Home Buying Process: Home Inspections » Diane McConaghy Team

Home Buying Process: Home Inspections




Should you have an inspection done prior to buying a home? What kind of inspections can you get?  How long do inspections take and when should you get them done?  What’s the cost of inspections?

Home inspections are part of the due diligence process and provide an opportunity for a buyer to identify any major issues prior to closing.  One clue that home inspections are important is that they can be used as a contingency in your contract with the seller.  Ultimately. if a home inspection reveals significant defects, you can back out of your purchase and receive your hand money back as long as you abide by the contract’s specific timelines.
 
Inspections are scheduled by a buyer after the contract is signed.  The contingency period typically allows for inspections to be completed within a 7 – 20 day time period.  It’s important to abide by the contract contingency period so that in the event you cannot negotiate through the inspection repair requests, you can still get your hand money returned if you need to terminate the contract.

Inspections are a critical step in purchasing a home.  Home inspectors look at the exterior and interior parts of the home, and include, but not limited to, safety, structural, plumbing and electric.

Inspectors vary in experience, ability, and thoroughness, but good inspectors will examine components of the home and then produce a report, with pictures, covering their findings.

An inspector should note whether each problem is a safety issue, major defect, minor defect, which items need replacement, which should be repaired or serviced, and identify items that should be monitored for routine maintenance. That last item is especially valuable whether you’re a first time buyer or a seasoned veteran.
The typical inspections a buyer might request are: Home, Pest, Radon and Sewer.  Keep in mind however, that you can also check for Mold, Asbestos, Lead Based Paint and so much more.  While it is impossible to list everything an inspector could check for, request a home inspection checklist from your inspector to give you a general idea of what to expect.

Some of the items that a thorough inspector may check are: roof, soffit, fascia, gutters and downspouts, windows and doors; building material, swimming pools, hot tubs and spas; appliances; foundations, attics, electrical systems; plumbing; sewer systems; heating and cooling systems; environmental hazards asbestos, and any other items you may select.   There are so many more items that a good inspector will examine.
A typical inspection lasts two to three hours. We recommend that a buyer be present for the inspection to get a firsthand explanation of the inspector’s findings and ask questions.

Inspections can cost between $350 – $2,000 depending on the size of the home, extent and number of inspections elected on the contract.  We typically see most of our buyers paying around $650 for their inspections.  Home inspections in our area are paid by the buyer either before or the day of inspections and are non-refundable.

We hope you have found this video to be valuable and informative.  Subscribe to our YouTube channel for additional valuable buyer tips.  And as always, the Diane McConaghy Team is all about moving right along and we would love to serve you.

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