At last - you’ve found the home of your dreams. It’s just the right size with the amenities you were looking for, in a neighborhood that’s close to family and friends.
But… you can’t help but wonder if it’s actually as perfect as it seems.
What if there’s a leaking pipe? Or foundation issues? Or an old roof that needs to be replaced?
All of these things are important to look out for when buying a home.
That’s where the home inspection comes in.
Let’s explore what exactly this inspection is and why it’s a good idea to get one done.
What Is A Home Inspection?
A home inspection is a detailed assessment by a licensed home inspector of all the structural aspects of the home. This includes everything from the roof and foundation to the electrical and plumbing. In the report, it will identify any safety hazards or potential issues you should be aware of.
The home inspection is generally done within the first week of going into contract, during what is called the “buyer’s investigation period.” It typically ranges anywhere from $300-500, depending on the square footage of the home, and usually lasts between 1-4 hours.
Why Should You Have One Done?
While it’s not a requirement of sale, we highly recommend that you hire a qualified professional for the home inspection. A whopping 47% of people who waived their home inspection regretted it. On average, buyers spend an additional $4,000 on unexpected repair costs while moving.
If you’re like most people, a home purchase is probably one of the biggest financial investments you will make in your lifetime. In order to protect yourself, you should be aware of what exactly you’re buying. Having the report will help you understand what issues need to be addressed and/or repaired. This can prevent the added stress and costs of dealing with unexpected problems a few days after settling into your new home.
Even if you are buying a new construction home, you should still make sure to get an inspection done. You may be surprised to see just how many issues come up!
So What Happens After The Inspection?
Once the inspection is complete and you have reviewed the report, you will have three different options to choose from.
1) As long as you have your inspection contingency in place, if you feel that there are too many problems with the home, you can safely back out of the deal and get your earnest money deposit back.
2) If everything looks satisfactory to you, you can move forward, and it will be acknowledged that you are accepting the home in its present condition.
3) You can ask the seller to fix certain items or give you monetary credit in lieu of repairs.
However, if you decide to go with the third route, keep in mind that no house is perfect. All existing homes will have normal wear and tear. Big-ticket items, such as the HVAC (heating and air conditioning) system, roof, foundation, plumbing, electrical, mold, etc., should definitely be negotiated, but smaller findings like broken lights, dirty filters, and missing outlet covers can easily be taken care of after you close. Your real estate agent should be able to help you determine what a reasonable request would be.
Are There Other Inspections?
In addition to the general home inspection, you can elect to have other inspections conducted during your investigation period. Some of the most common ones are termite/pest inspections, septic/sewer inspections, pool/spa inspections, and specialized roof inspections.
Ready to start your home search with the local experts?
Schedule a call with our team today. We’re here to guide you every step of the way and answer any questions/concerns you may have!