A property inspection is by far one of the most important portions of the home buying process for any potential buyer. Although home inspections are optional, it is suggested that all buyers spend the additional funds to attain a home inspection. Home inspections average between $300-$500 dependent on the area, but can save the homeowner thousands of dollars in the long run. A home inspector can see and notice issues that the average eye may oversee, which alleviates unanticipated home repairs and increased costs. Adding a home inspection to any purchase offer ensures that any issues that may arise are known upfront. This can affect not only the price of the offer, but whether to continue with the contract.
What Does a Home Inspection Cover?
American Society of Home Inspections helps set a standard of practice for home inspections throughout the United States. A typical home inspection includes structure standards, roof & attic inspections, basement inspections, HVAC systems checks, plumbing, electrical appliances and garage space checks. The inspectors are considered 3rd party observers and are there to objectively provide information about any home they are ordered to provide an inspection for. It is suggested that the buyer is present for this inspection to be able to ask the home inspector questions regarding any issues or discrepancies seen by the inspector or buyer.
Inspections can take 7-14 days to occur and be received dependent on the demand in the area. The inspection report will include the following:
- If the problem is a safety issue, minor repair or major defect
- What items need replaced and what needs repaired or serviced
- What items are suitable for use, but should be monitored by the buyer.
Once the buyer receives the home inspection report, the buyer can counter the seller with required repairs and updates to continue with the current offer. If the seller is unwilling to make these changes, the buyer can opt for a price reduction or choose to leave the contract.