Buying a new home is a major financial decision, so it's important to identify any potential problems with the home early in the buying process. Most industry experts recommend obtaining a home inspection before you get to the closing table.
The home inspection process can add an extra layer of complexity to the home buying process, but it doesn’t have to be intimidating. In fact, opting for a home inspection can save you money on unexpected repair costs, as well as help you identify future improvements that will help maintain your home’s value.
Let’s look at how to navigate the home inspection process so that you can make an informed home-buying decision.
What does a home inspection cover?
A home inspection is a chance for you to get to know a property inside and out. These types of inspections are completed by a licensed home inspector, who will assess the property’s structural integrity and major systems. The goal is to uncover any issues before you buy.
Your home inspector will check things like the age and quality of the roof, walls, and foundation. They will also inspect the windows, siding, flooring, and doors. Other areas your inspector should evaluate are the HVAC system, plumbing, and electrical systems.
In a seller’s market, it can be tempting to wave inspections to make yourself a more attractive buyer. But according to a recent homebuyer survey, 65% of home inspections uncovered issues with the home. So it’s always a good idea to opt for a home inspection even if you feel confident there are no significant issues with a property.
How to hire a home inspector
When you submit an offer to purchase a home, it's important to include a home inspection requirement in your contract. Once your offer has been accepted, your realtor will work to schedule the home inspection as soon as possible, to leave time for additional negotiations if needed. In general, it can take a week or more to complete a home inspection.
The average home inspection costs between $300 and $500, depending on where you live. It’s a small price to pay to know whether the home you intend to buy has any major issues.
Home inspectors have a variety of backgrounds and experience, so be sure to find someone who is licensed and that comes highly recommended by friends or colleagues. You can also ask for references or leverage your realtor’s professional network.
What does a home inspection report include?
A home inspection walk-through can take a few hours to complete. Typically, you can accompany the home inspector as they complete their evaluation. This is a great time to ask questions and get their opinions about the home’s overall condition. You will also receive a copy of the home inspection report.
The home inspection report will highlight the home inspector’s findings for the property. It should extensively summarize major issues of concern and include accompanied photographs and notes. Usually, the report will also highlight repair recommendations.
It’s also important to keep in mind that home inspectors can’t always detect unseen pest infestations, mold, or other potentially hazardous substances. If you’re concerned about these issues, you’ll likely need a separate inspection.
It’s also important to understand that getting a home inspection report doesn’t require a seller to fix any uncovered issue. However, it does give you the chance to negotiate or even back out of a deal under certain circumstances.
Throughout the home inspection process, you will learn a lot about a home, giving you the confidence to make the best buying decision possible.
Sources: National Association of Realtors, Realtor.com
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