The Home Inspection is one of the most important elements of any real estate transaction. It gives a buyer a clear picture of the property they are purchasing and enables them to make an informed decision. It also provides a powerful tool to leverage in negotiations with the seller. Get the full story – click here.
As New York’s real estate market continues to evolve with unique complexities, the value of home inspections has never been more evident. Whether assessing centuries-old estates or newly constructed properties, the home inspection process has become a critical component in facilitating transparent transactions and successful property transfers.
Home Inspectors are licensed professionals that conduct a visual examination of the structural and mechanical components of a house or multi-family unit. They typically cover a wide range of areas including the roof, foundation and electrical system. They may also examine heating and cooling systems, plumbing and drainage as well as interior elements such as walls and cabinets. In addition, Home Inspectors assess the safety of a structure’s doors and windows.
Generally, Home Inspections are done prior to the closing of a sale but can be requested by any interested party. Buyers and their agents often accompany the home inspector during the inspection, allowing them to ask questions directly and shadow the inspection process. A detailed report is then prepared and delivered to the client within a few days of the inspection, by email or through an online portal.
The report includes photos and notes as well as the home inspector’s assessment of the condition of the items inspected. It provides a snapshot of the overall condition of the home and may include recommendations for future maintenance. Often, the inspection will highlight items that require immediate attention and other items that should be repaired or replaced.
Major problems that the home inspector discovers are often a red flag for potential buyers and can impact the sale of the property. These issues could include a leaky roof, outdated electrical systems and unsafe structures. In many cases, these are repairable issues that can be resolved with some work and budgeting.
As with any home, no home is free of problems and even new constructions can have issues. The key is to understand what the issues are and to negotiate with the seller accordingly. As a general rule, a good seller will want to make the best deal possible and will be willing to negotiate on some of the home inspector’s recommendations. However, expecting the seller to fix all of them is usually unrealistic. It is a good idea to discuss the home inspector’s report with your realtor and lawyer so that you have an understanding of the implications and can decide how to move forward. NerdWallet rates Home Inspectors using a proprietary scoring algorithm that incorporates coverage options, customer experience, customizability and cost. To see our full ranking methodology and ratings, click here.