Welcome to the Home Inspection: the Benefits and the Costs!
Home Inspection Benefits? Moving into a new home is a dream experience for many. They may have scrimped and saved for many years to finally get prepared for the market and now they have signed the dotted line on that perfect home and are ready to move in. But a lot has to happen between that purchase agreement and move-in day and keeping it all in order can be a full-time job.
As you go through the closing process, you will notice a ton of fees. Some include things like the appraisal from your mortgage company, the down payment, and moving expenses. You may also need to pay for an inspection if you choose to get one on the home. This is an additional expense on top of an ever-growing list of expenses and it is easy to want to put it off and not pay for it. But this can be a costly mistake that will hurt you down the line.
Home Inspection Benefits: What Happens During the Home Inspection?
During a home inspection, a professional will come into the home and take a look at every component that they can. Their job is to find any and all problems, no matter how big or small, that may show up in the home. The more thorough and detailed they are, the more the home buyer is going to know about the property before they move in.
The home inspector will generally come to the property and spend at least a few hours there. They will take a look at the inside and outside of the property, taking note of the foundation, siding, electrical, kitchen, and anything else that may be part of the property.
These inspectors will need to have the right licenses and certifications in your area to get the work done, but remember that they are supposed to be generalists in a lot of areas. If there is something specific that you want them to check out in the inspection, you may want to find someone well-versed in that area. For example, if you are worried about the electricity in the home, hire an electrician to come take a look. You can also consider a few other types of inspections on the home like a radon specialist or termite inspector.
Should I Be Present at the Home Inspection?
You should be present at your home inspection. You may choose to let the home inspector go and do most of their work without you, giving them a chance to get into the crawlspaces and attics and everywhere else without you. But when they are done, you should be present. This will give you a chance to see exactly what the home inspector is talking about, rather than figuring it out in the written report.
Once the inspector is done, you and your realtor should walk through the home and see some of the major pain points that the inspector is going to place in their report. They can point out the problems they have seen and answer your questions along the way. Take your time on this so that you aren’t surprised by anything once you move into the house.
Home Inspection benefits: What is Included in the Home Inspection Report?
The home buyer will learn a lot off the home inspection. You will be able to learn about the age of the home, the age of the appliances, and other things, even if it is not about something that is wrong with the home. That is often the central focus of the inspection and it is important to make sure that there isn’t something huge that you would be responsible for after you close on the home.
The inspector will walk you through the home and point out things that they notice, show you how to use things, and more as you go through the inspection. This is also why you should be present. You can ask questions if you are worried about anything and have them double-check things before you decide to move in. Before you leave the inspection take the time to go through every room of the home and every point on the inspection report so you understand what you are getting when you move into the home.
The inspector should give you a written report as well. This can tell you more about what they found, the issues they think are important, as well as some of the minor issues that they found as well. Don’t be scared by the long list that may show up. This is pretty common and most of them are not a big deal, but the inspector needs to list them all out as part of their services. Make sure to ask questions, both at the inspection and afterwards, if you have concerns.
How Much Does the Home Inspection Cost?
There are a few different things that will determine the cost of a home inspection. The size of the home, the amount of services you are asking for, and even your location can determine the cost of the inspection. If the market is busy and there are a lot of people who are buying and selling homes, you may need to pay a premium to get someone out to the property to take over and get it done for you.
Most home inspections will average around $400 – $500. You will be able to include these in your closing costs and often do not pay for the inspector ahead of time. This can save you having to come up with the money ahead of time, but is still a cost to consider. It is common for the home buyer to pay for any inspections that they want to have, while the seller would then be responsible for any fixes that need done. This is another thing that you can negotiate in your purchase agreement with the help of your real estate agent.
Should I Negotiate with the Seller?
You should talk with your realtor to figure out whether you should negotiate with the seller’s on the property for what shows up in your report. It will depend what is found inside. The inspector will find something; that is part of their job. But it probably is not worth fighting the buyer over a few broken plates by the light switches or other problems that would take you just a few minutes to fix yourself.
If something major is found in the home though, you may want to negotiate and your realtor will be able to help you out with this. If it a major expense, there are a few options that you can discuss including:
• Ask the seller’s to fix the problem for you before you move in.
• Ask for a reduction in the sales price of the home or for a credit so that you can fix it yourself.
• Walk away if it is too big of a problem or the seller is not willing to work with you.
Your realtor will be able to go through the inspection report to let you know what is a big problem and what you should back down on . But either way, this is a fantastic way for you to get intimate knowledge about the home before you move in.
What Happens if I Don’t Get an Inspection?
While most home buyers will choose to pay for a home inspection, it is possible to forego this and not have an inspection done at all. This can be common in a hot seller’s market where a buyer wants to get a leg up on the competition and removes the contingency for an inspection before they decide to move in.
However, this does come with some with some risks. If you purchase a home without an inspection and there are some major issues that pop up with the home after you close, then you are stuck with it. You can’t go back to the sellers and negotiate or blame them for this problem. You are stuck fixing it, and that can be expensive.
A home inspection gives you a chance to know more about the how and can open up negotiations if there are some major issues in the home that you need fixed. It is a good insurance policy that you are purchasing a fantastic property that you are going to love and won’t go broke on.
Home Inspection Benefits
Purchasing a new home is a big investment. You are borrowing a ton of money on your home and hopefully having years to enjoy it as well. You want to know as much about the purchase before you decide to sign on the dotted line.
There are potential issues that can show up in a home that are hard to see with a quick walk-through when you put your offer in and a home inspection will help limit the risk. With a good home inspector, you will find out all of the dirty secrets of the home and can make a smart decision on whether to proceed before you sink in a lot of money.
If you have any questions or you are ready to check the local real estate market, please contact us at (614) 316-3324.
