A home purchase is one of the largest investments you may ever make. It’s smart to request an inspection and to review the report before you complete the purchase.
Inspection report
An inspection report can provide you with details about the property’s condition. There are some items that are especially important to understand, because they can be costly to repair or replace after the sale and could pose a safety hazard.
The inspector will check for signs of structural damage, especially damage to the foundation or walls that could cause instability. They may also determine the condition of the roof, including whether it leaks or if shingles need to be replaced. Water damage can cause mold, which can be very dangerous if it is not remediated.
The report can also tell you if there is a problem with the plumbing and electrical systems, the heating, cooling and ventilation, and whether the home has appropriate insulation. If it is not already part of the inspection, you may want to ask the inspector to look for signs of pest or termite infestation.
Addressing discovered issues
If there is an issue that needs to be fixed before closing, you may want to check the contract to determine if the seller will pay for it. If they won’t, there may be an option to terminate the transaction or instead, request a price reduction.
Material issues could cancel the purchase agreement as well. These are issues that could pose a serious safety risk or significantly impact the property’s value.