Whether buying or selling a home, it’s important to understand the specifics of a home inspection.
The purpose of a home inspection is to assess the condition of a property. This differs from a home appraisal, which serves to determine a home’s market value. A home inspection identifies potential problems, safety issues and needed repairs on a structure and its systems, such as roof and foundation, electrical and wiring, plumbing and HVAC. Depending on the age and location of the dwelling, the inspection might also include testing for radon, lead paint or water and air quality.
An inspection offers advantages to both parties. For the buyer, it uncovers information critical to making an informed decision on a significant investment. It advises them of any safety hazards and enables long-term maintenance and financial planning. It also can provide leverage for negotiations. For the seller, an inspection promotes transparency and trust, increases buyer confidence and reduces potential liability as a result of undisclosed problems. Additionally, having a pre-listing inspection, known as “pre-home inspection,” will allow the seller to anticipate and address issues that could impact the transaction.
While a home inspection is not legally required to complete a home purchase, a seller is required to grant one if requested by the buyer. New state laws protecting a buyer’s rights regarding inspections (760 CMR 74.00; see mass.gov) will go into effect Oct. 15 of this year.
Inspections should be conducted by a licensed professional. Referrals can be solicited from your real estate agent, friends or family. Licensed inspectors also can be found on the state government website (mass.gov) or through professional organizations such as the American Society of Home Inspectors (homeinspector.org) or the International Association of Certified Home Inspectors (nachi.org). If you know the house needs work, you might want to include a contractor in the process to provide pricing for any repairs or updates.
Whether on the market or in the market, a home inspection will arm you with information to help you cover your assets — and that’s always advisable.
Kim Foemmel
Foemmel Fine Homes
1 Lumber Street, Suite 207C
Hopkinton, MA
(508) 808-1149
Kim.Foemmel@gmail.com
FoemmelFineHomes.com
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