You Need a Home Inspection

You found the home of your dreams and you are ready to make an offer. Before you go any further, you need to think about having a home inspection.

Why do you need a home inspection?

The home inspection is your opportunity to learn about the home’s physical condition from a professional inspector. You will know if the furnace is on its last legs or if the roof is leaking or if there is dry rot in the garage walls. The inspector will check out the home from top to bottom, including the major systems such as electrical, plumbing, heating and air conditioning, and gas. With the inspection in hand, you are less likely to be surprised by an expensive repair after you buy the home. You can also ask the seller to make necessary repairs or reduce the price of the home, so that you can have the repairs made yourself.

How do you go about a home inspection?

  • The first step is to have a home inspection contingency placed in your contract. The contingency will allow you to back out of the contract without losing your earnest money, if you are not satisfied with the results of the inspection.
  • Once you are under contract, you need to arrange for the home inspection to take place.
  • You will need to look for a certified professional home inspector with a good reputation. Ask your real estate agent or lender for recommendations. Interview the inspector before you hire him to ensure you will be satisfied with his work.
  • You will need to set up a time for the inspection to take place.

How long will a home inspection take?

A typical home inspection will last around 2 to 3 hours. Larger homes may require more time. Keep in mind that your inspector will need time to do a thorough job. You should plan on being there with him so that you can ask questions when he finds a problem.

How much will a home inspection cost?

A typical home inspection in the Dayton area will currently cost around $375 and is money well spent.

Pay attention to the inspection results.

When the home inspection is complete, your inspector will give you a written report that shows what he found. Read the report carefully so that you can make a good decision about going forward with buying the home. Share the report with your real estate agent to get their opinion on the report’s findings. If the report finds that repairs are needed, ask the seller to make the repairs before you close or ask them to reduce the price of the home if they are not willing to make the repairs.

Three Steps to Success for Buying a Home this Spring

Low mortgage rates are attracting homebuyers in large numbers. According to the Mortgage Bankers Association, applications in the first week of March for loans from families buying a home this spring were up 30 percent from the year before. Meanwhile, according to the National Association of Realtors, the number of homes for sale is lower than last year. In short, the competition is going to be intense, especially for homes within reach of first-time buyers.

The HomeOwnership Center has a few tips for homebuyers this season, that if followed will help smooth what is a complicated, and often frustrating process.

Step 1: Consult a Homeownership Advisor for Guidance and Advice.

You don’t want to search for a home unprepared. Knowing the numbers that matter when buying a home is extremely important to save time, frustration and lead to the best choice. More than two-thirds of consumers in a NeighborWorks America survey said that the home buying process is complicated. Demystify the process by consulting with one of the HomeOwnership Center’s housing advisors.

Our staff are certified professionals who can walk you through the different types of mortgages and interest rates; the effect credit scores have on being approved for a loan, how much down payment is needed for purchase, and how much home is really affordable to you.

Step 2: Build a Budget

Knowing your numbers is one thing, having the road-map to get you there is another. There’s no better tool to chart your course than with a budget. National surveys have shown that less than one-third of consumers have a budget. Going into this home buying season with a budget that includes potential changes in commuting costs after purchase, home maintenance expenses, and even estimates for changes in life circumstances such as becoming a parent or paying for college, will give you a leg-up on the competition and provide peace of mind.
Once all the numbers are on the table, it’s easier to see what type of home suits a family’s budget and needs, what might be necessary financial trade-offs, and what could be a direct line to trouble.

Step 3: Be Determined and Informed

Finding the right mortgage and the right home takes time, and it’s natural to want to shorten the process. However, making a winning bid on a home that isn’t right, and cutting corners to do so, could lead to trouble. For example, forgoing a home inspection to speed things up, or not fully understanding the terms of the mortgage are ingredients for problems down the road.

Following these three steps will help ensure homeownership success this season and for the long run.