If you need to get a mortgage for a new home or if you change insurance companies, you may need a home inspection. The things the inspector looks for vary according to the home inspection services you get. Here's a look at how a four-point inspection that some insurance companies require and a full inspection required by a mortgage lender differ.
The Reasons A Home Inspection Is Required
The four-point inspection required for some new insurance policies looks at the home's roof, plumbing, HVAC, and electrical system. These are the main parts of a house the insurance company may need to pay a claim for, so the insurance company wants to make sure these parts are in good shape and not so old they could be hazardous.
A full inspection looks at much more than the four parts of an insurance inspection. For instance, the inspector looks for signs of termite damage the lender may want to know about. Since home insurance doesn't cover termite damage, it isn't included in a four-point inspection for an insurance company, but termite damage is included in a full inspection for a lender.
When the inspection report is complete and sent to the insurance company or mortgage lender, you'll find out if you qualify for a new insurance policy or a home loan. If not, you may need to make improvements to your home so you can qualify for insurance. In the case of getting a mortgage, you'll probably not be able to buy the home unless you can work out something with the owner to get the repairs done.
Things An Inspector Looks For In A Full Inspection
Full home inspection services can take a few hours. The inspection covers your home from top to bottom and includes roof problems, foundation damage, termite issues, electrical problems, plumbing damage, and HVAC problems.
In addition, the inspector may check drainage around the home, inspect the siding, look over the appliances, and inspect windows, walls, flooring, and lights in your home. They may crawl into the crawlspace, look in your attic, and go down into your basement to check every room in your house.
You'll get a copy of the report too, and that's when you'll learn the true condition of the home. If a major problem is found, you might want to withdraw your offer on the home. If you don't like to renovate or pay for home repairs, then you'll probably prefer a home that can pass a full inspection.
