Out of all the people who bought homes in 2019, 31% were first-time buyers. When you are purchasing your first house, there are some mistakes you may make along the way. One mistake you do not want to make is foregoing a home inspection.
After seeing the cost of a home inspection, most people think they can do without one. When you are making one of the largest purchases a person can make, most people do not want to see additional costs pop up as they near the end of their home buying journey.
However, you are going to want to factor it into your home budget because it is part of this investment. To learn more about the cost of a home inspection and the top 5 ways you can recover that money, keep reading.
Cost of a Home Inspection
If you are wondering why people are wary of paying for a home inspection, this is because they can range anywhere from $200 to $600. The number depends on the size and age of your house, as well as where you’re planning on living.
Usually, new houses have fewer problems than old ones. The more problems your house has, the longer it will take the inspector to go through your home. This increases the cost of your inspection.
The same goes for the size of your home. The larger your house, the longer your home inspection is going to take.
If your local real estate market is doing well and many people are buying homes, this means that inspectors are in higher demand. An increase in demand means a price increase.
You’ll want to make sure that your inspector is licensed by the American Society of Home Inspectors, which ensure that the company you choose will have met the license requirements for their state. This research will prevent you from paying for an inspector who fails to find all the issues in your future home.
1. Foundation Problems
Uneven floors, cracks in the walls, and sinking porches are all signs that your house has foundation problems. However, sometimes the signs are not as visible as these are.
Thankfully, this is on the home inspection checklist. If your house does need repairs, your inspector will give you the details around them, including the cost.
Although inspectors should go over their final report with you, it is beneficial to be home during your inspection. They serve as an opportunity for you to ask questions regarding your house’s condition as the inspector looks through your home.
2. Roof Problems
Roof replacement costs are one of the more expensive upgrades you can make to your home, which is why it is good to know if your future house has any damage up there.
Furthermore, the total cost of the roof repair will likely be higher than the cost of the inspection. Just by hiring an inspector, you will have already saved money.
Additionally, this is another area of the home inspection checklist that you may not be able to complete on your own unless you know specifically what you are looking for. Having a home inspector saves you the extra time you may have otherwise spent researching potential roof issues and getting up on the top of your house to look for them.
3. The Need for Separate Tests
Asbestos, mold and lead are potential problems in old houses. Furthermore, if you live in an area with high indoor radon levels, there could be large traces of this gas entering your home by infiltrating into the groundwater or seeping in through the walls.
While this is not usually part of the home inspection services, an inspector may advise you to hire someone to run these tests based on the condition of your home. All these problems have the potential to affect your health, so it is essential to get them resolved as soon as possible.
4. Ask the Seller to Fix the Issues
In some cases, the seller will get a home inspection before putting the house on the market. This gives them time to fix up their place and factor those costs into their asking price.
The seller should be the party to fix the home’s issues because they are the current owner. That notion remains even if the responsibility to get the house inspected has been placed on the buyer.
Depending on the types of repairs and updates the house needs, the seller may not get everything done before the closing date. However, this can be written into the contract as a contingency, which allows for the realter to push back the closing date.
If for whatever reason, the seller still decides that they will not resolve the issues necessary for their home to pass inspection, the buyer has the power to walk away from the deal. Sometimes signifying an offer withdrawal gives the seller the nudge they need to update their home.
5. Negotiate Your Real Estate Deal
Another way you could recover the cost of a home inspection is to utilize it when negotiating the price of your future real estate. If the seller is concerned that your offer might be one of the only ones they receive, they may be willing to lower their asking price.
Choosing Your Home Inspector
When an inspector finds any issues within your home, this is saving you money in the long run. The cost of a home inspection also goes towards the assurance that the house is a safe place for you and your family to live.
If you are considering purchasing a home in the Northeast Ohio area, schedule your inspection to see if your house has any underlying issues before your closing date. CLASS will give the best advice on how you should proceed in dealing with any issues they may find during your inspection.