A home inspection is an examination of the condition and safety of the real estate property. It provides an opportunity for the buyer to identify any major issues with the home before closing. If issues go unnoticed before the sale goes through, you might have to pay thousands of dollars to fix them later, so it’s critical to not skip this step in the home buying process.
The home inspection is so important, that it can be used as a contingency in your contract with the seller. This means that if the home inspection reveals significant defects, you can back out of your purchase offer free of penalty during a specific timeframe. It’s not rare that homes have serious problems causing buyers to walk away from a contract. In fact, it can even newly built houses can have serious problems.
It’s important to address some important questions of the home inspection process
Typically the home buyer pays for the home inspection. They hire a professional home inspector to take a look at the entire house, from the roof to the foundation.
A home inspection typically costs anywhere between $250- $450, depending on the size of the house. Other variables such as the age of the home and city it resides in are factors that could cause the cost of an inspection to rise. For example, a home inspection in Los Angeles may cost $1,000 or more. The purchase price of the home is not a determinant of inspection cost.
Within a few days of the property going under contract, a home inspection will take place. Sometimes a realtor will help schedule the home inspection.
An inspection typically takes around two to three hours, depending on the type of home.
Home inspections may vary greatly, but here are some areas you should not miss inspecting:
The simple answer is no. Although home inspections are not required during the purchase of a home, it is always a great idea to have an inspection prior to purchasing.
A home inspection will give you a solid picture of what you are walking into when you buy and move into a new house. Considering a home is such a large investment, its important to try and avoid substantial hidden costs of repairing, renovating, or replacing and major or minor structure, plumbing, electrical, appliances, fixtures, etc. Skipping the inspection could result in numerous hidden costs.
The buyer’s inspection should happen after they make an offer to a seller and the seller accepts the terms, but before the sales contract is signed and money transferred.
Some buyer’s elect to have the inspection take place after the signing of the contract, but this can stretch out the in-contract period longer because further negotiations may become drawn out. This also could result in a total redraft of the contract where all parties must sign again.
Therefore, it is recommended the inspection takes place before the contracts are signed so necessary negotiations can happen prior to going into contract.
It is important to be extremely comfortable with your home inspector, as they are extremely important in helping detect major pitfalls in the home buying process.
Hyponia allows home buyers to connect with numerous home inspectors to determine which inspector fits their unique needs.
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