A home inspection is a big part of buying or selling a luxury home in the Denver area, and as such, you should know what to expect. For the buyer, a home inspection can save time and money later. For the seller, a favorable inspection backs the selling price by giving the potential buyers peace of mind.
It is important that you do not confuse a standard home inspection with an appraisal, insurance policy inspection, or even a building code inspection. In short, a home inspection is nothing more than an examination of the major structure of a home as well as its components. It is not a guarantee of any kind, either. In most states, a license is required to be a home inspector. As such, you can ask your real estate agent, or even your friends and family for referrals. Although it is always possible to go online and find a list of inspectors in your area, it is always best to have a personal reference.
When Is a Home Inspection Necessary?
In most cases, the buyer initiates the home inspection immediately after signing the “offer to purchase” contract. At this point, the sale is not final. However, if you are a buyer, be certain that the contract contains an inspection clause before you sign. This simply means that the purchase is legally contingent on the results of the inspection. For instance, if the professional inspector finds significant structural damage, you will not be obligated to purchase the home. All of this takes place before the execution of the final purchase agreement.
What Happens During an Inspection?
A home inspector will not go through your things or point out frivolous cosmetic issues with a home. Rather, the inspector will examine the home’s structure, including the foundation, roof, attic, floors, walls, and even certain interior systems like electrical work, HVAC systems, and plumbing. If the seller includes the appliances in the sales contract, the inspector may also examine these. If he or she finds a problem, the home inspector will often recommend hiring a specialist. As an example, if the wiring needs work, the inspector will recommend an electrician. However, to avoid potential conflict of interest, the inspector will not personally recommend anyone by name.
Should You Attend the Inspection?
Both the buyers and the sellers should be present during the inspection. This way, both parties can ask questions or even challenge any findings if necessary. What’s more, if there are serious problems, the potential buyer may ask the seller for more information or contact their own specialists to review the findings. Of course, both parties should expect a detailed, written summary of the inspection within 48 hours, but this is not the same as being physically present.
Home inspections are not supposed to be frustrating experiences for either party. Rather, they help both the seller and the buyer discover any problems in the home, making the sales process smoother for everyone involved in the transaction.