Home inspections and home warranties are two tools available to you that will help to ensure that the present and future condition of your new home is satisfactory. Before finalizing the purchase of a home in a retirement community, you should always have a home inspection done. This point cannot be stressed enough. A home inspection could be the best money you ever spend. Home inspectors conduct a thorough evaluation of the home that can help you understand the condition that the house is actually in before you take ownership. Remember, that sometimes looks can be deceiving, and nobody likes unexpected surprises or costly repairs once they move in. Even if the house is fairly new and appears to be in good condition, you never know what could be hiding out of plain sight.
Most home inspections don’t reveal much of anything, maybe faucets that need tightening, or caulking that needs to be done. The point of an inspection is not to convince you that so much is wrong with the house that you are discouraged to buy it. It is rather to give you an accurate depiction of the current condition of the house, as well as an idea of how certain things will hold up in the future.
When major items are found, such as a failing air conditioning unit, or bad wiring, the parties must look to the real estate contract to see who will be required to make the repairs. Home inspections typically cost anywhere from $200 and up, depending on the size of the home. After the inspection is complete you will be given a detailed report of all the inspector’s findings, whether good or bad, usually accompanied by digital photos.
A typical home inspector will inspect the structural elements of the home consisting of the roof, outside and inside walls of the home, patios and driveways, as well as parts of the foundation if visible. They will go into the attic to inspect the trusses, the underside of the roof decking for water intrusion, and insulation. The systems of the home will be inspected including the electrical, HVAC, and plumbing systems. All appliances that are staying with the home are inspected and tested for proper operation, and usually a random spot check of electrical outlets, windows, and doors will be done.
Other items that a home inspection company might perform for additional fees include radon gas and mold testing, water analysis, and pool and spa inspections. Most home inspectors subcontract for a termite inspection that may be at an additional cost to you, but it is a very important part of any home inspection.
Some national home inspection companies for you to look into are:
Amerispec
http://www.amerispec.com
Pillar to Post
http://www.pillartopost.com
Many local home inspection companies perform just as well and may have specialized knowledge of the homes in the area. Ask your real estate agent, or friends and family for referrals.
Home Warranties
If you are buying a new home from a builder, one of the advantages you have is that your home will usually come with a warranty provided and paid for by the builder. But this doesn’t mean that you’re out of luck if you decide to buy a resale home. There are several home warranty options available to you, no matter the age or condition of the home you are buying.
Home warranties for average homes under approximately 5000 square feet will cost you between $300 and $400 dollars per year. You can renew these on a yearly basis. Most plans do not require an inspection of the property before they take effect. Depending on the company you choose and the specific plan you go with, an additional amount may be needed to warrant some items like the A/C, refrigerator, washer/dryer, and a pool or spa.
Typically covered items include the plumbing, electrical, and heating systems, water heater, most appliances, disposal, smoke detectors, and exhaust fans. You need to read the warranty contracts carefully to see exactly what is and what is not covered. For example, a warranty might cover your refrigerator motor, but not the shelving inside the refrigerator.
Should something that is covered by the warranty break down, there is usually a service call fee, anywhere between $40 and $80. Other than paying that, you will not be required to pay out any money for the repair or replacement of a covered item. Most home warranties are pretty simple to acquire, fairly inexpensive, and are usually worthwhile.
Some national home warranty companies to consider are:
American Home Shield
http://ahswarranty.com
Old Republic Home Protection
http://www.orhp.com
Photo credit: kirkier on flickr
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