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Inspection vs. Appraisal
Do I need a house inspection when my bank is having the house appraised?
Yes!
A house appraisal is an independent evaluation of the current market value of a house or property. In general, the purpose of an appraisal is to set the current value of a house so that a lender may determine how much it can loan to the buyer. The appraiser looks at similar properties in the area and the prices at which they were sold to set the value of the house.
A house inspector conducts a thorough evaluation of the house?s major systems and structural integrity. Whereas the appraiser is typically working for the bank, the house inspector is working for you. The house inspector identifies items that need replacement or repair prior to closing, which can save you thousands of dollars.
U.S. Department Of Housing And Urban Development (HUD) requires buyers sign a ?Consumer Notice? advising them to get a house inspection in addition to a house appraisal before purchasing a house with a FHA mortgage. Additionally, HUD now allows homebuyers to include the costs of appraisal and inspection in their FHA mortgage
Do I need an Engineer or a Home Inspector?
You need a home inspector. When you hire a home inspector, you are hiring an experienced professional who has training and experience in the building industry. It is the job of the home inspector to not only evaluate the condition of the house's major systems and structural integrity, but also to evaluate how these systems are working together and identify areas that need to be watched, repaired or replaced.
Your home inspector gives you the ?Big Picture? analysis of the house you are purchasing. If the home inspector identifies the need for a costly, detailed analysis of any of the houses' systems or structures, the inspector will recommend the appropriate professional, which may be an experienced engineer with expertise analyzing that particular system or structure. The need for this kind of expensive, detailed analysis is rare.
Hiring a Professional Engineer on your own can be a disappointing experience. The term ?Professional Engineer? does not mean that the individual has training or experience conducting home inspections. Additionally, a home inspection does not involve engineering analysis. Therefore, hiring a ?Professional Engineer? to complete a home inspection undoubtedly costs more, but it may not give you the results you desire and deserve.
Pre-purchase Inspection
When buying a home, you should always have a professional home inspection performed. You need to know exactly what you are getting. The professional home inspection will reveal any hidden problems with the home so that they may be addressed before you close the deal. Making your buying decision much easier and more confident.
Home inspectors will look at the systems that make up the building such as:
Structural elements, foundation, framing ect...
Plumbing systems
Roofing
Electrical systems
Cosmetic condition, paint, siding etc...
The inspection report will tell you what needs to be repaired and what routine maintenance tasks you should perform to keep the house in top condition.
You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, arrange for an inspector of your choosing to come inspect the house and pay close attention to the inspection report. If you aren?t comfortable with what we find, you should demand that the seller correct the problems before closing ? or negotiate for a lower purchase price or better terms to compensate.
The professional home inspection will reduce the risk of costly surprises with what is likely to be the largest purchase you will ever make. It helps you to make a more informed, more comfortable decision.
New Home Inspection
There are good reasons to have a professional inspection performed on the brand new home you are buying.
Buying a new house is likely one of, if not the largest purchase decision you?ll ever make. The whole process is fraught with emotion and stress. A professional home inspection will substantially reduce the risk for your large investment in a new home. It just makes sense to learn as much as you can about the quality of your new home, before signing off on everything.
Building a new home is a tremendously complex endeavor. It involves many people, usually split up into sub-contractor groups, each working on different parts and systems of the house. Even for the best builders, it?s nearly impossible to complete this process without missing something. Maybe it?s a plumbing fixture that didn?t get tested for leaks, maybe it?s an electrical box that isn?t working, or any one of dozens of minor problems that can easily be overlooked in such a major undertaking. We will find such problems while it is still early enough for you to bring them up with the builder and have them corrected before you sign-off and start moving in.
For the relatively small cost, a professional inspection of your new dream home can pay big dividends in peace of mind and getting any problems identified and corrected before they can become an unpleasant surprise.
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