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But Check Credentials
By Mary Beth Franklin
Maturity News Service
Question: My husband and I plan
to purchase a new home near the beach for our retirement. Is it essential to
have a home inspection and a title search on a new home, or are these
unnecessary expenses?
-- C.W., Detroit
Answer: It is always a good idea to have any house that you plan to buy
-- even a new home -- inspected by an independent professional to assure you
that there are no major structural problems or hidden mechanical defects.
Before you sign a contract to buy a home, make sure the purchase is contingent
on a satisfactory inspection by a building inspector of your choice. The home
inspector should not be confused with the local building inspector, the
real-estate broker's inspector, the appraiser or the pest-control inspector.
You can find a home inspector by checking the yellow pages of your telephone
directory under the heading of building inspector services or by asking friends
who have hired one in the past. Home inspectors are not regulated by any
federal agency and in most states do not require licensing. So it is up to you
to ask the inspector about experience, length of time in business and whether
he or she specializes in residential or commercial property.
Many inspectors belong to the American Society of Home Inspectors, which has
developed a set of standards of practice and a professional code of ethics for
its members.
The best time to hire a home inspector is after you make an offer on a house.
Prices for home inspections vary from region to region. The size of the house
may also determine the cost. Usually, prices start at about $275. The cost
should be agreed upon before the inspection is conducted. A small investment up
front could save you a lot of money and headaches later.
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Some
inspectors, for an additional fee, may offer a warranty on their services,
although this is not the standard for the industry. A home inspector is not
required to guarantee any of the installed systems, such as heating or air
conditioning, which have been inspected.
Ask how
long the inspection will take. Between two to four hours is usual a shorter
amount of time might not permit a thorough inspection. Generally, the inspector
will examine the structure of the house including the foundation, floors,
walls, ceiling, stairs and attic. The inspector will check the exterior of the
house, including the wall coverings, chimney, caulking and weather stripping,
roof, grading, drainage, driveway and patio. He or she also will look at the
interior to check steps, counters, railings, cabinets, sinks and showers,
visible insulation and ventilation, plumbing, electrical systems, fixtures and
heating and air-conditioning systems.
If the house is vacant, make sure the real-estate agent or seller has all the
utilities turned on before the inspection.
No house will ever pass or fail this type of inspection. Rather, it is designed
to educate the buyer about the condition of the property. If the inspector
finds evidence that repairs are needed, you may be able to negotiate to have
the work done by the seller or lower the price of the home based on the cost of
repairs.
It is advisable to accompany the inspector during the house tour to become
familiar with the house and gather helpful maintenance tips.
It is also important to have a title company or a settlement attorney do a
complete title report on the property before settlement to make sure that the
title you receive will be free and clear of all liens, including building
subcontractors.
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