You’ve found your dream home. You’ve made an offer that the seller accepted. And your mortgage lender has approved your request for a home loan to finance the property. Now it’s time to get started on your Louisville home inspections.
What is a home inspection? It’s a key tool that homeowners can use to make sure they aren’t buying a home with serious and costly problems.
And while a home inspection isn’t free – depending on the size of your home, expect to spend about $300 to $500 for a typical home inspection – it’s certainly a worthwhile investment. If your home inspector discovers that your potential dream home has a sagging foundation, your investment may save you thousands of dollars.
The Inspection Process
Home buyers have the right to order a home inspection after the residence’s sellers accept their offer and before the real estate closing takes place.
During an inspection, a home inspector will tour the home you hope to buy. This professional will test such items as your new home’s dishwasher, shower and water heater. The inspector will look for signs of a leaky basement or an equally leaky roof. Inspectors check to make sure that a home’s foundation is in solid shape and that its electrical systems are up to code.
In other words, inspectors look for problems, big and small, with the home that you hope to buy.The inspection will take from two to several hours, depending on the size of the home that you are buying.
Stay With Your Inspector
It’s a good idea for homeowners to follow along with home inspectors as they tour residences. Why? Home inspectors don’t just find problems, they are also excellent sources of information about the key operating systems of homes.
When you purchase a home, it might not come with certain key manuals. You might not know where the shut-off valve for the home’s water system is. You might not know how the residence’s water softener works or which switches in the home’s fuse box shut off power to particular areas of the residence.
A home inspector, though, can fill you in on how your new home works. This professional can teach you how to use a water softener if you’ve never owned one. The inspector can warn you if your new home’s water heater is nearing the end of its life. And the inspector can tell you how to quickly shut off your home’s water supply in case of an emergency.
The main benefit of a home inspection, though, remains the financial one. If a home inspector finds a serious problem with the home you want to buy, you can use that information to request that the residence’s sellers either fix the problem, provide you money to fix it yourself or reduce their selling price.
If the problem is too serious, you can use the home inspector’s information to back out of your agreement to buy the house without suffering any financial penalty.
So after you make your offer, and after the sellers accept it, celebrate. But don’t forget to schedule that home inspection.