5 QUESTIONS TO ASK YOUR HOME INSPECTOR
1. What is the condition of the roof?
Before purchasing a home, it is smart to ask the inspector about the condition and age of the roof. The seller of the home may know the roof’s age, but it is still important to understand the life expectancy of the roof. The life span of a roof can range from 15-30 years, depending on the type of shingle used. Often the life useful life of a roof is shorter than the expected number of years. This is due to weather, accidents, etc. harming the shingles. The inspector will be able to estimate the actual remaining life expectancy.
Shingles can be a costly hassle to have replaced. The life expectancy of the current shingles is a good thing to know, so you can plan for the replacement in the future. It is also very important to know if any of the shingles have been compromised. Even a small leak in the roof, that is not caught, can cause major damage to the roof decking. Replacing a roof’s framing, decking & shingles is very expensive—much more expensive than having a roof inspection to find and fix the little vulnerabilities.
2. How much insulation is present in the attic?
The ability of a type of insulation to reduce heat flow is referred to as its’ R-Value. Each type of insulation has a different R-Value. Depending on the location of the home and the area of the home being insulated, an optimal R-Value is assigned. Your inspector will see the type and amount of insulation already present, then use information like that in these charts to recommend a plan of action. KY falls in Zone 4:
A real estate appraisal is the process through which an appraiser determines the current fair market value of the subject property. The Uniform Standards of Professional Appraisal Practice (USPAP) sets forth the procedures and ethical standards to be followed by appraisers. “The appraiser investigates the characteristics of the subject property that might impact the property’s value. The appraiser also investigates the nature of the market for that property, competitive properties, and the buyers and sellers who constitute the market for that property type. The principles of supply and demand, substitution, balance and externalities help explain shifts in value.” (appraisalinstitute.org)
I am buying a home. When do I order an appraisal? Once most or all of the contract contingencies (like the inspection period) are dropped, the lender will order an appraisal of the property. This will be at the cost of the buyer and is around the $250-450 range in KY. The lending institution will pick the appraiser and verify that there is no conflict of interest between parties before completing the appraisal. A conflict of interest could be any connection that may sway the final valuation of the property. For example, if your uncle is the appraiser, they would be more likely to under or over value the property to fit your wants than a stranger would.
Why is my lender making me get an appraisal? Unless paying a significant amount of cash down, there is usually always an appraisal required by the buyer’s lender. You may wonder why the appraisal is so important to the lender. The lending institutions want to make sure they are not paying out an amount higher than the current market value of the home. Their goal is to make that loan money back with interest. If the mortgage amount is higher than the property value, the chances of the buyer defaulting are greater....