Who has not heard of Orange County? Immortalized as the O.C, where rich kids party like crazy and take a break from school and family life on board a yacht, Orange County has become synonymous with wealth and privilege.

Orange County's posh and picturesque reputation is truly well-deserved. It combines upscale living with breathtaking natural beauty. It spans 798 square miles of prime California land and boasts of sun, surf, and lifestyle that are proudly Californian and at the same time, uniquely its own. No wonder many people are considering taking out Orange County home loans!

If you are one of those who are on the look-out for Orange County home loans, do not underestimate the significance of home inspection reports. Orange County properties are among the most expensive in the whole country. It is, thus, only prudent that you have the property checked before you buy it.
Before you actually take out an Orange County home loan, ask for a home inspection report first.

Why a Home Inspection Report Matters

A house in an investment. Over the years, its value increases. Structural problems, however, diminish a house's commercial value and future marketability. Always ask for a detailed inspection report before you finalize the details of your Orange County home loan.

Should the inspection reveal problems, it is perfectly legal for you to wriggle your way out of the contract. After all, no homeowner should be forced to purchase a defective home. To give yourself wriggling room, however, be sure to incorporate a contingency clause in your mortgage terms, detailing your way out of the contract should the house be seriously flawed or wanting in some way.

The Home Inspection Report

Most inspection reports are 10 to 20 pages long. They detail structural problems, if any are found. Home inspectors check for a lot of things, and structural problems are only one of them. They check for termite infestation, too. At the same time, they look for presence of lead paint hazards, particularly in homes built before 1978.

Using Your Home Inspection Report

Suppose you now have the report in your hands. What do you do with it?

1. Review the report carefully.

2. Zoom in on the items that indicate potential health hazards. Usual problems of this nature include use of lead paint, the presence of asbestos, or a cracked heat exchanger in the furnace.

3. Comb the report for items requiring expensive repairs in the not-too-distant future. Two examples would be holes on the roof or cracks in the foundation.

4. Show your seller the report. Inform the seller of the findings and the possible repairs needed.

5. Get an estimate of how much the total repairs would cost. Then, provide your seller with the figures. If you do this, you will surely be able to save thousands of dollars on that Orange County home loan you're thinking of getting. This is because most sellers agree to adjust the selling price or have the repairs carried out before the deal is closed.

6. Consider whether the Orange County home loan you're taking out can cover repair costs. If not, then it's wise to initiate proceedings for rejecting the property.

The only downside to getting a home inspection report is the expense. Because you are the one taking out an Orange County home loan, you will be paying for the home inspection report yourself. The cost? Between $50 to $100. The benefit? Priceless!

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