Summary - Real Estate

Home inspections are an important part of the real estate process whether you are buying your first home, retiring to a second home or relocating to a new area. Real estate agents must work with a home inspection company tha

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

t is both reputable and trustworthy. Attention to detail and knowing how to report the facts are essential to a thorough home inspection. In this article I have asked Kevin Salva of US Inspects‰ in Virginia to explain some

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

f the basics of home inspection to help answer the questions many homebuyers and sellers are asking.

No Stone Left Unturned

Home inspection covers many areas of the house. According to Kevin, a home inspector must “objective

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

y evaluate every angle of the home”. The first consideration for any home inspection is the age of the house. New homes fall under stricter laws and regulations. Therefore, the inspector must pay attention to the safety f

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

eatures and be certain the home is in compliance with the current safety requirements. Older homes are only expected to meet the safety standards and regulations current in the year they were built. However, older homes mus

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

be carefully assessed for potential problems. “The structure of the house must be analyzed along with the utilities, roof and heating and cooling systems,” states Kevin. “I do a number of different inspections,” continue

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

Kevin, “including termite, Radon, septic systems, private wells, and more.” As a potential homebuyer it is important to know what the basic home inspection includes, and when you may need specific services such as termite,

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

lead paint or asbestos inspection. Your real estate agent can advise you on what types of inspection are necessary.

Knowledge and Planning Lead to a Successful Purchase

Kevin suggests all homebuyers “become familiar with the a

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

erage life span of particular household appliances and systems”. For example, a typical heat pump works for approximately fifteen years. If you buy a home and the heat pump is fourteen years old this repair expense may co

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

e in the near future. As a homebuyer, knowledge and planning are the keys to avoiding unexpected costs and a lack of funds to complete important repairs. Kevin also believes that an experienced and reputable home inspector

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ill offer the homebuyer a walk through of the property. This allows the home inspector the opportunity to “begin a dialogue about home maintenance” says Kevin. This dialogue will be a valuable asset to the homeowner in the

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

future. Homebuyers should also talk to their real estate agent about home warranty programs. Many systems or appliances that are potential future repair costs can be covered by a home warranty that is renewable each year.

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

A home warranty is a great strategy for any homebuyer, but especially for those purchasing older homes.

The Language of Home Inspection

Home inspection reports are not difficult to understand. “The body of the report talks

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

about the systems of the home,” states Kevin. The home inspector should know the difference between “a defect” and “a related item” and be able to identify these items clearly. The home inspector must speak the language of r

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

eal estate so the agent can fully comprehend the report. This allows the real estate agent to advise the buyer in the best way possible. A “defect” is an issue about the home that must be addressed immediately. The buyer s

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ould expect the real estate agent to budget the repair of the “defect” into the closing contract. A “related item” is simply a typical maintenance item that the homebuyer may need to be prepared to cover now or in the future

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

The relationship between a real estate agent and a home inspector is built on trust. The real estate agent knows the market and typically what items the sellers and the buyers are financially responsible for at closing. T

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

he agent understands trends in specific regions when looking at the home inspection report. They analyze the buyer’s concerns and close the best deal they can for their clients. A home inspector must know the real estate bu

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

iness and pay attention to the details. Kevin says, “…A home inspector must provide impeccable service and do everything necessary to educate the real estate agent and the buyer about the home.” To learn more about real est

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

te topics such as renovations, homeowner’s insurance or mortgages please visit my website at www.voncannonrealestate.com. For more information on US Inspect‰ contact Kevin Salva at 888-US-INSPECT or visit www.usinspect.com

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Summary - From Your Rooftop to Ground Zero: Home Inspections

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