a number of options. You can choose to continue with the sale and negotiate repairs with the seller. Minor repairs are not cause for terminating the deal. The seller may choose to make the repairs or reduce the home price accordingly allowing you to make the repairs. Alternatively buyer and seller may agree to share the repairs. If your purchase was contingent upon a favorable inspection, you can of course opt to terminate the purchase.
|
A home inspection typically takes 2-3 hours and the price varies by region but will generally not exceed a few hundred dollars. It is a good idea to be present at the inspection so that you can ask questions. You will of course only opt to inspect the home that you plan to purchase. You can find a reputable home inspector through industry associations such as the National Association of Certified Home Inspectors.
|
To maximize your protection, ensure that your purchase contract has an inspection contingency clause. The clause may read "The sale is conditional on the house passing a comprehensive inspection." This will provide you with the option of terminating the purchase contract if the house fails to pass an inspection.
|
Keep in mind there is no such thing as the perfect home. A home inspection does not guarantee that a 30 year old roof will not leak in two years. The home inspection looks for visible defects. Some defects may be well hidden and no one would have been able to find them or predict any future problems. However, a home inspection is a smart money move that could save you from unnecessary pain and suffering.
|
My goal is to
