A home inspection may be required in order to determine the value of a home or residential property. This is usually conducted by a licensed professional who takes note of any faults, defects, or needed repairs that might affect the home’s value. They will also take note of any additions or improvements that might increase the home’s value. In particular, most home inspections will focus on:
- Structural and safety aspects of the home
- Roofing, windows, and doors
- The condition of appliances and heating/ventilation systems
- Carpets and flooring
Also, inspectors will consider other factors such as the home’s location; distance from stores, freeways, and schools; and the overall atmosphere of the neighborhood. Home inspections are sometimes called appraisals.
A home inspection is usually required for any home sale transaction, or when title of the home is being passed to a new owner. A home inspection can also be requested in situations such as:
- The owner is concerned about safety aspects of the home (for instance, after a fire, earthquake, or other natural disaster)
- Adjustments are being made on a mortgage or home loan
- For the purpose of obtaining a home repair loan
- The owner is considering engaging in property renovation or home improvement projects
Thus, can home inspection can provide a greater understanding of the property so that other projects or transactions can take place.
A home inspection is usually meant to prevent instances of fraud. For instance, in a home sale, it is less possible to deceive a buyer regarding the price of a home if they have a price quote from a recent home inspection. However, home inspections themselves can sometimes be subject to fraud.
For instance, recent fraud schemes may involve inaccurate valuations of homes, or fake documents for home inspections. It can also happen that the person conducting the home inspection is not properly certified to issue a statement on the home. Thus, it’s important to work only with persons whose credentials can be verified. In some cases, it’s worthwhile to get a second opinion on the home inspection if there are any doubts.
Home inspections can often "make or break" a home sales transaction. The outcome of the sale is often based on the results of a home inspection, so it’s important to ensure that the inspection is conducted properly. You may need to hire a real estate lawyer for assistance during home inspections and home sales transactions. Your attorney can provide you with guidance during the process, and can also represent you in court if you need to file a lawsuit.