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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: SpeedKingz/Shutterstock January 26, 2022 Zach Wichter is a former mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Before closing on a home, most homebuyers enlist a home inspector to assess the condition of the home. Here’s what to expect, and five mistakes to avoid in the process. What is a home inspection
A gives a homebuyer an opportunity to have a professional inspector evaluate a home and give an assessment of its condition. Usually, homebuyers get an inspection done before they purchase a home, but sellers sometimes opt to as well before listing their home for sale. A good home inspector can help you identify potential problems with the property you’re about to own, and they can give you information that will help you with the upkeep after moving in. Based on what the home inspector finds, you can ask a seller to pay for repairs or make before you close the deal. If the inspection turns up significant problems with the home, you might decide to pull out of the purchase entirely. Home inspection vs home appraisal
Home inspections are different from appraisals in that inspectors don’t determine a value for a home; they assess the structure and other elements of the property, create a comprehensive on their findings, explain any issues to the homebuyer or homeowner and offer guidance. What does a home inspector look at
The exact details of what a varies based on the property. Some examples include: Heating and cooling system Interior plumbing and electrical systems The roof and attic Ceilings Floors Windows and doors Water heater Foundation Basement Some areas that inspectors don’t look at include: Pests Swimming pool Hazards such as radon, lead paint, mold or asbestos 5 home inspection mistakes to avoid
1 Not researching the inspector
Too many homebuyers hire whoever is recommended to them without doing any research. The inspection is only as good as the inspector doing it, says Troy Bloxom, owner of Home Inspections Plus near Anchorage, Alaska, and a former local board member of the American Society of Home Inspectors. You should work with a home inspection company or individual inspector that is licensed and has experience and good reviews. Before hiring someone, ask them: How long have you been inspecting homes? How many inspections have you done? What are your qualifications, certifications and training? What was your job before you were a home inspector? (An inspector should be familiar with home construction, so a background as a contractor or homebuilder can be helpful.) It can be tempting to go with the , but a good home inspector could save you a lot of money in the long term. “There’s a lot of stuff you have to know, and you want someone who’s keeping up with ongoing education,” says Kurt Mitenbuler, who is certified by the American Society of Home Inspectors and owns an inspection company in Evanston, Illinois. An inspector also needs to be able to identify issues with a property and explain them to buyers, who are usually non-experts. “We want to teach them how to maintain the property because it’s the biggest investment they’ll ever make,” says Alden E. Gibson, an inspector in Ontario and a past president of the American Society of Home Inspectors. 2 Not attending the inspection
Attending the inspection isn’t required, but it is a smart move. Simply reading the inspection report isn’t enough to give most homeowners and homebuyers the full picture. “If they don’t see it, they don’t understand it,” Gibson says, adding that he turns down dozens of inspections a year “because people can’t be there or don’t want to be there.” The inspection might take an entire morning or afternoon, so set aside enough time. Some inspectors will sit with you afterward to explain things and answer your questions. “Any home inspector who doesn’t let you follow him around? That’s weird. Ask me any question you want,” Mitenbuler says. A good inspector can also give you an estimate of how much you’ll need to spend on repairs and upgrades, which is very valuable information as you consider your budget and what you might want to ask the seller to cover. 3 Not reading the inspection report
In addition to attending the inspection, don’t gloss over the inspection report when it’s ready. You paid for it, and reading and understanding the report could save you from unwittingly walking into a money pit. Ideally, the inspector will be someone who uses clear, concise language in person and in a written report, Mitenbuler says. To help you prepare, he recommends scanning a few reports by checking the inspector’s website or asking for a sample report. 4 Not getting a presale inspection
Many sellers decide to leave the inspection to the buyers, Bloxom says. That’s a mistake. When the buyers get an inspection (and if they’re smart, they will), the sellers might have little time to complete repairs and keep the sale on track. If the seller has a presale inspection before putting it on the market, he or she has more time to do repairs and to shop around and control the costs for the work, Bloxom says. In addition, both buyers and sellers often wait too long to engage an inspector. You should find an inspector long before you have or make an offer on a home. “Any good inspector will be booked out,” Gibson says. If you’re selling, work on booking an inspector as soon as you’re seriously considering listing. At the very least, start doing some research on the best inspectors in your area. 5 Not prepping the home
It’s difficult for inspectors to do their job well if the homeowners don’t prepare. “Don’t force the home inspector to empty the closet to get into the attic,” Mitenbuler says. Similarly, if you have a crawl space hatch, he suggests moving anything sitting on top of it. Got a lock on a utility closet, basement or shed? The inspector needs access, so open it or provide keys. Likewise, if repairs are needed, hire a professional to do them, Bloxom says. Sometimes sellers try to DIY or get them done on the cheap, but poor workmanship will show up during the follow-up inspection, and could result in the need for more repairs — and another inspection. Learn more
SHARE: Zach Wichter is a former mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles