DEFINITION of 'Home Inspection'
An examination of a real estate property's condition, usually performed in connection with the property's sale. A qualified home inspector can assess the condition of a property's roof, foundation, heating and cooling systems, plumbing, electrical work, water and sewage, and some fire and safety issues. In addition, the home inspector will look for evidence of insect, water or fire damage or any other issue that may affect the value of the property.
BREAKING DOWN 'Home Inspection'
A home inspector is often hired by a potential home buyer to provide a written report regarding a property's condition, including an assessment of necessary or recommended repairs, maintenance concerns or other issues. A home inspection is an examination of the property's condition, and should not be confused with a home appraisal, which determines the value of the property.