As is the case in many states, the home inspection is a vital part of the home buying process in Iowa. Many people confuse home inspections and property inspections, but they have some important differences. If you are buying a home, you will want a home inspection. If you are struggling to pay your mortgage to a lender, then they may ask for a property inspection. Knowing the details can help protect your interests.
What is a Home Inspection?
Before you purchase property, you should have it inspected by a professional. You may not always know what details to look for in terms of defects or flaws in a home. A home inspector, on the other hand, has significant training and experience examining homes to look for tell-tale signs of problems.
Some of the most common areas that a home inspector will address include:
- The heating and air conditioning systems and ductwork
- Water heater
- Interior plumbing
- Electrical system
- Walls and ceiling
- Floors
- Attic area (if accessible)
- Windows and sealing around the windows
- Basement
- Foundation
- Radon Testing
- Preliminary pest inspection
The home inspection is visual. The inspector generally will not remove or disrupt any part of the house to look deeper at problems. However, even this visual inspection can be valuable.
The inspector will prepare a report that you can review before purchasing the home. It can help you spot issues that could signal the need to investigate further. It may even affect whether you want to continue with the purchase of the home.
What is a Property Inspection?
A property inspection is sometimes performed at the end of your ownership of a home. It is used by lenders to ensure that your property is still retaining its value when it is at risk for foreclosure.
In foreclosure situations, lenders want to ensure that you have not damaged or abandoned the property before the foreclosure sale. Most mortgage contracts include a clause that allows the lender to take action if the value of the property securing the loan is at risk.
Their main concern, however, is whether the property is still occupied. If the home is abandoned, it is more susceptible to things like burst pipes in the winter, squatters, or thieves. It can also be damaged by storms or winds, which may lower the property value as well.
A property inspection is often a “drive by.” It is very cursory because the primary goal is really just to be sure the property is still occupied and being kept up. A home inspection, in contrast, is much more in-depth. You pay for home inspection services, so you are allowing the inspector into your soon-to-be home. In contrast, the lender pays for a property inspection, and it may take place without your knowledge.
June is a great time to buy a home in Iowa. If you are working through the process, an experienced Iowa real estate attorney can be a valuable asset. Give Danilson Law a call at 515-512-5500 to learn how Jeremy Danilson can help.
