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Building inspection is one of the requirements of NeighborWorks in its PEARLS program before a foreclosure home is purchased for the program.

PEARLS stands for Purchase Efficient Affordable Homes and Rehab, Lease and Sell. The homes acquired under the program need to be rehabilitated well before they are sold or rented out to families that cannot afford to buy homes without help from other parties.

It was last year that NeighborWorks started purchasing foreclosed houses, fixing them and then renting them out to families who do not yet have the capacity to own homes, but who can work towards home ownership in the near future. The scheme is similar to the rent-to-own or lease option schemes being offered by other developers to potential homebuyers.

According to Roy Nash, CEO and president of NeighborWorks, it has already acquired 20 vacant foreclosed homes in the Waco metro area in Texas and all of them are already occupied or are being prepared for move-in.

Nash said that the repairs and other construction work have been stretching the budget for the homes, but efforts have paid off. He added that the selection process for the purchase of foreclosed properties is stringent in order to maximize its funds. Every home acquired by the program must first pass a building inspection process conducted by the construction unit of NeighborWorks before it is purchased.

For instance, in McLennan County, Texas, a foreclosure company offered more than 127 foreclosed units, but NeighborWorks chose only a few. Nash explained that the nonprofit has been choosing the units with the best potentials to reduce repair costs and to ensure the homes have great values for renters and homebuyers.

Based on a report from the Real Estate Center of Texas A&M University, the city of Waco is a good market for rentals because the home ownership rate is only around 43 percent, much lower than the national home ownership rate of 67 percent.

To help renters prepare for home ownership, NeighborWorks conducts home ownership sessions that enable participants to learn about credit, financing, insurance and home buying.

If the renter is ready to buy the house under the PEARLS program, NeighborWorks provides a zero-interest loan to help the renter make the down payment.

According to Nash, the PEARLS program has a very low default rate because of the firm operational systems and strict building inspection policies of NeighborWorks.

Home Inspection

Choosing a home inspection company carefully for environmental testing is important because you are testing for the existence of hazardous substances that adversely affect the health and well-being of your family.

For radon testing, look for certified radon testers at neha.org, the web site of the National Environmental Health Association, or at nrsb.org, the web site of the National Radon Safety Board.

Radon, which can cause cancer, is a radioactive gas found in every house. The amount of radon inside a house should not exceed 4 picocuries per liter. You can call the EPA hotline for drinking water about testing radon in water.

For information on lead, you can call the National Lead Clearinghouse. Many houses constructed before 1978 have paints containing lead, which can harm children and babies. Your inspector will use either a chemical test, which is cheaper, or a radioactive device, which is a very expensive equipment.

Asbestos can be found in insulation materials and other building products used for houses built before the 1970s. But generally, asbestos materials are not harmful if they are in good condition because they do not release fibers that you can inhale. Any asbestos material that shows damage such as abrasion, tearing or water damage must be removed by a home inspection company experienced in removing asbestos materials.

Carbon monoxide testing is among the cheapest types of environmental testing, so many home inspectors oftentimes offer this testing for free to attract clients. Carbon monoxide, which arises from combustion, should be vented properly from a house because this gas can kill. Since this gas is odorless and invisible, it can only be sensed by an electronic carbon monoxide detector.

There are only a few home inspectors that provide full septic inspections, so make sure you are hiring an inspection company that also perform complete septic inspections. For initial testing, some inspectors overload the system with large amounts of water and put some dye to spot leakages and check for odors.

Professional septic inspectors, on the other hand, make diggings to inspect the tank and the leaching field. If you are buying an old house, ask the seller to empty the septic tank so you do not need to worry about septic-related problems.

When choosing a home inspection company, choose one which provides standard house inspection services in addition to the specialized environmental testing that you need so you can reduce your total inspection costs.

Home Inspection

If you have been considering selling your home – although not immediately – you will find that ordering a home inspection will be the logical thing to do. By doing so, you can enjoy the leisure of repairing the defects in your home at your own pace.

A professional home inspector will be able to determine any problems in your home. As soon as the inspection is done, you can discuss with him which should be addressed first.

In addition, you will be able to have a clear picture of the total cost, giving you time to look over your budget and plan it accordingly to accommodate all the necessary repair work.

Obviously, the first thing you will have to tackle is the defect which can pose health hazards. For this particular problem, you might want to hire a licensed contractor to fix it in time for the home sale.

For the minor problems that a home inspection reveals, you can choose to hire a handyman or do the repairs yourself. Your decision will basically depend on your budget as well as skills.

If you think you cannot handle the job, do not hesitate to admit it. You might be able to save more in the long term if you leave the work in more capable hands.

As you complete each repair, you should make sure that all pertinent paperwork is kept. You will have to show them to potential buyers when the time to sell your home comes.

Also, you will need to make sure that after every problem has been addressed, you will take care of the property by doing preventive checks and maintenance. This way, any new problems can be discovered before they got worse and turn off the buyer.

Ordering a home inspection and repairing all home defects is a smart move for anyone who considers their home as investment. Despite the fact that you have no plans of selling the property in the near future, you will be able to enjoy peace of mind knowing that when the time comes, you and your home are ready.

Home Inspection

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Home Inspection

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Home Inspection