What is the difference between an appraisal and inspection (v2)
A while ago I wrote about the difference between two very important components of the home buying process: the appraisal and the inspection. I covered a bit about the appraisal in the previous post.
The inspection is key to making an informed decision. After all, it’s one thing to buy a pair of shoes that pinch your feet and another all together to buy a house and find there are too few piers holding up the joists that it up.
A home inspection is not required by anyone. The bank will not require one. The insurance company won’t. And the seller certainly won’t. But it is always a good idea.
What will the inspection show? Well, a general home inspection is just that - general. In North Carolina home inspectors must be licensed by the state. But they do not need to be structural engineers, electrical engineers, licensed plumbers or have x-ray vision to see behind walls. They will check those parts of the house to which they have access without moving furniture or lighting pilot lights that are out. They won’t fix issues that they find. That’s not their place or job. You hire them to note their findings. Its between you and the sellers as to what, if anything, needs to be corrected.
And keep in mind that when you’re buying a “used house” - as opposed to new construction - you shouldn’t expect to get a place where every floor is squeak-free and all cabinet doors hang plumb. What you want is to make sure that all major systems and components are in good repair and performing the function for which intended. For example, a roof may be 17 years old, and it could be guessed that it’s closer to the end of its useful life than the beginning. But a roof has pretty much one function: keep rain out of the house. So, if the shingles are all where they’re supposed to be and there isn’t evidence of leaks or rotten wood, an old roof is not really a repair issue. It’s a “heads up” issue and you should keep your eye on things and prepare to eventually have to put on a roof.
On the other hand, if the hall bath sink is leaking, it’s perfectly reasonable to ask the sellers to have the issue corrected.
And if you find that the floor joists are rotten and were installed incorrectly in the first place - ouch. That is a time when you’ll be so glad you spent the money on an inspection.
There’s much more to the what’s, when’s, how much’s, and how’s, but keep in mind that an inspection is performed for you to be able to move ahead with your purchase as well informed as possible. It shouldn’t be seen as a way to ‘get out of a contract’, as one shouldn’t enter into a contract for a property unless you actually want to buy it.
And it shouldn’t be feared. Contact a good home inspector, ask about cost and what’s covered.