The home buying and selling process can be long and stressful. The last thing you want to do is add more time and more pressure to the process. But whether you are a homebuyer or a seller, an inspection is a necessary part of the process. Here is everything you need to know about when and why you need a home inspection.
What is Home Inspection?
A home inspection is sometimes confused with a home appraisal, however the two processes are very different. A home appraisal considers the condition of the home, comparable home prices, lot sizes, home features, area crime rates, and school zones. During a home inspection, a professional will visually evaluate every square inch of the home. They will make a record about the home’s main systems. These include the plumbing, roofing, electrical system, HVAC, foundation problems, infestations, water damage, and exterior grounds. In addition the home inspector will check for health and safety concerns in the home. In general, a home inspection will take two to four hours. After the home inspection, the inspector will make a home inspection report. This will note any issues they found in the home. On average a home inspection costs $340. However, the cost can varythe home size, local real estate market, and the home inspector’s experience. In most cases the inspection process will be done when the report is compiled, however occasionally the home inspector may feel that a specialist is required if there is an issue that goes beyond their expertise.
When Do You Need a Home Inspection?
If you are purchasing a home, you will want the inspection to happen after you make an offer but before the sales contract is signed and earnest money is transferred. This is so that you are aware of all issues that could be wrong with the house and you can adjust your final sales price or contract depending on what is found in the inspection. If you are selling your home, you will need to have it inspected before the home is listed. As you are preparing it for sale, your inspection may turn up items that need to be fixed. It will be up to you whether you fix the issues or list the house “as is.” If you choose the latter, your sales price will be lower and buyers could be hesitant to invest. Speak with your real estate agent who can guide you in the right direction.
Why Do You Need a Home Inspection?
If you are a homebuyer an inspection will protect you against structural issues that you may not be aware of when you walk through the home. Anything that is found during a home inspection can be usedthe buyer as a negotiating point which will bring down the final sales price. Remember, the home inspection is not the same as a home appraisal, which consider the condition of the home, comparable home prices, lot sizes, home features, area crime rates, and school zones.
Inspections also protect the seller. When a certified professional inspects the home it protects the seller from buyers who may try to call for last-minute demands that are based on incorrect or unfounded claims. In addition, sellers are protected from potential liability when they disclose the issues that were found during a home inspection up front.
Sellers may be tempted to skip a home inspection to save a few dollars on home repairs prior to listing. However, that would be a mistake. Finding issues through a home inspection listing will give you extra time to have necessary issues fixed. It will also provide you the time to speak with your real estate agent about including issues in your listing. Being upfront and transparent about issues that have been found with an inspection will speed up the sales process. Of course, if you are a buyer, you should never skip the home inspection. Purchasing a home is a massive investment. The last thing you want is to purchase a home only to find there are structural or safety related issues that need to be fixed. Talk to your real estate agent about getting your home inspection so that you can move forward in either buying or selling a home.
