If you ever watch any home buying or remodeling shows on satellite or cable TV, you know what kinds of secrets a home inspection can reveal about a seemingly-safe house! Home inspections are crucial before finalizing any real estate purchase. The purpose of a home inspection is to evaluate the physical condition of the home for sale and identify anything that needs to be repaired or replaced as well as to estimate the remaining useful life of the structure’s components.
Don’t confuse appraisals with inspections! An appraisal is for a lender to estimate the value of the home, and to make sure it meets minimum FHA or conventional lending standards. The bank or appraisal does NOT guarantee the value or condition of your new home. If you find problems with your home after closing, don’t expect the lending institution or bank to help. It’s your responsibility to inspect the home for problems before closing.
Finally, radon gas testing is recommended for all houses by the EPA and the Surgeon General of the United States. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-RADON, or 1-800-767-7236. Other inspection reports are : lead based paint, scanning for underground storage tanks, termites or other insects. For a complete list of inspectors in New Jersey who specialize in the different areas of home evaluations , just let me know what you are looking for.
Inspections may be done before or after a contract is signed and that depends on the state you are buying in. In New Jersey sale contracts are written up prior to home inspections and attorney review is completed prior to any kind of inspection. This is the opposite procedure of New York States buying procedure. So know the local real estate laws and procedures prior to signing any contract.