How to Use Your Report
A home inspector is not an expert on the fair market value (FMV) of a home. A Certified Real Estate Appraiser is qualified to give an opinion on that matter and should be retained to perform a market analyses and estimate the FMV of a home. In addition, a home inspector is prohibited by law from commenting on the market value of a home or whether you should buy a certain home. The purchase of a home is a personal decision based on finances, needs, taste and factual information on the condiiton of the home. Home inspectors are prohibited from encouraging or discouraging the purchase of a home.
What the home inspector can do is to give buyers the facts they need to know about the systems and condition of the home in order for them to make an informed decision. The true cost of buying a home is its purchase price plus the cost of upgrading substandard, deteriorated or malfunctioning components.
During the purchase
Remember, the purpose of a home inspection is to reveal systems or components that are significantly defective or near the end of their service life.
If major undisclosed deficiencies are revealed you should bring them to the attention of the Realtor because the seller may offer to correct them or adjust the selling price if the fair market value has been affected. If not, you may elect to withdraw your offer and look at another home.
After the purchase
If you purchase the home, the home inspection report will also serve as a repair guide for any deficiencies as well as to enlighten you about home maintenance in general. The report is also a record of the type and size of many of the systems and is useful to contractors and service technicians should there be a future maintenance problem.
A home inspection and report is a valuable tool in the home buying process because it allows a buyer to know the true condition of what he/she is purchasing. Many buyers have awoken to the lingering bitterness of major problems and large expenses after the fleeting sweetness of saving a few dollars by waiving a home inspection or retaining the least qualified inspector with the lowest price. That's why "You get what you pay for".