Real Estate Glossary



  Home Inspection

A thorough inspection that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. Contrast with appraisal.

The home inspection reviews the structural and mechanical condition of the property. This is not an evaluation of the market value of the home or a determination of whether the home complies with applicable building and safety codes. The inspection does not include a recommendation on whether you should or should not buy the house.

The inspector bases the findings on observable structural elements of the home. Potential home buyers are urged to be present during the inspection -- this will allow you to ask questions and be in a better position to learn more about any problems that arise.

You should expect to see an evaluation of:

-- roof and siding,
-- windows and doors,
-- foundation,
-- insulation,
-- ventilation,
-- heating and cooling systems,
-- plumbing and electrical systems,
-- walls, floors, and ceilings,
-- and any common areas if you are purchasing a condominium or cooperative.

You should view the home inspection report as a way to identify problems before you buy the home, to help negotiate adjustments in the purchase price if problems exist, and to help get the buyer to make any needed improvements before you buy the home.

Lastly -- and for some buyers most importantly -- the home inspection report is a way to make you feel confident that the home you are buying includes systems that are in good working condition.


 

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Stephanie Smith, REALTOR,
Westfield, New Jersey Real Estate
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