The Home Inspection Contingency
Your first clue that a home inspection is important
is that it can be used as a contingency in your purchase offer. This contingency
provides that if significant defects are revealed by a home inspection, you can back
out of your offer, free of penalty, within a certain timeframe. The potential problems
a home can have must be pretty serious if they could allow you to walk away from
such a significant contract.
What a Home Inspection Examines
Inspectors vary in experience,
ability and thoroughness, but a good inspector should examine certain components
of the home you want to purchase and then produce a report covering his or her findings.
The typical inspection lasts two to three hours and you should be present for the
inspection to get a firsthand explanation of the inspector's findings and, if necessary,
ask questions. Also, any problems the inspector uncovers will make more sense if
you see them in person instead of relying solely on the snapshot photos in the report.
The inspector should note:
whether each problem is a safety issue, major defect, or minor defect
which items need replacement and which should be repaired or serviced
items that are suitable for now but that should be monitored closely
A really great inspector will even tell you about routine maintenance that should
be performed, which can be a great help if you are a first-time homebuyer.
While
it is impossible to list everything an inspector could possibly check for, the following
list will give you a general idea of what to expect.
Exterior
Exterior walls - The inspector will check for damaged or missing siding, cracks and whether the soil is in excessively close contact with the bottom of the house, which can invite wood-destroying insects. However, the pest inspector, not the home inspector, will check for actual damage from these insects. The inspector will let you know which problems are cosmetic and which could be more serious.
Foundation - If the foundation is not visible, and it usually is not, the inspector will not be able to examine it directly, but they can check for secondary evidence of foundation issues, like cracks or settling.
Grading - The inspector will let you know whether the grading slopes away from the house as it should. If it doesn't, water could get into the house and cause damage, and you will need to either change the slope of the yard or install a drainage system.
Garage or carport - The inspector will test the garage door for proper opening and closing, check the garage framing if it is visible and determine if the garage is properly ventilated (to prevent accidental carbon monoxide poisoning). If the water heater is in the garage, the inspector will make sure it is installed high enough off the ground to minimize the risk of explosion from gasoline fumes mingling with the heater's flame.
Roof - The inspector will check for areas where roof damage or poor installation could allow water to enter the home, such as loose, missing or improperly secured shingles and cracked or damaged mastic around vents. He or she will also check the condition of the gutters.
Interior
Plumbing - The home inspector will check all faucets and showers, look for visible leaks, such as under sinks and test the water pressure. He or she will also identify the kind of pipes the house has, if any pipes are visible. The inspector may recommend a secondary inspection if the pipes are old to determine if or when they might need to be replaced and how much the work would cost. The inspector will also identify the location of the home's main water shutoff valve.
Electrical - The inspector will identify the kind of wiring the home has, test all the outlets and make sure there are functional ground fault circuit interrupters (which can protect you from electrocution, electric shock and electrical burns) installed in areas like the bathrooms, kitchen, garage and outdoors. They will also check your electrical panel for any safety issues and check your electrical outlets to make sure they do not present a fire hazard.
Heating, ventilation and air conditioning (HVAC) - The inspector will look at your HVAC system to estimate the age of the furnace and air conditioner, determine if they function properly and recommend repairs or maintenance. An inspector can also give you an idea of the age of the home's ducting, whether it might have leaks, if your home has sufficient insulation to minimize your energy bills and whether there is any asbestos insulation.
Water heater - The home inspector will identify the age of the heater and determine if it is properly installed and secured. The inspector will also let you know what kind of condition it is in and give you a general idea of how many years it has left.
Kitchen appliances – The inspector will sometimes check kitchen appliances that come with the home to make sure they work, but these are not always part of the inspection. Be sure to ask the inspector which appliances are not included so that you can check them yourself.
Laundry room - The inspector will make sure the laundry room is properly vented. A poorly maintained dryer-exhaust system can be a serious fire hazard.
Fire safety - If the home has an attached garage, the inspector will make sure the wall has the proper fire rating and that it hasn't been damaged in any way that would compromise its fire rating. They will also test the home's smoke detectors.
Bathrooms - The inspector will check for visible leaks, properly secured toilets, adequate ventilation and other issues. If the bathroom does not have a window and/or a ventilation fan, mold and mildew can become problems and moisture can warp wood cabinets over time.
Home Inspection Shortcomings
A home inspection can't identify everything that might
be wrong with the property - it only checks for visual cues to problems. For example,
if the home's doors do not close properly or the floors are slanted, the foundation
might have a crack - but if the crack can't be seen without pulling up all the flooring
in the house, a home inspector can't tell you for sure if it's there.
Furthermore,
most home inspectors are generalists - that is, they can tell you that the plumbing
might have a problem, but then they will recommend that you hire an expert to verify
the problem and give you an estimate of the cost to fix it. Of course, hiring additional
inspectors will cost extra money. Home inspectors also do not check for issues like
termite damage, site contamination, mold, engineering problems and other specialized
issues.
After the Inspection
Once you have the results of your home inspection, you
have several options.
If the problems are too significant or too expensive to fix, you can choose to walk away from the purchase, as long as the purchase contract has an inspection contingency.
For problems large or small, you can ask the seller to fix them, reduce the purchase price, or to give you a cash credit at closing to fix the problems yourself - this is where a home inspection can pay for itself several times over.
If these options aren't viable in your situation (for example, if the property is bank-owned and being sold as-is), you can get estimates to fix the problems yourself and come up with a plan for repairs in order of their importance and affordability once you own the property.
The Bottom Line
A home inspection will cost you a little bit of time and money, but
in the long run you'll be glad you did it. The inspection can reveal problems that
you may be able to get the current owners to fix before you move in, saving you time
and money. If you are a first-time homebuyer, an inspection can give you a crash
course in home maintenance and a checklist of items that need attention to make your
home as safe and sound as possible. Don't skip this important step in the home-buying
process - it's worth every penny.
Article taken from (http://www.investopedia.com/articles/mortgages-real-estate/08/home-inspection.asp)
December is a month of holidays. To make sure that everyone stays at the table all night long it is best to keep them well fed and coming back for more. So try this sweet treat that is sure to please.
Don't let Christmas ever heat up too much -- with fire that is. Did you know that Christmas trees alone result in 13 million dollars, annually, in property damage? More importantly, these fires present real risk towards family and friends. When showcasing a live tree in your home, the combination of tree dryness, electrical malfunction with lights and poorly located heating sources can make for a deadly combination.
But if your holiday is just not complete without a live tree, follow these safety precautions to keep threats at bay:
Fresh trees are less likely to catch fire, so look for a tree with vibrant green needles that are hard to pluck and don't break easily from its branches. The tree shouldn't be shedding its needles readily.
Always place your tree away from heat sources like fireplaces, radiators, candles, heat vents or lights and keep the tree base filled with water to avoid a dry out
Make sure all your indoor and outdoor Christmas lights have been tested in a lab by the UL or ETL/ITSNA for safety and throw out any damaged lights.
Any lights you use outdoors must be labeled suitable for exterior placement and be sure to plug into a ground-fault circuit interrupter protected receptacle.
Keep all your holiday candles away from your Christmas tree, surrounding furniture and décor.
Bedtime means lights off don't forget to turn your Christmas tree light switch each night
When your tree begins to drop its needles, it's time to say goodbye to your evergreen foliage until next year. So this year, follow our guidelines to avoid being another statistic in the National Fire Protection Association or United States Fire Administration report during the upcoming holiday season.