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When you are buying, home inspection information helps you know what to look for. When selling, it helps you prepare for the sale. Information is power. During both events, you want the power to protect your investment.
For buyers, the Better Business Bureau recommends you inspect the home you are about to purchase to prevent unanticipated repairs in the future. This is important in both older and brand new homes. Interview several inspectors and have two lined up before you start hunting; you may not have the luxury of a thorough search once you find your dream house in a competitive market. An inspection impacts your buying decision and the price you are willing to pay. It also leaves you free to worry about other things such as the mortgage payment, decorating, and landscaping. In areas where homes can sell in less than 24 hours, make the sale contingent upon an inspection. It isn't your dream house if $60,000 worth of repairs awaits you as a housewarming gift. Some typical costs: new roof $6,000-$25,000; new furnaces average $4,000; chimney linings nearly $1,750; septic tanks $2,000; removing and replacing concrete foundation walls $10,000; and upgrading electric service $1,000+.
When selling, a home inspection before you put your property on the market gives you the information of what needs to be fixed. With that knowledge, you |
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can then decide what you are willing to invest in, what are the deal breakers, and what repairs you want to hand over to the buyer. A pre-inspection empowers you during the sales process, reduces contingencies, and minimizes closing delays due to repairs. Pre-inspection can also prevent failure-to-disclose lawsuits. Nowadays, ignorance is rarely accepted as a viable argument, while "should have known" is becoming the prevalent opinion.
Home inspections are a relatively recent phenomenon. In the last fifteen years, it is a cottage industry that has mushroomed. If you have not bought or sold a home in the last 15 years, it might be a new experience for you.
The home inspection process involves visual and system checks of the home to insure it is structurally sound and in good condition. It should be conducted in daylight.
The typical inspection lasts two-three hours and the cost averages $300 -$500.
What is inspected?
While it may seem like everything, inspectors most frequently check the roof, attic, insulation, walls, ceilings, floors, basements, foundations, windows, systems for air conditioning and heating, indoor and out door plumbing, electrical systems, and appliances.
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