Should I get a Home Inspection?
After reviewing all of the available houses in your area, we have found the house you want to buy. I have submitted an offer on your behalf, and we have negotiated a reasonable price. We now have a ratified Purchase and Sale Agreement on the home you are going to buy.
But what now…
Now we enter into the due diligence period of the purchase process. In most cases we will have a 10 to 14-day inspection period. This will give you time to ensure the home is suitable for your needs. The first thing you will want to do is have a qualified licensed, bonded and insured home inspector perform an inspection on the home. I will give you a list of inspectors to choose from and you can call and choose the one you feel most comfortable.
I highly recommend doing some research. Ask your friends or colleagues who did a great job for them when they purchased a home. A home inspection costs around $400, this will vary depending upon the size and type of property. A 4000 sq-ft fourplex inspection is going to cost more than a 1300 sq ft single family residence inspection. The home inspection is a nonrefundable cost whether or not you go through with the purchase and will be made payable directly to the inspector.
What Should I do?
The day of the inspection you will want to block out a good chunk of time to be able to be there for it. The inspection can typically last 2-4 hours and that varies upon the size and complexity of the systems in the home. The inspector will cover every inch of the property and will mostly be focused on health, safety and code items but will most likely note any major cosmetic damages as well. Now is the time to figure out how to work the water heater and other important fixtures in the house.
Typically, within 48 hours the inspector will send out a report of all of their findings. This is very important to read and understand the report. Do not hesitate to contact the inspector if you have any questions or concerns regarding the inspection. Any items on the report you want fixed before the completion of your purchase, we will put formal requests in writing to the seller and we will renegotiate until both parties reach a satisfactory agreement. If there is a major defect in the property and you have decided you no longer wish to purchase the property, or you and seller cannot come to terms on the repairs we will send over a termination to the seller and you will get your earnest money back.
The Cost of NOT Getting a Home Inspection.
I highly, highly recommend all of my clients to inspect their purchase. I understand spending $400 is an added expense in an already expensive purchase. However, I think a $400 gamble is much better than a +$150,000+++ gamble. Protect yourself in one of the biggest financial purchases and investments in your life. I’m here to help guide you 100% of the way.
If you are ready to start looking for a home, Contact Me today!
For more information about why home inspections are important see this article from the American Home Inspectors Training Institute.