home features, comparable sales (“comps”) in the area, and other pricing factors to set a value, or market price, and makes his summary based on complex mathematical calculations. Home inspections, however, focus on home conditions — not value. If those conditions aren’t obvious, the home appraiser won’t factor them into the market price of the home. For example, a bulging wall or a moldy basement are highly noticeable, and will be reflected in the appraisal; however, electric wiring that’s not up to code or the condition of the insulation will not be noticeable or included in the appraisal, but will show up in the inspection report (along with the noticeable issues). Some mortgage guarantors require home inspections along with the home appraisal, as the guarantors have specific requirements of what should and shouldn’t be in the house. A property that possesses any of the red flags can’t be approved until all of these red flags are eliminated. If inspections are made properly, you’ll be able to know your future home’s exact conditions. Be absolutely sure that you have a trustworthy and reliable home inspector on your side, as, essentially, the whole deal now depends on this individual.
HOW TO GAIN AN ADVANTAGE
One way to gain the upper hand when it comes to home inspections is to go even further beyond a traditional home inspection and be as thorough as possible, hiring not only a traditional home inspector, but also other professionals to examine carefully all systems of the home, including the electrical system, the plumbing system, and the HVAC system, etc., as well as professionals who are qualified to check for pests and mold infestations, and other such issues.
Too many buyers make the mistake of not ordering additional,
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