Some homebuyers often fail to plan for their regular and ordinary expenses associated with owning and maintaining their new builder home. This is why an inspection contingency is very important in home buying. It is an addendum to a contract that will allow the buyers to have a professional third party home inspector who will examine the property after the agreement of purchase has been signed.
The standard home inspection usually takes two to four hours but it varies upon the size of the property and the complexity of any issues that are uncovered. You can also consider adding some of these inspections to the contingency:
- Radon
This is a substance that you can’t see, taste or even smell. But it can be a serious problem in your new spec home. It rises from the natural breakdown of uranium in soil, rock and water and gets into the air you breathe. If you breathe air containing radon, you can get lung cancer. Testing your home for radon is very easy and inexpensive.
- Asbestos
It is a mineral fiber that has been used in a variety of building construction materials for insulation and as a fire-retardant. When any materials containing asbestos has been damaged or disturbed by repair, microscopic fibers become airborne and can be inhaled and can cause lung cancer.
- Lead
The older the home, the more likely lead paint was used on and in it. The presence of this substance does not necessarily mean that it presents a hazard. However, if the surfaces of the home with lead paints are damaged (e.g., by door jambs and sliding windows), they can create lead dust that can be inhaled or swallowed. An inspector can tell you if there is lead in the home and can tell you the extent of the hazard.
- Structural Engineering
Be wary of those cracks in the house wider than 1/8 of an inch or if the doorways are misaligned. You may also choose to hire a structural engineer to determine if the property has severe, moderate or normal structural issues. This type of inspection is very common in earthquake-prone places like Southern California.
- Pests
You can also hire an inspector who specializes in pests like termites, mice, cockroaches, carpenter ants, rats and other creatures you’d rather not have in your home.
The importance of the contingency is to protect the home buyers from purchasing an inventory home that may have structural problems or defective materials that are not plainly visible. Therefore, inspection contingency can guarantee the best quality and value of your new builder home.
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