If you have purchased a home or are considering buying a home, then you've probably heard about home inspections. So what exactly is a home inspection, when does a home inspection occur, how much does it cost, how can the information uncovered by an inspection be used, and how can you find an inspector?
What is a Home Inspection?
A home inspection is a through examination of the physical condition of a home by a qualified inspector. The product of a home inspection is usually a detailed written report describing the condition of a home's major systems such as structural elements, mechanical systems, appliances, plumbing, heating, air conditioning, roof, visible water leaks and damage, electrical systems, etc. A home inspection often reveals problems in a property, which are sometimes minor and sometimes major defects. A good home inspection will usually last 3-5 hours depending on the size and condition of the property.
When Does a Home Inspection Occur?
Homebuyers often request a home inspection as a contingency to purchasing a home. For example, a buyer making an offer to purchase a home may require that the home undergo inspection either before the offer is made, or more likely, before the contract takes full effect.
How Much Does an Inspection Costs?
The cost of an inspection is often linked to the size of a property and varies by region of the country. For a typical three-bedroom house, a standard home inspection will probably cost between $300 to $500. The inspection industry is a competitive business, so get a few bids before selecting an inspector.
How Can Information From an Inspection be Used?
A buyer typically makes an offer on a property contingent upon a satisfactory home inspection that does not uncover significant defects. One of the most valuable parts of the inspection report is that it provides an estimate of the remaining useful life of a home's major systems. A buyer can use this information, as well as other defects identified, to renegotiate the price and other terms of their offer. During renegotiations, a buyer can request that either repairs be made at the seller's expense prior to close of escrow, or that the seller reduce the price of a home consistent with the cost of repairs, or in some circumstances, the buyer may wish to cancel the contract altogether.
Find a Good Inspector
The qualifications of home inspectors vary greatly. In some states, inspectors must be licensed by the State, while no verified qualifications are required in other states. One of the best ways to find a good inspector is to ask for referrals from you friends and your real estate agent. They are likely to provide you with a list of people who they have had positive experiences with.
