By Jenny Rose Spaudo
Your offer just got accepted. Congratulations! Now it’s time for the next important step in becoming a new homeowner: the home inspection.
A certified home inspector can protect you from buying a house with major problems that could drain your bank account.
A home inspection might sound daunting, but it doesn’t have to be. In this article, we’re walking you step by step through the entire process. By the time you’re done reading, you’ll have a confident grasp on this important part of buying a home.
In this article
A home inspection contingencyis a clause in your real estate contract that allows time for a licensed house inspector to check the seller’s home in a non-invasive way. If the inspection reveals any significant issues, you can retract your offer on the home without penalty—as long as it’s within the timeframe outlined in your contract.
Keep in mind that a home inspection is very different from a home appraisal, which is an unbiased opinion of a home’s value from a professional home appraiser. While an appraiser compares the home to similarly sized properties nearby, a home inspector checks the details of the house for any problems.
In a seller’s market, buyers face competition to buy homes they love. For example, in June 2021, some homes were getting as many as 50 bids—sometimes tens of thousands of dollars above asking price!
When competition is that fierce, some buyers waive their right to a home inspection to make their bid more attractive. It’s their way of telling the seller they won’t ask for costly concessions.
Making an offer with an inspection contingency and foregoing the inspection altogether aren’t your only options as a homebuyer. There are two other valuable alternatives worth considering.
In a competitive market, many sellers have a home inspection done early on and then make the report available to prospective buyers. Sellers do this to make it easier for buyers to offer a bid on their home and to keep the process moving quickly. If you go this route, it’s a good idea to thoroughly look over the report with your agent to make sure you understand the home’s condition.
Some agents, including your Flyhomes Agent, will help you get an inspection done before making an offer.
The great thing about this option is that you get to know what’s going on with the house before ever making an offer.
The downside, though, is that it can be hectic to find an available inspector on short notice. After all, for this to work, you need to move quickly so you can still make an offer by the seller’s deadline. But chances are, your agent has relationships with inspectors and can help you meet that tight deadline.
While waiving a home inspection can make your offer stand out, it’s also financially risky. You don’t want to buy a house only to find out you have to spend thousands of dollars on repairs after you move in.
Around 50% of buyers say one of their biggest homebuying regrets is unexpected repairs. It’s frustrating to settle into your new home and then realize it has a broken toilet, a corroded water heater, or a slanted foundation—things a home inspector could’ve easily discovered.
Even if issues uncovered by the inspection aren’t deal breakers (maybe you’re OK with buying a new water heater), it’s good to know what you’re getting into with a particular home.
Plus, if you’re planning on getting a mortgage, your lender will likely require a home inspection. Few lenders are willing to fund your home purchase if you waive the inspection. After all, they don’t want to put money into a home that has hidden issues that affect its overall value.
A certified home inspector will thoroughly check everything that’s easily accessible in the home’s exterior and interior. The entire process can take anywhere from two to four hours. You don’t have to be there during the inspection, but it’s a good idea to hang around so you can ask the inspector questions about any problems they find.
Afterward, the inspector will give you a comprehensive report of their findings, including photos of any issues and recommendations for fixing them. The report should tell you which of those issues are a safety hazard and need to be dealt with ASAP (before the sale goes through), which should be repaired in the near future, and which aren’t a problem yet but should be monitored.
You may be wondering exactly what things home inspectors check. The answer varies depending on the individual inspector, but typically, a professional house inspection will include the following list of items.
Your home inspector won’t do anything that causes damage to the home. That means they won’t cut through the walls to check for mold, water damage, or broken pipes. They also won’t check for airborne hazards or inspect phone lines, landscaping, or any areas that aren’t easy to access.
If you’re concerned about hazards like mold, termites, or asbestos, you’ll likely need to pay extra or hire an expert for specialized inspections.
The buyer is the one who typically pays for the home inspection. You can expect to pay around $300 to $500. The price will vary depending on how big the home is, which services the inspector includes, and what area you live in.
Absolutely! A proper home inspection is worth the investment. Think about this way: An inspection may cost you a few hundred dollars now, but buying a home with a hidden problem can end up costing you thousands of dollars down the road. That’s why home inspections are one of the most crucial steps in buying a house.
No home is perfect. But there are certain issues that can make homeownership a nightmare. Below, we’ve listed some common repairs needed after inspecting a home for sale. Use this house inspection checklist to protect yourself from unpleasant surprises.
How old is the roof? Most asphalt shingle roofs should be replaced after 15 to 30 years. Also, watch out for any leaks, water damage, and broken or missing shingles.
Your home inspector won’t be able to check the foundation directly. But they’ll look for any visible signs, such as cracked walls, sagging or uneven floors, cracked concrete floors, counters and cabinets separating from the wall, and doors and windows that have too much or too little room around their frames.