Most buyers and sellers know that a home inspection is an essential part of the purchase process. But in real estate, there's more than just one type of inspection to consider. In fact, there are dozens.
Whether you're purchasing a new home or investment property, selling your current home or trying to build equity in the house you're already in, here are the top five inspections you should know about.
Pre-purchase inspections are the most common. They include a full assessment of a property's systems and structure, and they offer the buyer a full report of any repairs or issues that need attention. The buyer can use this report as a negotiating tool to have the seller address any repairs before closing or to lower the sales price to reflect the necessary repair costs.
Pre-listing inspections are performed to give sellers a checklist of repairs to consider before listing the home. They can also help them gauge how much to list their property for, given its condition.
Feature-specific inspections are performed on a home's various features or systems. Some examples include inspections for swimming pools, septic tanks and wells.
Termite or wood-destroying insect inspections are needed if wood-eating pests are common in your area. Damage from these bugs can lead to costly repairs. Often, a buyer's inspector will recommend a termite inspection if they see specific signs of damage.
Municipal or COO inspections are required by municipalities to show that a newly constructed home or a home that has undergone major renovations is fit for occupancy. A municipal inspector will focus on the home's electrical, plumbing, building and fire code compliance to issue a certificate of occupancy.