For Immediate Release
Contact: Rich Conklin
National Property Inspections
Phone: (718) 357-4644
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Understanding the purpose of appraisals and inspections may save thousands

New York, NY - - August 28 2006 - - For many, buying a home may be the largest purchase of their lives. The multiple agencies and reams of paperwork involved can be confusing. One of the easiest and perhaps most costly mistakes people make involves thinking a home inspection and an appraisal are the same thing. Not true.

An appraisal is ordered by the lender to estimate the market value of a home and to insure that the house meets minimum standards for certain loan requirements. The appraiser researches the history of the home, including taxes and property values. A 15-minute inspection of the interior of the home is typical.

A home inspection is ordered by the home buyer to collect information about the current condition of the property in order to make the best investment decision. A home inspection is a visual assessment of hundreds of components in the home and takes two to three hours to complete.

New York home inspector, Rich Conklin, of National Property Inspections, said first-time homebuyers and recent immigrants are among the populations who may not understand the importance of a home inspection.

“Just the other day I did an inspection for a young couple and found the boiler on its last legs and the roof in bad shape,” he said. “They were under the impression they’d had an inspection already.” Conklin who has worked in the construction industry for over twenty years and now works as a licensed home inspector in the New York City and surrounding areas. His inspections cover the exterior and interior of the home, plumbing, electrical and mechanical components, the roof, foundation and venting systems and much more.

After the inspection, Conklin said, he provides a written report complete with digital pictures and a summary of any significant findings. He also meets with the clients to discuss the findings.

“No one wants to buy the home of their dreams only to live in a money pit,” he said. “I am not out to scare anyone, nor dissuade them from purchasing a home. All homes require repair and replacement of certain items over time. I simply want to give people the information they need upfront to make the best decisions about their investments.”

The United States Department of Housing and Urban Development recommends that home buyers insist on making any offer on a home contingent on a home inspection conducted by a qualified inspector.

“You will have to pay for the inspection yourself, but it could keep you from buying a house that will cost you far more in repairs down the road,” information on the HUD Web site states. “If you are satisfied with the results of the inspection, then your offer can proceed.”

New York State approved licensing laws for home inspectors in December 2005. The law includes education, testing and hands-on experience requirements. When searching for an inspector, make sure to request licensing information. Inspectors can be found online, in the Yellow Pages or by referral from your Realtor.

For more information:
The US Department of Housing and Urban Development brochure on appraisals vs. home inspections and other advice may be found at: http://www.hud.gov/buying/index.cfm#inspection

 

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