Once your offer is accepted, it’s important to get a home inspection before you close on the property. As a First Time Homebuyer, I stronger recommend never skipping this step in the process. A home inspector will look for any major problems with the property that could cost you money down the road. If they find any serious issues, you may be able to negotiate with the seller to have them repaired or ask for a lower purchase price. Let’s discuss exactly what a Home Inspection is?
What is a Home Inspection?
A home inspection is an examination of the condition of a residential property. It is usually conducted by a qualified professional who will evaluate both the interior and exterior components of the house. The purpose of a home inspection is to detect any potential problems that might affect the value or safety of the property and to give buyers an accurate assessment of the overall condition of the home.
Who should you hire for your home inspection:
When choosing a home inspector, it is important to find someone who is experienced and certified. They should also be knowledgeable about local building codes and have an understanding of what they’re looking for when examining the property. The home inspector will provide an inspection report detailing any issues that were found during their examination as well as photos or diagrams of any problem areas.
Average home inspection cost
Home inspections typically cost between $300 and $500 and take around two-to-four hours to complete depending on the size of the house. In addition to a home inspection, other types of inspections may need to be done such as a septic system inspection, a termite inspection, and/or a radon gas test. These additional inspections will depend on the area and your findings from the initial home inspection. Although the buyer is responsible for these costs, it gives you peace of mind about your home’s condition.
How to prepare for the Home Inspection:
Before the inspection, you should thoroughly review the property disclosure documents you previously received. Make a list of any questions or concerns you have about the documents and address any issues that the listing agent may have pointed out.
Common Issues found in home inspections:
A home inspection can reveal many things about a property. Structural damage, electrical problems, plumbing leaks, or moisture/mold are some common issues that may be discovered through this process. These can all have significant impacts on the value and safety of the property.
What to do if there are major issues discovered the inspection.
No one wants to hear that their home has issues, especially major ones. But if you do find out that there are problems after an inspection, don’t panic. Here’s what you need to do.
Step 1: Review the Report Carefully
The first thing you need to do is review the report carefully. Don’t just skim it; take the time to read through it thoroughly so that you understand what the issues are and where they are located in your home. If there are things you don’t understand, be sure to ask your inspector for clarification.
Step 2: Prioritize the Repairs
Once you know what needs to be fixed, you’ll need to prioritize the repairs. Some issues will be more pressing than others, and you’ll need to decide which ones need to be addressed immediately and which can wait. In general, any repairs that involve safety should be at the top of your list, followed by anything that could lead to further damage if left unaddressed.
Step 3: Get estimates from contractors
Repairing major issues can be expensive, so you’ll want to get estimates from a few different contractors before making any decisions. Be sure to ask each contractor for a detailed breakdown of their estimate so that you can compare them side-by-side. And don’t forget to factor in the cost of any permits that may be required.
Step 4:Negotiate with the Seller
If you’re buying a home, you’ll need to negotiate with the seller about who will pay for the repairs. In some cases, they may be willing to lower the price of the home so that you can cover the cost of repairs yourself; in others, they may agree to pay for all or part of the repairs themselves. It doesn’t hurt to ask—the worst they can say is no! Â
Conclusion
A home inspection is an important part of the buying process and can help ensure that you are making a sound investment. Make sure to hire a qualified, certified inspector and have any questions or concerns addressed during your meeting with them. Depending on the condition of your home, you may need to get other inspections done before closing. Make sure you factor those into your budget when you are planning. If the inspection shows that there are some big problems with the house, don’t worry. Just follow the steps above to figure out what to do next. Setting your home inspection expectations will help you to avoid any surprises and ensure that your home is in good condition.
If you have additional questions regarding the Home Buying Process. Please feel free to contact me.