Buying a house is probably the single largest investment you’ll ever make – learn how getting a home inspection can help you get the most value for your home.
Buying a house is probably the single largest investment you’ll ever make, and you want to ensure you get the best value for your hard-earned dollar. That’s why more and more home buyers today are turning to professional Home Inspection experts. A professional Home Inspector takes a close look beneath a house’s surface and then prepares a detailed written report for the prospective buyer on such things as the condition of the foundation, electrical service, roof, insulation, and other critical structural factors. Your realtor can help you connect with an experienced trusted Home Inspection service in your community. Although costs will vary, you can probably expect to spend three to four hundred dollars for an inspection of a single-family home.
And who pays for it? Well, since the benefit is almost entirely that of the home buyer, it’s usually the buyer who pays the cost of the home inspection …particularly in a “hot” real estate market, where the home sellers have more leverage. All things considered, it’s a small price to pay for the peace of mind it provides, and the negotiating power it can give you — especially if it indicates that there are major repairs required, but you decide to make an offer anyway. Even though it is usually the home buyer paying for the inspection, some sellers will opt to certify their home as “Move In Ready” by having an inspection done up front. Read more about this type of certification inspection here.
When it comes to making your offer to purchase, your realtor can provide you with good advice on how to allow for a home inspection as a part of this process. Subject to the homeowner’s permission, you can commission a Home Inspection before or even after submitting your offer to purchase. This is done by having your realtor prepare a conditional offer that’s contingent on a Home Inspection report that’s acceptable to you. This approach gives you some distinct advantages: if the conditional offer is accepted, the property is temporarily held against other offers, yet you still have a legal escape route if the report turns up some major negative surprises, such as a bad roof or a crumbling foundation. On the other hand, if the conditional offer isn’t accepted, then the need to pay for a home inspection may never arise. Your realtor can counsel you on the best approach to suit your market and your individual situation.