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What is involved in a home inspection and is it
necessary?
While only certain
inspections are required by mortgage lenders or government mandate, a
comprehensive home inspection is considered a wise thing to do when
purchasing a home. However, since it is not required, the buyer must
pay for it. It is also recommended that at the time of the inspection,
you accompany the home inspector so that you can learn firsthand as
much as possible about the home you are about to purchase –
including such basics as where the main water shut-off is and
electrical distribution boxes are. Mortgage lenders typically require
inspections for wood-destroying insects. Inspections mandated by the
state or municipality could include: smoke alarm inspection, testing
of well water, septic system test, and a certificate of occupancy –
all of which are typically paid for by the seller. All other
inspections are generally paid for by the buyer and must be done
within a specified time frame, as indicated in the contract. Some
insurers require inspection of underground oil tanks.
What if the inspections
turn up problems?
Few homes are perfect.
Some problems may be a matter of simple cosmetics; others may be more
serious and call for costly repairs. The good news, however, is that
in most cases the seller and the buyer are able to come to terms. You
and the seller may decide to compromise, with both sharing the costs
of repairs, or the seller may pay for any repairs. Or you may decide
that the issue is not important enough to risk losing the home
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