When you move to close on the home you are considering buying, there are many different inspections that the home will need to undergo before the purchase can be finalized. While all of these inspections serve to help keep you better protected, they also protect the mortgage lender because it helps to insure that the home is a good investment that is worthy of a loan. Therefore, you will likely be required to have these inspections completed before the lender will allow you to close on the deal.
Testing for Asbestos
If your home has been recently constructed, asbestos testing won’t be necessary because it was no longer used in homes after its dangers were recognized. If you are purchasing an older home, however, you will have to have it inspected in order to make sure there is no asbestos in the home. Since asbestos is very dangerous to your health, it will have to be removed before you will be able to get a loan on the home. This process can be very costly. Therefore, the cost of this process should be included in the price and terms you negotiate with the buyer.
Inspecting for a Faulty Structure
Having a faulty structure can lead to big costs down the road. In fact, the entire structure of your home is at risk. This can lead to cracked walls, ceilings, and a number of other issues. Therefore, it is essential to have a professional inspect the structure of the home in order to make sure it is properly in place and will provide long-lasting support.
Testing the Septic Tank and Well
Many homes receive city water and sanitation services, but this is not always the case. If your home does not receive these services, it likely utilizes a well and septic tank system. The well and the septic tank can periodically need replacing, so you want to make sure they are in good running order before making a purchase. In addition, you need to make sure they adhere to current codes. For example, care must be taken to make sure the well and the septic tank are not too close to one another. If there are problems with either of these systems, the cost of having them repaired or installed again should be included in the terms you negotiate with the seller.
Each of these inspections will add additional costs to your home purchase. Nonetheless, having the inspections completed ahead of time is likely to be a requirement and will also help you save money in the long run.