Navigating Home Inspections: Essential Insights for Buyers and Sellers
Home inspections are an important part of the home buying or selling process. They can help you identify any major defects or safety issues in the house, and give you a better understanding of its condition and value. But what exactly is a home inspection, and how can you prepare for it?
Here are some answers to common questions about home inspections:
What is a Home Inspection?
A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a licensed, professional inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings.
The home inspector will closely examine all functional aspects of the house to determine its safety. They will test the operational status of major systems, including plumbing, electrical, heating, and cooling. Additionally, the inspector will check the roof, foundation, and exterior of the home. Their role is not to fix issues or provide warnings, but to document the home’s current condition and safety concerns.
When Does the Home Inspection Happen During the Buying Process?
When the seller accepts your offer to purchase the home, the agreement becomes a pending sale. During the next couple of weeks, your lender will want to verify the value and condition of the house. This is when the lender orders an appraisal, and in some cases, an inspection – or you may choose to hire a home inspector yourself if the bank does not require an inspection.
If you’re buying a home in a competitive housing market and are up against multiple offers, you may be tempted to waive the home inspection to make your offer stronger. However, this is almost never a good idea. While the house may look in fine condition to you, it’s what’s beyond the surface, or factors that you don’t know are problematic, that can cause the biggest issues.
How Do You Choose and Hire a Home Inspector?
You want to choose a reputable inspector who will look out for your best interests but also understands your wants and needs for the home. Ask your real estate agent to recommend a few inspectors they have worked with in the past – people they trust to give you a fair and honest report. In addition, consider reaching out to friends and family for their recommendations, or explore ratings and reviews of home inspectors online.
It’s also important to request a sample report from the inspector to ensure that their deliverables are thorough. Make sure to clarify what is and isn’t included in the inspection price, which typically ranges from $200 to $500 depending on the size of the home.
Will they test for lead paint? How about asbestos in the ceiling tiles? Is that part of the basic inspection or will it cost more?
How Much Does it Cost for a Home Inspection?
A typical home inspection can cost anywhere from $200 – $500, with the national average sitting right around $363. This may seem like an unnecessary expense, but a thorough home inspection can save you from an unwise purchase and possibly costly repairs in the future. Put another way, the home inspection fee is an investment in peace of mind. Buying a new home is stressful enough, so you can take comfort in the knowledge that the roof or furnace is not likely to present you with any costly surprises in the short term.
What to Expect From a Home Inspection?
A home inspection usually takes two to four hours, depending on the size and condition of the house. You should be present during the inspection, or at least show up at the end. The inspector will walk you through the findings and explain any potential problems. You can also ask questions and take notes. The inspector will give you a written report within a few days, which will include detailed information, photos, and recommendations.
The home inspection report will help you decide if you want to proceed with the purchase, negotiate with the seller for repairs or concessions, or back out of the deal altogether (depending on your contract contingencies). The report will also serve as a guide for future maintenance and repairs. You should keep a copy of the report for your records.
How Can Sellers Prepare for a Home Inspection?
As a seller, you can also benefit from a home inspection. A pre-listing home inspection will help you see all the repairs you’ll need to make before you put it on the market, which helps with a smoother closing and faster sale. You can also use the inspection report as a marketing tool to show potential buyers that your home is in good condition.
To prepare for a home inspection, you should do the following:
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- Clean and declutter the house
- Make sure all utilities are on and all appliances are working
- Replace any burned-out light bulbs
- Check for leaks, cracks, or damage in the roof, walls, floors, windows, and doors
- Fix any minor issues, such as loose doorknobs, dripping faucets, or peeling paint
- Provide access to the attic, basement, crawl space, garage, and electrical panel
- Remove any pets or personal items that may interfere with the inspection
- Be ready to leave the house for a few hours during the inspection
Conclusion
Understanding the home inspection process is crucial for buyers and sellers. It directly impacts the sale and purchase of a property.
Home inspections help buyers make informed decisions. They also empower sellers to address issues before listing their homes.
Being proactive and informed about expectations can ensure a smoother transaction. Important factors include choosing a qualified inspector and understanding comprehensive reports.
Whether buying or selling, prioritizing the home inspection saves time, money, and stress in the long run.