The Purpose of the Home Inspection

Purpose of the Home Inspection

Although home inspections are advertised regularly and recommended by mortgage lenders as well as real estate agents, first time home buyers may still be a little unsure about the purpose of the inspection. In a nutshell, the inspection gives the buyers a full view of the home’s condition at the time of purchase. This represents a base line from which the buyers can build their knowledge for future repairs or renovations.

Purpose of the Inspection

The home inspector will first test all of the major systems located throughout the home. This will include the electrical wiring, the plumbing, the cooling and heating system and any other major system. The foundation, roof, and exterior walls will be looked over very closely. After the inspection is complete the buyer will receive a full report that can be the size of a small novel. This report will usually cover a wide variety of small details that would escape the attention of a typical home buyer.

Influence of Inspection on Transactions

The home inspection is quite handy for people looking at buying older homes. The report may reveal a problem that was unknown to the current owner. This can lead to either a reduction in the asking price or a negotiation to fix the problem prior to the sale. If the problems are quite extensive then the buyer may wish to cancel the purchase contract and search for another property.

Best Practice: Order an Inspection after Placing Bid on Home

Some sellers may offer a home inspection of their own that was completed at some time in the recent past. While this may be a good sign that the seller is being proactive towards the condition of the home and revealing any possible issues, it is still a good idea for first time home buyers to order their own report. A problem can pop up at any time and can linger without the homeowner’s knowledge. Getting a current report lets the buyer know the exact condition of the home when it is purchased.

Be prepared to spend between $300 and $600 on the inspection report. This may seem like a large fee but in comparison to an investment of thousands upon thousands of dollars this is a good preventive measure to ensure there are no major problems with the home.

Visit our first time home buyer page for additional information.

Contact me below or apply online to see if you qualify for a mortgage!

Inlanta Mortgage – Madison
368 Junction Road MadisonWI53717 USA 
 • 608-245-6905
  • Contact us for more information
    (877) 240-5810
  • Fill out the form and a member of our team will contact you within 24 hours.
  • We will only use this contact information for a one-time consultation unless you request otherwise. Privacy Policy.
  • This field is for validation purposes and should be left unchanged.
Filed under: First Time Home Buyers, Florida Blog

Luke Skar

Luke Skar is the web developer and content strategist for Inlanta Mortgage in Madison, serving Wisconsin, Illinois, Minnesota and Florida. Guided by his 12-plus years of various mortgage marketing experience, Luke provides top-quality SEO services, effective social media management, and web development and maintenance. Luke’s career in the mortgage industry began back in 2001, as a loan processor. After becoming a loan officer for a number of years, Luke is now the sole owner/operator of madisonmortgageguys.com. To ensure that all the information he posts is fresh, accurate, and up-to-date, Luke relies on the knowledge which his years of dedication to keeping up with the constant change that the mortgage industry provides.

Comments

Loading Facebook Comments ...

Leave a Reply

Your email address will not be published. Required fields are marked *