Shopping for a home is one of the most exciting things you’ll do in your life.
Checking your listings over and over, finding a beautiful home, and then seeing it in person. What’s not to love about that? The only thing more fun than looking through houses is finding your dream home!
Although you think you found your dream home, you’ll need to slow down before you plan your move-in date. Accepting the offer is only the first step.
Before you can have the house handed over to you, you’ll have to have an inspection done. House inspections are essential for getting the most out of your deal.
So, what should you expect during the home inspection? Keep reading to find out!
Why Are House Inspections Important?
If you’re buying a home, this is already a huge investment.
Between coming up with a down payment, paying closing costs, and other fees, buying a home is expensive. With all these costs, it’s hard to imagine paying for any big repairs as soon as you move into your home.
This is why house inspections are essential when buying a home.
House inspections leave you with peace of mind that you’re getting your money’s worth with your new home. Nothing can bring down the value of a home quicker than uncovering expensive issues.
A home inspector will help you identify these.
What Is the Cost to Have a Home inspection?
Typically the homebuyer will pay the cost for having a home inspection.
While you can work out a contract where the seller pays the costs for a home inspection, the buyer typically covers it. It’s actually a better idea for you to hire your own inspector as the buyer.
This way you can ensure that the inspector is a certified third party and that they’ll do the job objectively.
So, what does it cost to hire a home inspector? On average, you should expect to pay around $300-500 for a home inspection.
Keep in mind, this cost does vary depending on the location, home price, home size, and age of the home. When you pay for an inspection, your inspector’s time will need to be taken into consideration.
If you have a huge, outdated home, your inspector may need to spend a few days looking things over. Naturally, this will raise the price you’ll pay for their service. On the other hand, if you have a fairly small home that’s a newer build, this may only take a few hours.
On top of this, you’ll need to factor in the location. Larger, more populated cities may have a higher cost of living. As a result, almost any service you pay for will be higher.
What Can Cause a Home Inspection to Fail?
No house is considered perfect, and because of this, an inspector will need to point out any and all flaws in the home.
This gives a clear picture of what the buyer is getting themselves into. With underlying problems addressed, the buyer and seller can move forward in the process.
So, what causes a home inspection to fail?
The Homebuyer Is in Charge
As the homebuyer, you’re basically in charge of whether the home has failed inspection or not.
As the inspector points out flaws in the home, you’ll need to consider the repair costs as well as how quickly these things need to be done. What makes your inspection a pass or fail depends on your budget as well as your plans for the home.
For example, if you’re looking to flip a house, you’re counting on there being flaws. Since you’re remodeling the home to sell for a higher price, outdated decor and blemishes shouldn’t be a problem for you.
On the other hand, if you’re looking for a home you don’t need to put work into, you’re going to be much pickier. So, even if there are no big issues, tons of small flaws may cause you to consider the inspection failed.
If you find flaws that you want to have taken care of, you can request that the seller pays for them before closing on the home. That is if your contract is contingent on the home inspection.
One universal rule of thumb for inspection is that large, expensive issues typically cause the inspection to fail. Not many people can fork over thousands of dollars for repairs after just closing on a house.
Also, many of the big issues are safety concerns if not taken care of right away, so this creates a need for immediate repairs.
Here are some issues that are considered large issues during a home inspection…
Water in the Basement
Water being present in the basement is, unfortunately, a very common problem in homes.
That doesn’t make it any less expensive or time-consuming to fix, though. If you find water in the basement, this can lead to much bigger issues down the road. One of these is mold or mildew forming.
Older wood homes are at a heightened risk of collecting moisture in the foundation.
If the wood your home is built out of collects moisture, it’s going to rot over time. Rotten wood creates an unsafe structure, which is an expensive problem to fix.
Cracks in the Foundation
If you notice cracks in the floor, walls, or masonry of a chimney, this is an indicator of a serious structural problem.
If the structure of the home is starting to crack, this leaves the home vulnerable to rain seepage. This can allow water to get into your home and cause mildew or mold. Also, depending on the direction of the cracks, they could mean that your house is folding in on itself.
This is a very costly and time-consuming problem to fix.
Schedule Your Inspection Today
If you accepted the offer on the home of your dreams, it’s time to set up your inspection!
House inspections are one of the last steps to moving into the home you’ve fallen in love with, so don’t hesitate to schedule one.
Reach out to us today to schedule your inspection!