Nearly 86% of homebuyers find an issue that needs to be fixed through a home inspection report. That is nearly nine in every ten homebuyers! It’s no surprise that 83% of mortgage lenders require buyers to carry out inspections before issuing loans.
A home inspection report helps uncover hidden issues like radon, mold, and missing plumbing lines that home sellers may not be aware of. It protects you from a seller who may hide potential damages in their property while selling it to you.
Benefits of a Home Inspection Report
- Over 30 million homes have major issues. A pre-purchase home inspection can reveal these flaws, saving an average of $14,000.
- 80% of inspection reports find at least one fixable issue. Nearly 36% of sellers reduce their asking prices post finding inspection issues.
- 1 in 15 homes hide safety risks like radon, carbon monoxide, and mold. A home inspection report can make you aware of these risks.
What Is a Home Inspection Report?
A home inspection report is like a health analysis report of a house. It’s a detailed document created by the home inspector after he thoroughly checks the property. It generally costs around $300-$500 to get a home inspection done.
The home inspection report helps you understand the difference between small and significant problems. 2mm cracks are considered a minor issue. But, large diagonal cracks that allow water and sunlight to pass through are a significant problem.
Moreover, a house can look great outside, but an inspection report can reveal issues related to its maintenance and safety. This can result in costly repairs which you can negotiate with the seller.
» Home Inspection Checklist: What does the home inspector look for in a house?
What Can We Expect in a Home Inspection Report?
A home inspection report, in general, provides a complete assessment of a property’s current condition. It is important to understand the report to negotiate strategically with the seller. Here’s a breakdown of what you can expect to find in a home inspection report:
1. Property Overview:
The property overview section provides key details about the inspection:
- Parties involved: Helps identify the inspector and the client who requested the inspection.
- Primary Details: Includes property’s address, inspection date, and time, ensuring accurate documentation.
- Property Information: Summarizes general property details, including square footage, rooms, and construction date.
2. Photographs:
Photographs play a vital role in the home inspection report. It subsequently helps to visually document the key findings and provide a clear picture of the property’s condition. These images specifically capture various aspects of the property, including:
- Structural Elements: Images of the foundation, roof, walls, and framing provide insights into the house’s structural integrity.
- Interior Features: Photographs of the flooring, walls, ceilings, windows, doors, and appliances offer a visual assessment of the home’s interior condition.
- Exterior Components: Images of siding, gutters, and walkways provide an idea of the property’s exterior.
3. Compliance With Standards:
A statement of compliance with industry standards and regulations is included to assure the inspection’s validity and reliability. It furthermore, confirms that the inspector adheres to recognized industrial standards of ANSI and InterNACHI.
4. Summary and Rating:
This section helps you understand the major findings identified during the inspection. Moreover, the summary highlights areas of concern or potential issues that warrant further attention or professional evaluation. A rating section is provided to understand user satisfaction with the service provided.
In addition to these key components, a home inspection report may also include:
- Recommendations for repairs or maintenance
- Estimated costs for repairs or maintenance
- Information about the age and condition of major components
» Sample Report: Checkout home inspection report samples for quick understanding
Why Is a Home Inspection Report Necessary?
A home inspection report is a crucial step to identify potential problems in a property. Buyers have the upper hand during negotiations and can get the seller to lower their asking price. It also safeguards buyers from repair costs and identifies safety hazards for occupant well-being.
This report is essential when the attorney is going through legal compliance and disclosure forms.
6 Common Signs That Home Inspectors Look For
A home inspector evaluates various aspects of a property:
1. Structural Stability:
Out of 135 million houses in America, 6 million have structural problems. Inspectors generally look for cracks in the foundation, walls, roofs, and overall structure.
2. Electrical Systems:
Issues like overloaded circuits, power sags, electrical shocks, broken switches, and frequent breaker trips are some common signs of electrical issues.
3. Plumbing Systems:
The inspectors particularly look for leaks and water pressure problems. They check the overall condition of pipes and fixtures which are crucial to preventing water damage.
4. HVAC Systems:
During a home inspection, the HVAC (Heating, Ventilation, and Air Conditioning) system undergoes a thorough evaluation. The key components checked include:
i. Heating Systems: Furnace functionality and age, heat pump performance, gas or electric heating system efficiency, etc.
ii. Cooling Systems: Air conditioner efficiency, cooling coil condition, refrigerant levels, etc.
iii. Ventilation Systems: Ductwork inspection for leaks, airflow assessment, ventilation fan operation check, etc.
iv. Thermostats: Calibration and accuracy, programmable thermostat functionality, etc.
v. Overall System Operation: Integration of heating and cooling functions, energy efficiency analysis, etc.
In short, regular inspections can undeniably identify potential issues early, saving homeowners around $400 – $1,200 on average. Ensuring the HVAC system’s optimal performance is crucial for comfort and energy efficiency.
5. Appliances:
A home inspector checks for damaged range burners, ovens, and refrigerators.
6. Safety Concerns:
Inspectors identify hazards like loose handrails or missing smoke detectors, which as a result, contribute to a safe living environment.
Bottom Line
A home inspection report has become an indispensable guide, with 88% of buyers recognizing its value. It influences negotiations and even more, facilitates transparent transactions. 77% of home buyers prioritize inspections before closing on properties.
Investing an average of around $300 – $500 in a home inspection is certainly not an expense; it’s unquestionably a strategic move towards secure homeownership. Get a home inspection report – your roadmap to a smart and secure real estate move.
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Also Read
Mold Inspection: Learn how does mold affects your home.
Frequently Asked Questions
Is home inspection report necessary?
Yes! A home inspection report provides crucial information on the structure and safety hazards related to a house. It also:
i. Increase credibility of house that you are planning to sell.
ii. Negotiate lower sale price or withdrawal from the deal if any severe issues arise in the current condition of the house.
How much does a foundation inspection cost?
On average, it ranges from $300 to $500 But the cost is negotiable in certain cases.
What is an inspection checklist?
An inspection checklist is a list of all activities performed by an inspector during inspection to ensure compliance with regulations and industry standards.
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