Many people don’t know the difference between a FHA Home Inspection and a Regular Home Inspection. That’s why you will find a home buyer complaining of the defects in a home, and yet a FHA Home Inspection was carried out. Blame it on the FHA inspectors. They ought to tell you what their work entails. A FHA Home Inspection and a Regular Home Inspection are two distinct inspections that serve different purposes. For the sake of all those home buyers who don’t differentiate the two, here are some differences between a FHA home inspection and a regular home inspection:
An FHA inspection reviews a home’s value
Federal Housing Administration (FHA) backs and insures many home mortgage loans. However, because the lender is not available in most cases to see the property firsthand, it is important that someone visits the site. Thanks to the FHA inspectors. FHA inspections help the lender gain an understanding of the real estate market and what the value of the property they are interested in is. Although defects may be noticed during an FHA inspection, they are usually overlooked because the inspection is only concerned with the value of the home.
A Home inspection is concerned with defects
Before every home sale agreement is sealed, the condition of the home must be ascertained. The reason is that both parties, the buyer and the seller, want to know what they are getting themselves into by agreeing to buy and sell the house respectively. A home inspection is important for a seller in that it helps unearth repairs that if done could support a better asking price. For a buyer, a home inspection helps them decide whether the home is worth their money or not.
A Home inspection looks into effective life
Other than looking for defects in a home, a home inspector also inspects systems such as appliances, hot water heaters, heating and air systems for their conditions. The home inspector then tries to establish the useful life remaining in them. To effectively do the inspection, the home inspector may have to go to the roof, attic spaces, and even crawl through crawlspaces. If an inspector is satisfied that the roof of an air compressor or a home is in good condition but will need replacement in a year or two, he will include this in his report. It will then be upon the potential buyer to decide whether or not to invest in the home.
Homes are to meet certain standards in a FHA Inspection
All FHA-insured properties should be sanitary, safe and structurally sound. Homes that do not meet FHA property standards will not get mortgage insurance for loans. It is, therefore, upon the lender to ensure that the seller brings the home up to the standards of FHA before approving the loan. Unlike a home inspection that is concerned with the condition of the home, unless a home is unsound, unsanitary or unsafe, a FHA inspection is not concerned with the condition of a house.
Home inspections and FHA inspections are distinct, and under no circumstance should they substitute each other. While a FHA inspection is concerned with safety issues, a home inspection goes into greater details to explore the home’s structural integrity as well as the condition of its systems. The above are some differences between a home inspection and a FHA inspection.