Home Inspections: The Basis For A Sound Financial Decision

Home Inspections: The Basis For A Sound Financial Decision

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The U.S. Department of Housing and Urban Development recommends that home buyers arrange for a home inspection from a qualified inspector before finalizing the purchase of a new home. Although home inspections are not usually required in order to obtain mortgage financing, they are a worthwhile investment for prospective buyers since they can identify serious problems with a particular property, potentially saving the buyer thousands of dollars in repair costs. Home buying experts suggest that buyers make any written offer contingent on the satisfactory results of a qualified home inspection. A home is the single largest investment most people ever make, so it makes sense to spend a few extra dollars to make sure that investment is a sound one.

Home inspections should not be confused with appraisals. Appraisals are required in order to obtain a mortgage and are intended to assess the value of the home, usually by comparing it with similar homes that have sold recently and averaging the results to come up with an estimated selling price for the property. While the general condition of the property is evaluated during a property appraisal, it does not provide specific information about mechanical systems or likely repairs. Home inspectors conduct a far more detailed and thorough inspection of every part of the home and put together a written report of their findings, allowing the buyer to be fully informed about the condition of the house before closing the sale. Of special importance are the inspections of the electrical system, heating and cooling system, and plumbing; repairs on these systems can be particularly costly.

Electrical repairs can be costly and disruptive. If your electrical system is outdated or faulty, you may need to install new wiring or a new electrical panel, costing you thousands of dollars. Even electrical systems in good repair may require an upgrade in your service in order to fully meet the demands modern electronics can put on the system. Home inspection professionals are trained and experienced in analyzing electrical systems to ensure they are in good repair and suitable for your electrical needs.

A thorough inspection of the homes heating and cooling system can not only help you avoid repair costs, but prevent dangerous carbon monoxide leaks from threatening your familys health and safety. Cracked heat exchangers can present a significant risk of carbon monoxide poisoning, and must be replaced immediately at considerable expense. Older units are especially vulnerable to this problem, which may go unnoticed by the homeowner. A qualified home inspector can find this and other problems with the heating and cooling system, allowing you to negotiate with the seller to have the unit repaired, replaced, or the selling price of the home reduced.

Plumbing leaks or aging water pipes can cause damage behind the wall, where it cant be readily spotted. Home inspection experts are trained in identifying the telltale signs of these leaks and can spare you the expense of a large-scale replacement by informing you of these problems in advance.

It makes good financial sense to hire a qualified and experienced home inspector to assess the condition of the major mechanical systems of any property you are considering. If problems are found, you can negotiate with the seller to have them repaired, or move on to continue your search for your new home. If the inspector gives a clean bill of health to the home, you can buy with confidence, knowing that the home youve chosen is in good condition. Either way, youll have the peace of mind of knowing that your largest investment is a fully informed and sound financial decision.

About the Author:
Joe Cline writes articles for Austin real estate. Other articles written by the author related to Austin Texas real estate and Round Rock real estate can be found on the net.



Article Originally Published On: http://www.articlesnatch.com


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