Home Inspection - Do I Need One?

What's a "Home Inspection"?

A property inspection during a real estate purchase is a thorough examination of the physical condition of a property conducted by a professional home inspector. It is typically performed after an offer has been accepted but before the closing of the sale. The purpose of a property inspection is to identify any potential issues, defects, or safety concerns in the property.

During the inspection, the home inspector examines various aspects of the property, including:

1. Structural Components: This involves assessing the foundation, walls, roof, ceilings, floors, and overall structural integrity of the property.
2. Exterior Features: The inspector examines the exterior elements such as the siding, windows, doors, drainage systems, landscaping, and the condition of the property's exterior structures like decks or patios.
3. Interior Features: The interior inspection covers aspects such as walls, ceilings, flooring, doors, windows, stairs, and any visible signs of water damage, mold, or pests.
4. Plumbing Systems: The inspector checks the plumbing systems, including pipes, fixtures, faucets, water supply, drainage, and water heating systems.
5. Electrical Systems: The inspection includes evaluating the electrical wiring, outlets, switches, circuit breakers, and the safety of the electrical system.
6. Heating, Ventilation, and Air Conditioning (HVAC) Systems: The inspector assesses the functionality, efficiency, and safety of the heating, cooling, and ventilation systems in the property.
7. Appliances and Major Systems: The inspector may test the functioning of appliances such as stoves, ovens, dishwashers, and verify the condition and age of major systems like the furnace, air conditioning unit, and water heater.

After the inspection, the home inspector provides a detailed report outlining their findings, including any deficiencies or recommended repairs. This report helps the buyer make an informed decision about the purchase, negotiate repairs or credits with the seller, or request further inspections or evaluations for specific issues if needed.

It's important to note that a property inspection is different from an appraisal, which determines the value of the property for lending purposes. The inspection focuses on the condition of the property, while the appraisal focuses on its market value.

Do I Need To Hire A Pro?

Unless you are buying a very distressed property you plan to price rehab at price per square foot, you should absolutely engage the services of a professional home inspector. Your best resource for referrals to an inspector is your buyer agent, as they have worked with many folks in your market and know the folks who can write their reports in a way to best serve your interests during negotiations. Its also important to have an inspector who isn't a "fear monger" and can explain what items are concerning and what sounds bad but really isn't.

"Waiving" Inspection

In certain instances, such as purchasing a property that is in extremely poor condition, or one without inspections allowed, you might not have an opportunity for an inspection. Also, if you are highly experienced in construction, waiving an inspection contingency can catapult your offer to the front of the line, even if its for less than the highest. Be aware that these instances are usually far and few in-between, and if a seller is pushing for you to waive inspection, there is usually an underlying hidden issue they know about.

With real estate usually being the most expensive purchase a person will make, it is important to fully understand what you are buying, just like running a CarFax for a used car. Feel free to reach out to us for recommended inspectors in the Chicago area market and to discuss any sticky inspection reports.