What is a home inspection?
A home inspection is a professional examination of the property’s condition that can reveal issues you may want the seller to address. Inspectors review many aspects of the physical structure of the home, from the foundation to the roof.
Why do you need a home inspection?
A home is a significant investment, likely the largest investment you will make. You will want a detailed understanding of the property’s condition so you can anticipate future repair costs and factor them into your purchasing decision.
What does a home inspection include?
Home inspection reports can vary from company to company, but they generally examine the same key elements and systems. A standard home inspection typically includes a review of the condition of these features:
- Heating system
- Central air conditioning system (if heat allows)
- Internal plumbing system
- Electrical system
- Roof
- Attic
- Visible insulation
- Walls
- Ceilings
- Flooring
- Windows
- Doors
- Foundation
- Basement
- Structural components
What is not always included in a home inspection?
The home inspection aims to cover all aspects of the home’s physical structure, but it is not necessarily comprehensive. Inspectors cannot examine parts of the home that they cannot access. For instance, they will not be able to review features behind a closed door, or in unsafe conditions, or if there is a pile of items blocking the way. In these cases, the inspector will note where they were unable to access.
The home inspection also does not include exterior measurements of the property or tests for certain issues in the home that could affect your health. However, many inspectors may offer these services as optional add-ons.
How much does a home inspection cost?
Generally, the cost of a home inspection ranges from $300 to $500. However, the price can vary based on factors such as location and size. As the buyer, you will be responsible for hiring and paying the home inspector.
Additional services will increase the cost of the home inspection, but it depends on the optional services you choose. Expect to pay about $25-200 or more for these services. You will typically need to request a quote to determine the exact costs of these optional services.
How to prepare for a home inspection and what to watch for
It’s likely that a home inspector will find some flaws in the property since no home is perfect. Homes require maintenance, and if the previous owner did not keep up with maintenance, the home inspection can highlight areas you may need to compensate for.
As the buyer, you can handle the defects found in the home in one of several ways. First, if the home inspection is included as a condition in your offer to the seller, you can withdraw from the purchase agreement. You can also negotiate with the seller about the repairs they will make and the issues you are willing to accept, or you can negotiate with the seller for a discount in the purchase price. This usually means deducting repair costs or part of the costs from the sale price.
You can also proceed with the contract with the home as is. If the seller is not obligated to repair the home for you, if you are facing strong competition from other buyers, or if the issues are minor, you might choose to accept the problems rather than risk negotiating.
Learn which repairs are optional and which are mandatory
Not all damages in the property need to be repaired. For instance, cosmetic damage does not threaten the overall structural integrity of the home and is often accepted by buyers and lenders. Unless the lender requires specific repairs, buyers and sellers can negotiate concerning the problems found in the home inspection report. Examples of issues that are often considered optional include burnt-out bulbs, peeling paint, and termite damage.
Depending on your loan, some repairs may be mandatory. For example, an FHA loan requires minimum property standards to be met for you to obtain financing. These standards include no damage to the foundation, exterior, and roof, no health and safety hazards, among many other requirements.
Conclusion
On
Although a home inspection is not always required when purchasing property, it is in the buyer’s interest to have an inspection. A qualified home inspector provides an objective assessment of the home’s condition with a detailed list of any issues they find.
In seller’s markets, you may be tempted to waive this condition in your offer. However, a home inspection can give you a better picture of the property’s condition and reveal hidden costs.
Frequently Asked Questions (FAQs)
How long does a home inspection take?
On-site inspections typically take between two to four hours. The length of time an inspection takes depends on the size of the home and property, as well as whether you requested additional inspections outside of the standard inspection, such as a pool inspection.
Who checks the repairs after a home inspection?
Once the inspector identifies problems in the home and they have been addressed, you can hire the same inspector to check that the repairs were done correctly. The inspector may offer a discounted follow-up inspection within a certain timeframe.
How do you know when to walk away from a purchase after a home inspection?
If you included a home inspection as a condition in your offer, you can withdraw from the purchase agreement if it does not meet your standards. Buyers may choose to walk away from the purchase when they believe the required repairs will be too costly. You will need to compare the estimated cost of repairs needed for the home with what you are willing to spend.
Source: https://www.thebalancemoney.com/are-home-inspections-worth-it-5216461
Leave a Reply