Should You Get A House Inspected Before Purchasing?
Home inspections can be an important step in the home-buying process. Conducted by a licensed inspector, a thorough home inspection provides a detailed analysis of the home’s condition, including major systems and structural components.
The inspection report highlights defects, from minor issues to major safety concerns, and offers recommendations for repairs or replacements. This information can help buyers address problems or negotiate them into the sale price.
Despite all of its benefits, a home inspection is optional for buyers. You may consider forgoing this step in the process of buying a home due to financial stress or other reasons, but it may be worth the investment. In this article, we’re going to expand upon the importance of home inspections and whether you should consider one or not.
Why Get A Home Inspection?
To understand whether you should hire someone to inspect your potential home, we’ll need to discuss the different types of home inspections.
Home inspections are typically classified as standard or specialized. A standard home inspection is the most common and provides a general assessment of the property’s condition, including the foundation, roof, major systems (plumbing and electrical), and visible issues like mold or drainage problems. However, inspectors don’t examine hidden areas such as inside walls or sewer lines. Standard inspections usually take three to four hours and cost between $250 and $700, depending on the home’s size and location.
Specialized inspections are recommended when a standard inspection identifies potential concerns or when buyers want additional peace of mind. These inspections focus on specific issues such as pests, mold, radon, lead-based paint, or septic systems. Costs vary significantly depending on the type of service, with termite inspections starting around $100 and sewer line inspections reaching up to $700. Your agent can guide you on common specialized inspections in the area, helping you address potential risks that could influence your purchase decision.
Now for the why: Getting a home inspection is a smart move for buyers because it provides a detailed assessment of the property’s condition, which a simple walkthrough cannot. A professional inspector can identify potential health and safety issues or costly repairs that may be needed. Additionally, most buyers include a home inspection contingency in their purchase agreement, allowing them to back out of the deal without losing their earnest money deposit if significant issues are uncovered. This process not only provides peace of mind but also protects your investment.
When Should You Conduct The Home Inspection?
The home inspection process begins with including a contingency in your purchase offer. Once your offer is accepted and the home goes under contract, schedule the inspection within the following week, as buyers are responsible for the cost.
Attending the inspection is crucial. Your inspector will evaluate the property, explain their findings, and answer any questions you may have. While a detailed report will follow, engaging during the walkthrough ensures clarity on any potential issues. Note that inspection fees are paid at the time of service and cannot be included in your closing costs or loan.
Ideally, you’ll receive an inspection report within a few days. Review it with your agent to determine your next steps. If you have a contingency in place, you can cancel the deal due to any identified issues. For FHA or VA loans, confirm with your lender that the findings won’t impact financing, as these loans often have stricter appraisal requirements. If any repairs are recommended, you can renegotiate with the seller by requesting a price reduction, cash back at closing for repairs, or professional fixes before closing. Your alternative is to walk away if the findings are unsatisfactory and the seller is unwilling to negotiate.
Conclusion: Get A Thorough Home Inspection
Home inspections are a valuable step in the home-buying process, offering a comprehensive evaluation of a property’s condition and providing insights that can protect your investment. The findings can help identify potential issues, guide negotiations, or inform your decision to move forward. While optional, a home inspection can save you from unexpected costs and ensure peace of mind, making it a worthwhile consideration for any buyer.
Oscar Combs Realtor provides professional and trustworthy real estate services in the state of Texas. For more information, contact us today.
