If you’re on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
Credit Cards
Banks
Brokers
Crypto
Mortgages
Insurances
Loans
Small Business
Knowledge
by Christy Bieber | Published on Sept. 6, 2022
Image source: Getty Images
Take a good look at that inspection report.
Check out The Ascent's picks for the best mortgage lenders
If you are thinking of making an offer to a seller to purchase their home, you will likely want to make that offer contingent on a successful home inspection. Otherwise, you could find yourself buying a money-pit you have to pay a fortune to fix.
Once you have an accepted offer conditioned on the inspection outcome and you’ve scheduled the inspector to come, you will receive a report detailing what that inspector found when they visited the home. You’ll likely get a multi-page report, and you need to know what to look for within it.
Here are some of the key things you should watch out for when the inspector sends the report your way, and why.
A roof can cost tens of thousands of dollars to replace. And repairing leaks in it can be difficult since it’s often hard to tell exactly where a leak is coming from. A roof leak can also cause all sorts of difficult and expensive problems including mold. That’s why you’ll want to check the inspection report carefully to see if there are any issues with the roof.
If the inspector indicates either an active or past leak, or suggests the roof is nearing the end of its usable life and will soon need to be replaced, this is a major red flag. You’ll want to ask the sellers to make fixes or ensure the price is low enough that you’d be comfortable paying for a new roof in a short time even while covering the costs of your new mortgage loan.
Problems with the heating, cooling, and ventilation system can also be expensive to deal with. A new air conditioner alone could cost thousands to buy and install. So be watchful for a note from the inspector about how old the components of the HVAC system are and how well they work.
The inspector should note if any of the units are nearing the end of their usable life. If so, consider asking for a replacement from the seller or make sure the house is still priced fairly even when you’ll have to spend thousands to put in a new unit soon.
Inspectors should check for signs of pest infestation. If they find them, this is something that absolutely needs to be addressed. Pests such as termites are more than just annoying — they can do serious damage to the home. You’ll want to make sure the sellers deal with the issue by hiring a qualified exterminator who will take a very close look to see what damage, if any, the pests have done. It’s a good idea to make repairs as soon as possible and eliminate the pest problem.
If the house comes with a swimming pool, you’ll want to be sure there are no unexplained leaks. Leaks can be hard to find and fix, and they could be a sign of more major problems.
Traditionally many home inspectors are not experts at determining if there are pool issues, so you should consider hiring a specialized pool inspector to check this out. If a leak is discovered, ask for it to be fixed or get a detailed estimate on what repairs would likely cost.
By watching out for these four issues, you can save yourself a lot of expense and hassle by not buying a house that costs you a fortune to repair.
Mortgage rates are at their highest level in years — and expected to keep rising. It is more important than ever to check your rates with multiple lenders to secure the best rate possible while minimizing fees. Even a small difference in your rate could shave hundreds off your monthly payment.
That is where Better Mortgage comes in.
You can get pre-approved in as little as 3 minutes, with no hard credit check, and lock your rate at any time. Another plus? They don’t charge origination or lender fees (which can be as high as 2% of the loan amount for some lenders).
Read our free review
Christy Bieber is a personal finance and legal writer with more than a decade of experience. Her work has been featured on major outlets including MSN Money, CNBC, and USA Today.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Related Articles
Find the Best Mortgage Rates
Best Mortgage Lenders for 2022
Best Mortgage Refinance Lenders for 2022
Best Mortgage Lenders for First-Time Homebuyers
Find the Best Mortgage Rates
Best Mortgage Lenders for 2022
Best Mortgage Refinance Lenders for 2022
Best Mortgage Lenders for First-Time Homebuyers
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 – 2022 The Ascent. All rights reserved.