Though home inspections have been around for a while, many still do not understand their true purpose. At a base level, the inspection will provide important information that buyers need to know. This information will strictly deal with the condition of the home at the time of inspection. By understanding what a home inspection is, buyers will know what to expect.
What the Home Inspector Looks For
A home inspection will include a complete check of all major operating systems in the home. This would be things such as the heating and cooling system, electrical system, plumbing, and more. Structural aspects such as the foundation will also be closely examined. Though these major elements are very important, the inspection does not stop there. Many are surprised to be handed a home inspection report that is the size of a short book. Little things do matter and even small problems will be noted by the inspector.
Home Inspections and Real Estate Transactions
Inspections now go hand-in-hand with real estate transactions. The inspection report may be used in negotiations, and often is. There are many possible scenarios and outcomes, but the most common are a request for a reduction in the cost of the home or a request that the needed repairs are made (or paid for) by the seller. In some cases the buyer may back out of the transaction should the problems be too major or the seller be not willing to negotiate.
Seller Ordered Home Inspections
Smart sellers will often have their own inspection completed so that they are not unpleasantly surprised by the results of a buyer ordered inspection. Buyers should consider this a good sign, as it means that the seller is interested in making sure that the home is ready to be sold. Many sellers will use the inspection results to determine what repairs need to be made and take care of them prior to listing the home. While this is certainly a good thing, a buyer ordered inspection is still needed.
There are several possible scenarios that can create this need. One would be that the inspection was done and the seller chose to take no action. Another would be that the seller could have hired a low-rate contractor that did not complete the repairs correctly. Consider also the possibility that the seller may have hired an under-qualified inspector who did not perform the inspection correctly and missed problems.
Cost of Home Inspection
This can vary, but national averages are in the $300-600 range and costs usually vary based on the size of the house. This is a small investment to make considering the possibility of losing thousands of dollars should the home be in poor condition. Do not make the mistake of confusing a home inspection with a home appraisal. They are not the same. The condition of the home should not be kept a secret. Those who forgo the inspection process may be left to make harsh discoveries once the purchase is complete.
