You should never purchase a home without a proper home inspection, but the process can be nerve-wracking. After all, if there are too many problems with the house, the bank might deny financing, and you might have to continue your search.
Nevertheless, forgoing the inspection can mean setting yourself up for years of expensive problems.
Let’s examine what really happens during a home inspection to remove the fear from what first-time buyers often find to be a mysterious process.
Who pays for the home inspection, and how much does it cost?
The buyer chooses the home inspector and pays for the inspector’s services. Never rely on a seller’s home inspection report. You should expect to pay $400 to $800 for the inspection.
You’ll be relying on this information to make good home-purchasing decisions, so make sure you hire a reputable home inspector. Check the American Society of Home Inspectors database for a good home inspector near you, then check their reviews.
Remember to ask for a few previous home inspection reports so you can get a sense of how thorough the inspector will be. You should always attend the inspection and feel free to ask questions throughout the process.
Is the home inspection the same as a home appraisal?
No. You’ll need an appraisal, too, but the appraisal only assesses the value of the home based on its location, size, and general condition. It won’t tell you much about the home’s condition, only what the appraiser thinks the house is worth.
What does the home inspector look for?
The home inspector looks for major issues with the home, such as:
- Problems with the foundation
- Issues with the roof
- HVAC, plumbing, and electrical problems
- Issues with the rain gutters
- Issues with the attic and insulation
- Problems with the walls, ceilings, and floors
- Problems with the windows and doors
- Issues with the basement, if applicable
- Problems with the home structure
- Issues with termites or mold
- Water damage
The home inspector will compile all this information into a home inspection report. The report should include photos and detailed explanations. Home inspectors ignore cosmetic issues, while homeowners tend to fixate on them, so don’t be concerned if you don’t see some of those issues addressed in the report.
Home inspectors are paid to be thorough, so not every issue they uncover will threaten your ability to secure a mortgage, nor will you need to address or worry about every issue they uncover. Nevertheless, the major problems should be addressed.
What isn’t included in a home inspector report?
Home inspectors leave out the following information:
- Information about cosmetic defects
- Evaluations that would require them to tear into the walls or pull up the floors
- Fireplaces
- Swimming pools
- Septic systems
- Soil conditions
When should you get a home inspector?
You will purchase the home inspection after the offer but before closing. Generally, you’ll make your offer contingent on receiving satisfactory inspection results.
What should you do after the home inspection?
If the inspection is not satisfactory, you can make your purchase of the home contingent on the seller being ready and able to fix the issues. For example, if the water heater has gone bad, you can ask the seller to repair or replace it before you move forward.
Of course, if there are major structural issues, such as foundation or roofing problems, you might wish to withdraw from the deal at this point.
If you choose to move forward, keep your inspection report handy. It offers a nice list of items that you’ll probably want to get fixed as you settle into your new home and can help you budget and plan for future repairs.
Get Help With Home Financing Today
Different loan programs may require different inspection results. Some loan programs demand a home without any major glaring issues. Others are a bit more forgiving.
Set yourself up for success by working closely with Alex Doce to finance your home purchase. Alex can tell you what your loan program demands in terms of inspection results.
Schedule your one-on-one consultation today.