Many resale homes are sold “as is,” so it’s important to investigate any necessary repairs to your future home. Mortgage lenders typically require inspections for termites; the state or municipality could also require the seller to pay for testing of smoke alarms, well water, or septic system, or a certificate of occupancy. Some insurers require inspection of underground oil tanks. Inspections beyond these, such as a comprehensive inspection, are paid for by the buyer.
Better Safe Than Sorry
We recommend considering a comprehensive home inspection despite the extra expense. Sometimes getting a complete list of possible problems and repairs can save unfortunate surprises later on. It’s even a good idea to follow the inspector as he examines the house to learn as much as you can about it (like where the electrical distribution boxes are).
What if the inspections turn up problems?
You should expect problems to be uncovered. While some may be a matter of simple cosmetics, others may be more serious and may call for costly repairs. The good news, however, is that in most cases you and the seller will be able to come to terms in the contract. You may decide to compromise and share the costs of repairs or the seller may take the responsibility. In some cases, you may just decide that an issue is not important enough to risk losing the home.
Final Walk-Through
The final "walk-through" is typically scheduled within 24 hours of the closing/settlement. It gives you one last opportunity to make sure that the home you are purchasing is in the condition that you and the seller mutually agreed to in the sales contract. When the closing/settlement day arrives, be prepared to sign your name over and over again, but when you're done, it's time to celebrate – you're ready to move into your new home.
