When buying a home, it is almost always recommended that the buyer have a home inspection completed.
Now before I continue, I just want to make some terminology clear. A lot of people use the term “engineer”, “engineer’s inspection”, and so on. I just want to make sure that everyone understands that these home inspectors are not real engineers that require many degrees to get that title. Many people will still use the term, and that is ok just so that everyone is aware of that fact.
So, you have an accepted offer on a property, and you are at the house with the home inspector. The home inspection is usually done before you sign contracts. The cost for a home inspector will range from about $300-$500. You should price around and in doing so, ask if they do termite inspections also. It will save you time from going back to the house again.
Now I can’t stress this enough. The home inspector is not buying your home! Don’t ask him/her if it is a good home to buy. That is your decision. They are they to examine the overall (visible) condition of the home and to give you a report on what they found. They can not tear down walls, floors, or ceilings to investigate a possible problem. They will go over what they can see or gain access to like key systems in the house such as, electric, plumbing, heating, roof, windows, foundation, etc…, and also look over smaller things like appliances, such as the stove, dishwasher, refrigerator, washer, dryer, etc… They usually have an extensive list of things to check out in the house. Their word is also not gold! I have seen offers/deals die because they buyer was told something in the report and then the buyer will say something like this, “well, the home inspector said this”, or “the home inspector said that”. Yea, OK, we get it. Home inspectors are not always 100% correct. They give their best interpretation or estimate of what the see. Make your own decision after you have received all the facts and done some of your own research.
You should set aside about 2-3 hours of your time for the home inspection to be completed. After the home inspector is finished, he/she will send you the home inspection report. You do not have to give this report to anyone. You paid for it, so it is yours. If you choose to show your lawyer, friends, family, or the seller, that is your choice. The purpose of this report is to help you make an informed decision of the condition of the house you are buying. You may have found out that the house needs to many costly repairs and the owner will not fix them, so you back out of the offer/deal. You may still want the house, but try to get the seller to lower the price agreed upon to make it worthwhile for you. There could be nothing majorly wrong with the home and you decide to move forward and sign contracts. Whatever you decide, the home inspection is the buyers last bargaining chip with the seller to try and have something repaired, lower the price, or back out.
As you are home looking over the report, if you do not understand something, call the home inspector to help you understand what they wrote in the report. They shouldn’t have a problem with that. You should also keep that report in a safe place because when you close on the house, you will need to know what areas of the home need to be fixed/addressed when you move in.
Just remember that home inspectors are an invaluable part of the buying process. A good real estate agent can help you through the renegotiating process after a home inspection is completed.
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