What You Should Know about Home Inspections
Buying or selling a home? Let's review what a home inspection includes and how it affects the sale or purchase of a house.
A home inspection is a visual examination of the structure and systems of a home by a neutral third party. Basically, it shows you what’s defective with the property and if it is serious enough to prevent a sale. (Note: An inspection does not concern code violations and therefore does not guarantee that the home is free of them.)
The three main points of the inspection are to evaluate the physical condition of the home, identify items in need of repair or replacement, and estimate the remaining useful life of the major systems, equipment, and structure.
An inspector cannot report on defects that are not visible, such as defects hidden behind finished walls or beneath carpeting, and inaccessible areas. Although many home inspectors also offer thermal imaging (at an additional cost) which can be very helpful.
To hire an inspector, get recommendations from your Realtor, or from friends and family. Find out about the inspector’s professional training, experience, memberships and references.
It’s a good idea to be present during at least part of the inspection so that: you can ask the inspector questions during the inspection, the inspector will have the opportunity to point out areas of potential trouble, and many inspectors also will offer maintenance tips as the inspection progresses.
The seller is not required to make any repairs or replacements. However, the buyer can use the inspection report as a negotiating tool. For instance, the buyer can ask for repairs to be made (particularly if health and safety related), or they can request a credit against closing costs.
The inspector’s most important priority is accuracy, and accuracy takes time. The chances of mistakes are more likely if the inspector rushes through. Your inspection may take between two and four hours. Larger and older homes typically take longer than newer ones.
Anticipate your inspection to cost from $300-$500 depending on size. It may be one of the most important investments you make when buying a home, and will give you some peace of mind.