When is a home inspection report useful?
August 2, 2014 8:20 AM Subscribe
I am buying a house and wondering whether a written home inspection report is much more valuable than an informal verbal report.
posted by no1hatchling to Home & Garden (14 answers total) 2 users marked this as a favorite
I am buying a foreclosed house for cash. As such, there's no requirement from a bank or other entity to have a written inspection report. I have two estimates for an inspection. One for $500 will provide me with a detailed written report, the other, for $250 will do the inspection while we follow behind and talk with him and take notes. Both inspectors have a good local reputation so I don't think that the effectiveness of the inspection is in question, only the formality of the report.
Will the written inspection be worthwhile for anything down the road? We will need to refinance the house in 6 months, but the bank we are going with only requires an appraisal, so I'm not sure the report has any value. Also, we will be making some major plumbing repairs in those 6 months, so the report will be out of date by then. Does a written report help with home-owners insurance quotes or rates? Anything else I'm not thinking of that makes the extra $250 worthwhile?