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Should I Pay For a Home Inspection?
One of the biggest fears when purchasing a home, spending hundreds of thousands of dollars on something, is that there might be something wrong with it.
Home Inspections and Why It’s Worth The Money
One of the biggest fears when purchasing a home is that there might be something wrong with it.
The bad news is, there’s always at least one thing wrong with every house. The good news is, that everything is fixable. It’s so important to know what’s wrong with the home you want to buy so you can make an informed decision how you want to continue.
What is a home inspection?
When you purchase a home, you have the option to include a home inspection as part of your contract. A professional inspector comes to the home with you and your agent, and inspects all major components of the home you’re trying to buy.
What does it cost?
It depends on the size and age of the home, but plan on it costing you around $300-500.
What do they inspect?
They inspect the site, grounds, exterior, roof, structure, garage, interior, plumbing, electrical, heating and air conditioning, insulation and ventilation, fireplace and stove, and built-in kitchen appliances.
What this tells you?
You’ll get a very large report after the inspection with photos and descriptions of issues in the home. Every house has things wrong with it, so don’t be alarmed.
When you read your report, you’ll decide what items, if any, you want to ask the seller to fix for you. This opens up negotiations again.
What are your options?
You can decide not to buy the house anymore and get your earnest money back.
You ask the seller to fix a list of items.
You don’t ask for anything to be fixed and the “contingency is satisfied.”
What happens next?
The seller has a few responses they can choose from when you ask them to fix things on the house.
They can say, “Yes!”
They can say, “No,” and the contract ends and you get your earnest money back.
They can say, “No, but how about we do this instead?” You can then decide if you like this new plan or not.
Why It’s Important
Most home inspectors focus on the major defects that will cost the buyer a lot of money above the purchase price to repair. Cosmetic items are rarely reported. By bringing these major defects to the buyers attention, the buyer can choose to negotiate with the seller with the intent on getting the major components repaired or a reduction in the selling price.
If the seller can not afford to have the repairs corrected, you can still choose to buy the house with the full knowledge of what repairs are needed and the cost of the repairs will be your responsibility. Or, you may decide the cost of repairs is too much, then you can walk away from the deal and still get your earnest money back provided your contract has a "sale contingent on inspection" clause.
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