Home inspections are an essential part of the home buying process. They can turn up previously overlooked issues and give buyers confidence in their home choice. They can also help sellers anticipate potential areas of contention before they list their homes.
What is a home inspection?
A home inspection is a detailed analysis and assessment of a home designed to uncover any potential health and safety issues as well as major structural or mechanical problems. An inspection and the subsequent report can only be completed by a licensed professional.
During the inspection, the home inspector will walk through an apartment or house and visually examine its physical structure and mechanical systems. The inspection usually takes a few hours, and the subsequent report includes the inspector’s detailed observations and recommendations for any issues that might need to be addressed. In NYC, a home inspection is critical for townhouses/brownstones as they are often ~100 years old. Though they are less important with condos and co-ops, it is still good practice to commission one.
*If you would like a sample copy of a home inspection, please feel free to reach out. We are not home inspectors, but we can provide you with previous reports done on our properties.
When does a home inspection occur?
Typically, a home inspection occurs after an offer is accepted but before the sale closes. While an inspection can be requested by either the buyer or the seller, the buyer often requests one as part of the home buying process.
What should I know about them if I’m a buyer?
For buyers, the home inspection is one of the most effective ways of discovering any potential issues or defects with a new home. It gives buyers a sense of confidence that the home they are about to purchase is safe and in good working order. Because it occurs before closing, it also provides them with some protection and leverage in their negotiations should the inspection turn up any serious problems.
The buyer generally covers the cost of a home inspection. While the buyer doesn’t need to be present during the inspection, it can be of additional value to the buyer to be on hand to ask questions. For older properties like townhouses and co-ops, buyers might also find it beneficial to have an engineer, architect, and general contractor present to determine the feasibility of resolving specific issues as they arise. Inspection reports with older homes will almost always turn up issues. Deciding how to act on the report ultimately depends on what you are comfortable with and if the seller is willing to compromise and come down on price based on the severity of the issues uncovered.
What should I know about them if I’m a seller?
Sellers should know that a home inspection isn’t a make-or-break proposition. An inspection report that identifies specific issues and ranks them in order of cost/importance. If you’re working with one, your real estate agent should be prepared to help you navigate any potential negotiating hurdles and repair requests that come up once the inspection is complete.
Sellers may also consider investing in a home inspection before they list their property. A pre-list home inspection can give the seller a head start on remedying potential problems and be used as a selling point with future buyers. However, it’s also important to remember that every home inspector is different. The inspector you hire for a pre-list inspection might make a different assessment than the one employed by the buyer. Thus, you might end up spending more money to make upgrades to your home than you would have had you decided to wait for the buyer inspection.