Getting a home inspection is a very important part of the home-buying process. This is the time for professionals to check every nook and cranny of the home to make sure everything is functioning properly and to see if there are any repairs needed. Buyers will always pay the cost of the inspection, and while you may be trying to save money and think the house looks okay, it’s highly recommended you make this a permanent part of your house-buying process.
We all know it’s an exciting moment when you find the perfect home with everything you’re looking for. You think there couldn’t possibly be anything wrong with your dream home. With a home inspection, you’re getting unbiased documentation of your potential home's condition. An inspector can discover real and expensive problems that are not always apparent in viewings.
Your inspector educates you on one of your greatest purchases. In reality, compared to the overall cost of buying your home, a home inspection does not set you back that much. On average, for a single-family home, it costs between $300-$500. Sometimes, extra inspections like radon and HVAC might cost a little more, but it could save you thousands of dollars in repairs.
Home Inspections Save Your Budget
Once you reach an agreement with your seller, you’re typically under legal obligation to pay the price you’ve negotiated as well as the closing costs. With a home inspection, though, it is almost like a “way out” of that negotiated deal if anything comes back wrong with the home that is considered dangerous or urgent. Once the inspector gives their report, you can start negotiating again with the seller.
Your home inspection can become a huge amount of leverage. If the inspector finds that things need repairing, you can ask the seller to fix them, negotiate the asking price or see if they’re willing to contribute money towards the closing costs. If you’re unable to settle on some sort of agreement, you’re able to back out of the purchase.
Common Problems Found in a Home Inspection
One of the most common problems found in a home inspection are foundation or other structural problems. These can be huge red flags when purchasing a home because the last thing you want to be stuck with after handing over your cash is a house that was not built well.
Another costly repair that could damage your budget if not found ahead of time is a roof leak. Replacing a roof can cost you $10,000 or more depending on the problem. With an inspection, a specialist can identify the age of the roof and any existing problems.
A home inspector will also check the electrical systems and any other potential safety hazards that could harm you and your family. A radon test will identify the odorless gas, which can cause lung disease. This allows you to approach your seller with a solution like a system to eliminate any radon.
Most inspections will include a deferred maintenance list. These typically include pending replacements that would be needed in the next five years. This gives you a good head start to budget some savings so you aren’t shocked when something stops working properly or needs fixing.
If you’re in the process of buying a home, make sure your real estate agent connects you with a local, vetted inspection service. At HomeSmart, our agents have access to a marketplace of businesses that make it easier for you to buy a home, and that includes home inspection specialists. Contact one of our agents today to see how they could help you find your dream home and connect you with other services that are crucial to the home-buying process.