Let the Buyer Beware!

Home Inspectors Warn Novice and Experienced Homebuyers

More people are buying homes than at any other time in modern history. A unique combination of factors, low interest rates, low unemployment, higher salaries, low inflation, and high consumer confidence are creating a bumper crop of homebuyers for existing homes as well as new construction. As a homebuyer, you will benefit from knowing about one of the most important aspects of the real estate transaction: the home inspection.

The purchase of a new home represents the largest single investment most Americans will make in their lifetimes. Yet surprisingly, the majority of people will make their buying decisions based on the aesthetic appeal of the house without knowing its true physical condition.

The American Society of Home Inspectors warns Buyers to fight the temptation to jump quickly at what may first appear to be a good deal. The money you save through a lower purchase price or to take advantage of the current low interest rates may be gobbled by unanticipated repairs after you and your family have moved in. Most homes, new or existing, often present the potential for expensive repairs.

Instead, take the time to first call and then accompany a professional home inspector for a thorough inspection of the condition of the house before making a final decision. This pre-purchase home inspection will reveal the physical condition of the property and will identify any items that will need repair or replacement, including the in-service operation or failure of a home's systems and components, as well as the type of maintenance that has been and should be performed.

Are home inspections a requirement of the real estate transaction? "They aren't now, but they should be. Appraisals just aren't enough to let the Buyer know the true state of the home," says Rob Paterkiewicz, executive director of the American Society of Home Inspectors. "There are some parts of the country in which lenders require a pre-purchase inspection, such as Countrywide, who has established its own home inspection division. And many Realtors request that homeowners have their homes professionally inspected prior to marketing. It serves two purposes, both essential to a smooth real estate transaction: to achieve a more realistic asking price and to prevent negotiation breakdowns later."

Think of a home inspection as pre-purchase insurance against potentially expensive repairs after the sale is final.

Before you fall in love with any home, take note of a few things yourself. Does the home appear to be well-maintained? Are roof shingles curling or lifting? Does the wood appear decayed around door and window frames? Does the plumbing work in every fixture? Did you notice wood or paper debris, possibly signaling the presence of termites? How old is the gas/electric heating equipment?

If the home you are interested in passes these few preliminary tests, then it is time to call an inspector for a professional evaluation. Remember: What may appear to be in good order to you may signal something different to the inspector. For example, fresh paint may give the appearance of good maintenance, but it can also mask a problem to the untrained eye.

Because inspectors do not perform any destructive testing and cannot see through walls, they are unable to report the condition of every nail, pipe, and wire. And don't expect them to cover obvious cosmetic blemishes.

The inspector's job is to point out large expenses or safety-related concerns. Without the assistance of a professional, Caveat Emptor -- "Let the Buyer Beware." 

This page last updated on 3/2009

 

 

 

 

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