A house can look beautiful during a showing and still hide problems behind the walls or above the ceiling. A professional home inspection gives you an objective look at the property’s condition before you commit. Once you close, repairs are your responsibility, so this is your chance to learn what you are buying.
Most purchase contracts include an inspection contingency, which gives you a set number of days to inspect and respond. While lenders do not always require a general inspection, some loan programs and situations call for specific checks, such as a termite or well inspection. Either way, it is one of the best investments you can make during the purchase. The cost typically depends on the home’s size, age and any add-on services you choose.
Your real estate agent can usually recommend reputable inspectors and help schedule the visit. Look for someone experienced, insured and willing to walk you through their findings.
A general inspection is visual and non-invasive. Inspectors will not open walls or move a seller’s furniture, and several items typically require separate specialists:
If the general inspector flags a concern in one of these areas, it is usually worth bringing in a specialist for a closer look before your contingency period ends.
Buyers of brand-new homes sometimes skip the inspection, assuming everything is fresh and built to code. Even new homes can have missed details, such as improperly sealed windows, loose connections or grading that sends water toward the foundation. Many buyers schedule an inspection before the final walkthrough with the builder, and some also order one before the builder’s warranty period ends so any issues can be addressed at no cost.
The written report typically includes photos and descriptions of what the inspector found. Do not be alarmed by its length. Focus on safety issues, structural concerns and major systems near the end of their life. With your agent, you can then decide whether to ask the seller for repairs, request a price reduction or credit, accept the home as is, or, if your contract allows, walk away.
If the home needs significant work and you still love it, a renovation loan such as an FHA 203(k) may let you finance repairs along with the purchase. You can also compare loan programs to see which fits your plans.
Have questions about how inspection results could affect your loan? Reach out to FLO Mortgage and one of our loan officers will be glad to help.
A FLO Mortgage loan officer can walk through your options, run real numbers and help you choose a loan that fits.
This article is for general education and is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and program availability. FLO Mortgage, Company NMLS #1835856. Equal Housing Opportunity.
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