Real estate terminology can be confusing for the average home owner. One common misconception is that home inspection services and an appraiser inspection are one in the same. A home inspection and house appraisal are not the same, however; each serves a very different purpose.
A home appraisal is a property inspection; it assesses the current market value of a home based on a number of factors. Including exterior measurement, condition, location, and a market analysis that includes property comparables, economic climate in that region, and amenities offered.
A house inspection is a type of buyer protection. It is a formal survey of a house's structural and mechanical systems, performed before the sale of the house.
House Inspection Benefits
An official home inspection performed by a certified home inspector is not about value, it is about condition. It helps insure things are as they appear; structure is sound, systems are in good working order, and costly hidden repairs will not be required.
A residential home building inspection can benefit both buyer and seller:
- Beneficial to the FSBO homeowner - by helping to determine a fair asking price for the home. Also, to provide the opportunity to hire a contractor or do their own DIY home improvement, and then attach a higher asking price to their home.
- Beneficial to the house buyer - to insure house structure is sound and up to building code, and that everything is in good working order - protecting their real estate investment.
FSBO home owners using home inspection company services also reduce the risk of facing liability issues by having a professional building inspector who can support their disclosure statement.
Pre purchase inspection services are usually paid for by the person planning on buying the real estate. House inspection report results can be used to gauge whether the asking price is reasonable or if negotiations are in order. Or if they should avoid purchasing the property altogether.
Real Estate Inspection Tip: some home inspection services include not only structural inspection - such as foundation inspection and septic inspection, but “extra services†as well. Such as pest inspection, and a check for radon gas. For that reason, it is important to critique a home inspector and ask what services are included before hiring one.
What to Expect During Real Estate Home Inspection
Having your real estate inspected by a professional home inspector is a prudent move for both the home for sale by owner and the buyer. The purpose of the inspection is not to fail or pass a house; it is to verify its current condition.
An examination of the condition of the home will be carried out by a trained professional, using special equipment. House structure will be examined top to bottom. The roof, basement, and everything in between will be inspected; including plumbing, electrical, water heater, and heating and cooling systems.
The structure will be inspected for soundness and stability; to insure proper building practices have been used, and that residential building code requirements have been met.
A home inspection checklist will be used and copies of the final home inspection report provided at completion. The report will include any repairs necessary and maintenance issues; fire, safety, and health hazards, if any, will also be addressed.
Home inspection cost
While some inspection services quote a normal fee range, home inspection cost is dependant upon many factors. Including structure size and condition, location of the home, service provider, type of services, and any extra services required.
Some real estate inspection service providers charge by the square foot; others by the price of the house being inspected, or by the hour. When charging by house price, rates up to 2% are not considered unreasonable.
When it comes to hourly rates, the general rule is to expect to pay around $100 per hour. Some inspectors also charge for mileage to and from their location to the inspection site.
Time required depends on size and condition of the home. Some homes can be inspected in 2 to 3 hours; older, larger homes can take 4 to 6 hours. Time involved also depends on how thorough the inspector is, and overall structure condition.
Some inspection services consider detached garages as part of the main building, while others consider them outbuildings and charge extra. Other “extra charges†might include swimming pools, wells, and septic systems.
Regardless of cost, the value of having a home inspection performed before marketing or purchasing real estate cannot be over emphasized. One that uncovers serious problems could save both homeowner and buyer thousands of dollars.
Selecting a Good Home Inspection Service Company
An important aspect of hiring a reliable inspector is to ensure they are licensed or certified, according to providence standards. Also verify insurance.
When interviewing, request what services are included. For instance, do they check for termite infestation? What about water damage or mold and mildew? When inquiring about rates, ask what is included in the cost and what type services constitute extra fees.
At TrustedPros.ca, finding the right house inspector at the right price is as easy as 1, 2, and 3:
- 1. Post your project online for FREE - without obligation.
- 2. Sit back and let the professionals come to you - vying against each other for the job.
- 3. After critiquing credentials, references, and licensing or certification information online, contact only the service provider of choice - or none at all!
It's that simple and easy to receive competitive bids within days or even hours after posting your project online.
Whether what you require is an Ontario home inspector, Montreal house inspection services, or services anywhere else in Canada. TrustedPros.ca helps connect project owners to reliable service providers in their area; FREE, and without obligation.
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