You’ve been house-hunting for a while and have finally zeroed in on a few options; you know that a home inspection is a must before investing! Your home insurer might also ask for one before granting your insurance.
While insurance underwriters usually go for a 4 Point Inspection to determine risk, there is also the full buyers’ inspection to consider.
Which one should you be getting? I’m going to talk about both in this article, so you can understand them and make an informed decision.
A Home Inspection is an important part of the buying process as it identifies potential risks and makes you and the insurance companies aware of the general state of the house. So let’s find out what they’re all about.
4 Point Inspection
The 4 Point Inspection, as the name states, takes 4 main areas into consideration ;
- Roofing
- Electrical System
- Plumbing System
- HVAC (Heating, Ventilation, and Air Conditioning)
These focus areas allow inspectors to determine whether there are any major liabilities or repairs. The report prepared by the person performing the inspection will be concise and will cover everything that insurance companies need to know (like age, overall condition, type of system, materials used, etc.).
This is especially important if the house is 20+ years old, as they are might need fixing up.
If your mind is already made up about the house you are buying and you are only getting an inspection to cover the homeowners’ insurance protocols, then this is your go-to. It is cost-efficient and also takes less time (30 mins to 1 hour, depending on the house) to get done.
Full Home Inspection
Covering all the aspects that a 4 point inspection covers, full home inspections are more detailed and thorough. They consider many factors apart from those considered for a 4 point inspection. Some of them are
- Exteriors/Interiors of the house
- Appliances like dishwashers, washing machines, refrigerators, etc.
- Security systems, smoke & fire alarms
- Structural issues
- Water systems, outlets, the functioning of sinks and toilets, etc.
As a buyer, you will want to make sure that the house is in good condition for you to move in, and get any repairs done on time. With the help of a professional home inspector, you can catch potential problems before they become an issue for you.
Any major liabilities you come across during the full home inspection can be used to withdraw yourselves from the contract, in case you have signed it.
A full home inspection may take around 3 – 4 hours to complete, depending on the size of the house and the work it involves. Needless to say, it also costs more than a 4 point inspection.
Conclusion
Buying a house can be overwhelming, as it is the home you will be living in for the foreseeable future. It is important that you are aware of the state of the house you’ll be moving in to.
Long story short, if you are 100% sure of the house and are familiar with its ins and outs, your best option is a 4 Point Inspection since it covers exactly what insurers need and is accurate.
A full home inspection is recommended if you’re still unsure of making the purchase, if it’s an old house, or if you want to make sure of the house’s integrity.
Choose wisely!
