How Does the Home Inspection Process Work?
For most people purchasing a house the single largest financial investment that they will ever make. Because of the massive investment that it is, it only makes sense that buyers want to ensure that they are getting the best value for their hard-earned dollar. That’s why an increasing amount of home buyers today are hiring professional Home Inspection experts to inspect their potential purchase before signing on the dotted line.
A professional Home Inspector is able to take an in-depth look beneath a house’s surface, after which they prepare an extremely detailed report for the prospective buyer. This report provides insight on things like the condition of the foundation, electrical service, roof, insulation, as well as other critical structural factors.
Now, depending on location and the experience of the professional home inspector that you hire, costs will vary. However, it is not uncommon to spend anywhere between $200-$500.00. Due to the fact that the home inspection benefits the prospective buyer, it is the potential buyer that is responsible for this cost. This is especially true when the housing market is thriving.
While having to pay for a home inspection might be off-putting to some people, when all are things considered, it really is a small price to pay for the peace of mind it can provide. Not only does it provide the potential buyer with the opportunity to know of any possible issues pertaining to the property, it can also give the buyer some negotiating power. This is especially true if it indicates that there are major repairs required, but you decide to make an offer anyway.
When it comes to making your offer to purchase, a real estate agent can provide solid and insightful advice on how to allow for a home inspection as a part of this process. It should be noted that the seller is able to agree or disagree to a home inspection – however as the potential buyer you do not have to purchase anything you are uncomfortable with – and for many, that means that a home inspection needs to take place.
A real estate professional can commission a Home Inspection prior to or even after submitting your offer to purchase. This is done by having the real estate agent you are working with prepare a conditional offer that’s contingent on a Home Inspection report that’s acceptable to you. By following this approach the prospective buyer has some distinct advantages: if the conditional offer is accepted, the property is temporarily held against other offers, yet you still have a legal escape route if the report turns up some major negative surprises, such as a bad roof or a crumbling foundation. All of that said, if the conditional offer that you submit is not accepted, then the need to pay for a home inspection may never arise. An experienced real estate professional will be able to counsel you on the best approach to suit your market and your individual situation.