Wednesday, February 20, 2013

Property Inspections and Your Millburn-Short Hills Home Purchase

A recent article by Inman News states that property condition is among the top concerns of home buyers. This is understandable in light of the number of foreclosures and short sales that remain on the market. Deferred maintenance can be an issue with any home, in any type of sale.

For these reasons, home inspections are playing a larger role in today's home buying process!

While home inspections are not required when you purchase your Millburn-Short Hills home, they are highly recommended. However, you should understand what a home inspection is, and know what it will accomplish for you.

The first thing to keep in mind is that home inspections are a visual examination of the property condition. Nothing is taken apart; no warranties are issued.

Home inspections in the State of New Jersey are regulated. Home inspectors are required to meet education and experience criteria before receiving a license. You should always screen your home inspectors to make sure they hold an active license. I can also refer you to several home inspectors in our area, but the choice of inspector is yours.

Next, the definition of a home inspection, according to the State of New Jersey Division of Consumer  Affairs, is as follows:

A home inspection is a visual, functional, non-invasive inspection conducted for a fee. It is performed without moving personal property, furniture, equipment, plants, soil, snow, ice or debris. It examines the readily accessible elements of a residential building in order to report the condition of:
  • structural components
  • exterior components
  • roofing system
  • plumbing system
  • electrical system
  • heating system
  • cooling system
  • interior components
  • insulation components
  • ventilation system
  • fireplaces and solid fuel burning appliances
Home inspections are paid for by the home buyer. Again, they are optional but highly recommended. The cost of a home inspection varies; it can run anywhere from $250 to $400.You will want to be present during the inspection, if possible. In any case you will receive a written report of the inspector's findings.

Last but not least, remember that no home is completely perfect! The inspection will help determine if there are any obvious flaws that need attention. You will then have the opportunity to negotiate any repair issues - or, to exit the deal, if you have made the proper contingencies in your purchase offer. I will help you with this!

As your Millburn-Short Hills real estate professional, I will provide you with expert assistance throughout  the home buying process! I will be your professional guide during the home search, negotiations and the closing! 

Contact me today, and let my 18 years of experience be your home buying advantage!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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