by cfbi1 | Nov 4, 2013 | Home Inspection
Many people out there still do not know the difference between an appraisal and a home inspection. When you are looking to buy a home, and you have been pre-approved by the bank for a mortgage loan, or you are the seller of a home, then an appraisal is an important factor in the purchase transaction. What you need to understand is how an appraisal works and how the appraiser determines the correct value of the property.
A home appraisal is meant to be an unbiased decision by an experienced professional regarding the true value of a home or property. Appraisals are very common and are usually used in the process of buying and selling properties and homes. The appraisal is used to determine whether the home is of the correct value and the contract price matches the condition of that home.
Many factors are taken into consideration like, where the home is located, its current condition and how it looks aesthetically. An appraisal is trustworthy and ensures that the lender is not handing over more money than the home is actually worth. The appraisal is basically a security net for the bank ensuring the new homeowners are not over borrowing on properties that the bank couldn’t reclaim back. Appraisals also consider comparable homes recently sold in the general vicinity.
A home inspection, however, is there to give buyers peace of mind that the home being purchased is in good condition and not falling apart on the inside. A completed home inspection report will give an accurate detailed account of the structure and an overall picture of all working components (plumbing, wiring, HVAC, etc.) and the life expectancy of them.
A home inspection will evaluate the condition of the foundation, the roof condition of the property and more. The findings in a home inspection are often the dealmaker or deal breaker for all parties involved, unless the home is being sold in an “AS-IS” contract. Appraisals are for the banks, the inspection is for the new homeowners.
by cfbi1 | Nov 1, 2013 | Home Inspection
Buying a home can provoke all of these at the same time: excitement, stress, and exhaustion. The many factors that need close attention are overwhelming. However, they are necessary to ensure the home you decide to buy is the correct choice for you and your family. One of the main areas in need of serious attention is that of a home inspection.
Home inspections are not compulsory by law, but they do offer an incredibly detailed insight into the current condition of the home, as well as, what kind of state it could end up in left untreated.
An experienced home inspector will test your “dream” home for a lot of things, starting from the foundation, to the roof conditions, and all things in-between. It is also important that you request a termite and insect inspection. This is especially important if there are any hints or slight evidence of wood rot in the potential home. It could mean an infestation.
Termites can cause thousands of pounds in damage by weakening the structure by eating away through wood and other materials it fancies. This can turn into very trying times, especially when you are unaware of them eating through what could be the biggest investment of your lifetime.
It is also not a nice experience having thousands of winged termites emerging from cracks and decaying wood around your home; infesting your living space and disturbing your ambiance.
Termites can have an effect on the asking price of any home, as they can cause thousands of dollars worth in damage. This can put the buyer with high out-of-pocket expense, if the seller is unwilling to pay the repair bills. A qualified experienced home inspector will be able to identify any issues, give you a correct evaluation of any damage, and give you the right information to what needs done in terms of treating the infestation.
by cfbi1 | Oct 31, 2013 | Home Inspection
Would you buy a car without looking at it? Or would you take the time to visit the seller, check everything is as it says it is, take it for a test drive, and view under the hood? The reason you would take the time out to carry out the above tasks is to ensure that you would be getting the correct value for your money and caring about your financial investment. More than likely, you would probably take someone along who knows a bit about cars, correct?
Why then when it comes to looking to buy a home that so many people disregard the option of a home inspection service? Could it be that they are already spending the largest amount of money in their life and simply don’t want to spend any more on unneeded extras?
Perhaps, they think the house is in good condition according to what they see. The problem with that is every house has issues and some are more important than others are. It is possible that some systems in the home need attention right away. That’s why a home inspection service is essential in the home buying process.
A house may look aesthetically pleasing from the outside to you, but in this case, you are not the expert. A trained inspector can only give an accurate evaluation of the true condition of that house. All major components within the home must be checked for suitability, safety, as well as, checked against all current legal state standards.
You, as the homebuyer, will want the entire process to run as smoothly as possible without any extra glitches. Therefore, one of the most important decisions to make is to contact and hire an experienced home inspector to give a proper assessment of the potential purchase.
What you need is peace of mind and assurance you are making the right financial decision, and that is exactly what a home inspection will give you.
by cfbi1 | Oct 30, 2013 | Home Inspection
When the time comes for you to purchase the home of your dreams, it is vital that you think long and hard about hiring a professional home inspection service. This is especially important to do before there is any thought of signing the sales contract. In some cases, lenders or mortgage providers will actually require a home inspection to help with the approval of the loan.
It’s important not to go for the cheap option when you choose to contact and hire a home inspection service you will get what you pay for. By paying an extra couple of hundred dollars, you can get a more thorough report that includes the condition of major structural components. It has always been the view that a home inspection should identify all issues of concern that will delay the closing process.
It is better for you to call the inspection company, as well as, be the one to hire the home inspection service. This will also give the opportunity for you to join in on their review of the house. Having a home inspection performed before purchase allows you to request the seller pay and fix any major repairs. It is a chance at re-negotiation on the price, but only if you are the one responsible to pay for the repairs. An inspection is definitely important if the purchase contract is AS-IS condition.
Keep in mind, the inspection will cover all functional components of your home, rather than cosmetic issues. There are standards of practice that the inspector needs to adhere closely to, for the house to be assessed correctly.
Being able to attend the inspection walkthrough gives a clear picture of the home’s true state. Ask plenty of questions, the inspection supplies a thorough report and digital photos of any damage or repairs.
by cfbi1 | Oct 29, 2013 | Home Inspection
If you are looking at buying a home there is one decision you simply cannot afford to pass by and disregard. That decision is if you need to contact and employ the services of a home inspector and choose for it to be included in your home buying process. The reality is this home inspection is not obligatory in the home buying process and is not required by law. The choice is yours and it all comes down to you deciding if you need one.
Many people are fooled into thinking that because they have a builder or construction worker in the family they can simply rely on their opinion. Having a construction worker in the family is a great asset when it comes to doing repairs in and around the home. However, the training that a qualified home inspector has is far more in-depth and specialized in comparison to a construction worker.
A home inspector must pass strict regulations for certifications, which enable them to properly review and evaluate a home and detect any issues that could develop into serious problems. Everything from the correct concrete foundation of the structure to major working components in the home, up to the condition of the roof all these items and more are checked.
The reason a home inspection is essential is that you can use the findings from the inspection report to make the correct financial decision when it comes to buying the home or declining it, and looking a fresh for another.
It can be agreed that buying a home is a substantial step for anyone involved, it is also agreeable that the decision needs to be a sound one. You do not want to be overloaded with future repair bills from issues that could have been identified and/or avoided at the start if a home inspection was ordered and carried out.
