If you have asked and before we answer the question “Is Home Inspection Worth It?” It is important that we understand what home inspection is, why it is done, what it offers and how much it costs?
What Is Home Inspection?
Having the entire house inspected by an independent licensed professional for any structural, electrical, mechanical, plumbing, HVAC and appliances issues is called Home Inspection. It covers from roof to basement, everything in between and around the property.
When is Home Inspection Done
The timing depends on the purpose for which home inspection is being done. Buyers have the home inspection done after the seller has accepted the offer and before closing the deal. This is why the purchase agreements have a clause of “Contingency or Due Diligence” clause.
Sellers, on the other hand, have the inspection done before putting the house on market for sale.
What does home inspection offer?
Home inspection is a health check of the property. It tells you what is the current state of the house or what problems can be expected a few months down the line.
For home buyers, Home Inspection reports highlight any major or minor issues. Issues identified in a home inspection report help the buyer to negotiate with the seller. Minor issues are often ignored but for major issues buyer and seller can either agree on a revised price or seller agrees to have the problems fixed.
For Sellers, Home Inspection makes sellers aware of the problems beforehand which they can fix beforehand rather than the buyer discovering them and walking away from the deal.
How much does home inspection cost?
Home inspection could cost anywhere between $250 to $500. The factors that affect the cost of a home inspection are:
Type of the property (House, Townhouse or Condo)
Size of the property
Age of the property
Extra features installed in the property
Location (how far do an inspector have to travel)
Do I need a home inspection for a newly built house?
Home inspection for a new house is as important as it is for an old house. Many home buyers and even real estate agents think it is unnecessary to have an inspection done for a new house. Which is a big mistake. .
Let us assume that you hired a home inspector for $400 for a newly constructed house. There are two possible scenarios.
Scenario one is that they found nothing wrong with the house, great! Now you have peace of mind on your several hundred thousand dollars, possibly more, investment.
Scenario two and the things that could possibly be wrong in a newly built house are:
The contractors have made one or several construction mistakes
There are issues in HVAC systems or their installation
There are safety issues with the electrical wiring
There are leaks in the plumbing.
A skilled and thorough inspector will look for all of these issues and that can potentially be present in a house newly built so that you can have the builder fix them before the possession.
Conclusion
For most people buying a house is the biggest investment of their lives. Home inspection protects this investment because it is impossible to know the true health of the house just by looking at its exterior. An experienced and skillful home inspector will not only identify the ongoing problems but will also forecast the issues that can potentially arise in future.
An expense ranging from $250 to $500 may seem a lot but it can save you thousands of dollars worth of repairs in future or perhaps can stop you from investing in a property that has problems beyond repair.
Whether you are a buyer or a seller, you should always be in the know. Because in real estate most surprises are unpleasant. We highly recommend having a home inspection done and it is totally worth it.
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