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What a Home Inspection Should Cover

Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspection than a small condominium. However, the following are the basic elements that a home inspector will check. You can also use this list to help you evaluate properties you might purchase.

For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors.

Structure: A home s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected.

Exterior: The inspector should look at sidewalks, driveways, steps, windows, and doors. A home s siding, trim, and surface drainage also are part of an exterior inspection.

  • Doors and windows
  • Siding (brick, stone, stucco, vinyl, wood, etc.)
  • Driveways/sidewalks
  • Attached porches, decks, and balconies

Roofing: A well-maintained roof protects you from rain, snow, and other forces of nature. Take note of the roof s age, conditions of flashing, roof draining systems (pooling water), buckled shingles, loose gutters and downspouts, skylight, and chimneys.

Plumbing: Thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate problems.

Electrical: Safe electrical wiring is essential. Look for the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also take note of the number of outlets in each room.

Heating: The home s heating system, vent system, flues, and chimneys should be inspected. Look for age of water heater, whether the size is adequate for the house, speed of recovery, and energy rating.

Air Conditioning: Your inspector should describe your home cooling system, its energy source, and inspect the central and through-wall cooling equipment. Consider the age and energy rating of the system.

Interiors: An inspection of the inside of the home can reveal plumbing leaks, insect damage, rot, construction defects, and other issues. An inspector should take a close look at:

  • Walls, ceilings and floors
  • Steps, stairways, and railings
  • Countertops and cabinets
  • Garage doors and garage door systems

Ventilation/insulation: To prevent energy loss, check for adequate insulation and ventilation in the attic and in unfinished areas such as crawlspaces. Also look for proper, secured insulation in walls. Insulation should be appropriate for the climate. Excess moisture in the home can lead to mold and water damage.

Fireplaces: They re charming, but they could be dangerous if not properly installed. Inspectors should examine the system, including the vent and flue, and describe solid fuel burning appliances.

Source: American Society of Home Inspectors (www.AHSI.org)

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

ARE WE HOME YET?

There are many factors to take into account when trying to choose the right home. After you ve settled on a price range that you can afford, start asking yourself some questions:

  • What part of town do I want to live in In an urban area Near good schools (Are you single, partnered, partnered with kids )
  • Is a big house more important than location
  • How many bedrooms do you need/want Bathrooms Other amenities
  • Do you want a new home A used home A condominium A fixer-upper

Other things to consider: Are you very tolerant to loud neighbors or un-kept houses If you answer  yes, you should have no problem finding a great deal on a home. A problem may arise, however, when you attempt to sell the home. While making yourself happy with your new home, keep in mind that one of these days you may want to try and make someone else happy with it!

Choosing what part of town to live in is mainly based on your lifestyle. If you re single and enjoy a very active lifestyle, living in a quiet, tree-lined neighborhood close to good schools may not be too important to you. On the other hand, if you have three small children, living in a singles condo complex might be a poor choice  or at least make you unpopular with your neighbors!

Pay attention to the quality of the neighborhood in which you are looking.  Pride of ownership shows through in how well yards and homes are maintained. If dead lawns and over-grown shrubs are the norm, you may want to think twice before buying there.

True, you might get more house for the money, but in the long run, you may have trouble re-selling it.

Think about what is going to make your home livable: bedrooms with bathrooms a removed master bedroom a two car garage a gourmet kitchen a large yard a small yard You should write up a wish list, then start looking at what is available in your price range. From there, you can whittle the list down to what you really want and what you can live without.

Important Of Probate Services

If the person who has died leaves a will ; In this case one or more ‘executors’ may be named in the will to deal with the person’s affairs after their death. The executor applies for a ‘grant of probate’ from the probate court”s registry. It is a legal document giving the executor the authority to deal with the deceased person’s assets (property, savings, investments and other possessions). The executor can use the grant of probate to sort out the assets of the deceased, and collect and share out the deceased person’s assets as set out in the will.
If the person who has died didn’t leave a will ; If someone dies without making a will, they are said to have died ‘intestate’. If this happens, the law sets out who should deal with the deceased’s affairs and who should inherit their estate (property, personal possessions and money).
If there is no will, a close relative of the deceased can apply to the probate registry to deal with the estate. In this case they apply for a ‘grant of letters of administration’. If the grant is given, they are known as ‘administrators’ of the estate. The grant of letters of administration is a legal document which confirms the administrator’s authority to deal with the assets of the deceased, and collect and share out the deceased person’s assets as set out under the intestacy rules.
When a grant is needed
A grant is almost always needed when the person who dies leaves one or more of the following:

  • property or land held in their sole name or held as ‘tenants in common’
  • stocks or shares
  • certain insurance policies
  • Large amounts of cash in banks/building societies
In the majority of cases the bank or financial institution will need to see the grant of probate or letter of administration before transferring control of the assets. However if the estate is small, some organisations, such as insurance companies and building societies, may release money to you at their discretion.
A grant of representation may not be needed where:

  • the person who died left less than 5,000
  • they owned everything jointly with someone else and everything passes automatically to the surviving joint owner (as opposed to a tenancy in common)
Money in joint accounts
The deceased person may have held money with another person in a joint bank or building society account. Normally this means that the surviving joint owner automatically owns the money. The money does not form part of the deceased person’s estate for the purpose of administration and therefore does not need to be dealt with by the executor or administrator. However, a deceased’s person’s share in joint property is treated as part of their estate for inheritance tax purposes, both on death and on gifts made during their lifetime
Probate and Inheritance Tax
The executor or personal representative will not be granted probate until some or all of any Inheritance Tax that is due on the estate has been paid.

Article Source: http://www.articlesnatch.com

About the Author:
Easylawyers can avoid the difficulty involved if obtaining a grant of

6 Creative Ways to Afford a Home

1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.

2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.

3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors’ names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can t participate.

4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.

5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.

6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you re in good financial standing, with a strong income and little other debt.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

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