If you’re in the market for a new home, you have probably heard the term pre-purchase inspection. This term can refer to several types of inspections, and it’s a wise idea to get them all before buying a house. This guide will explain the different types of pre-purchase inspections.
Types of Pre-Purchase Inspections
There are the following three types of pre-purchase home inspections:
- Termite inspection: A termite inspection is performed by a licensed termite inspector or pest control professional who checks the entire home for evidence of termites and termite damage. Termites can cause a lot of damage to a home that could result in extremely costly repairs. It’s wise to get this inspection to avoid those costs.
- Building inspection: A building inspection is performed by a licensed building inspector who checks the entire structure of the home and any outbuildings on the property. This inspection can identify structural issues, plumbing problems, leaks, mould, mildew, electrical problems, illegal structures and other issues. By getting this inspection, you will know the true condition of the home, so there won’t be any surprises. It also gives you the opportunity to negotiate with the homeowner to have repairs done before the purchase.
- Pre-settlement inspection:This inspection is performed by a licensed building inspector who checks to see if all of the negotiations you made with the homeowner regarding repairs were completed.
Do You Need One?
Generally, you don’t have to get pre-purchase inspections, however, some lenders may require them before approving a mortgage. Either way, it’s a good idea to get these inspections so that you don’t get stuck with expensive repairs. If you’re in a hurry to make an offer on the home out of fear that someone will beat you to the punch, you can make your offer before getting the pre-purchase inspections on the contingency that the inspections will show no significant problems. However, if you do this, it’s important that you write the contingency on your offer. Stipulate in this document that any money you put down with the offer is refundable if any major problems are found and not repaired at the seller’s expense.
Who Hires the Inspectors?
You should hire the inspectors so that you know they are working for your best interests. You will need to hire different professionals for each type of inspection (a termite inspector and a building inspector). Make sure the inspectors are licensed.
Pre-purchase inspections are always a good idea because they can potentially save you a lot of money. You don’t want to buy a home only to later find out that it has problems you weren’t aware of. This won’t happen to you if you have the pre-inspections performed.