Atop the long list of items to do when buying or selling a house is the home inspection. But what is involved? How much does it cost? Why is it done in the first place? It’s important to understand what a home inspection entails and how it affects the sale of your home or the purchase of a new one. The more you know, the less likely you are to get ripped off or taken by surprise.
What is a Home Inspection?
First of all, let’s clear up a commonly misunderstood point: a home inspection is not the same as an appraisal. An appraisal is an estimate of a property’s overall market value. A home inspection is much more detailed and practical. It is also not a code inspection and therefore does not report on building code compliance or give a “passing” or “failing” grade. It is defined as an objective visual examination of the structure and systems of a home by an impartial, neutral third party not related to the buyer or seller. In layman’s terms, it shows you what’s wrong with the property you want to buy or sell and if it is serious enough to prevent a sale.
The three main points of the inspection are to evaluate the physical condition of the home, including structure, construction and mechanical systems; identify items that need to be repaired or replaced; and estimate the remaining useful life of the major systems, equipment, structure, and finishes. Bottom line: a home inspection is to inform the buyer of any readily visible major defects in the mechanical and structural components, and to disclose any significant health or safety issues.
What Does a Home Inspection Cover?
A home inspection includes a visual examination of the house from top to bottom. There are hundred of items a home inspection covers, including general structure, flashings, basement or lower level, framing, central cooling and heating, chimneys, plumbing and electrical systems, drainage, bathrooms and laundry facilities, foundation, common safety devices, fireplaces and wood stoves, kitchen and kitchen appliances, general interior, attic, insulation. ventilation, roof, and exterior.
An inspector cannot report on defects that are not visible. For instance, defects hidden behind finished walls, beneath carpeting, behind storage items and in inaccessible areas, and even those that have been intentionally concealed. Systems that are seasonally inoperable (swamp coolers, air conditioning, furnaces) will not be turned on during the inspection.