Although many steps are involved in home buying, few are as important as the home inspection.
You may believe you know everything about a property by the time you make an offer. A professional home inspection can give home buyers much-needed assurance by giving them visibility into potential problems and allowing them to close on the property. Continue reading to learn more about home inspections, and how to prepare with our home inspection checklist.
What is a Home Inspection?
Home inspections are a visual, non-invasive examination of the home’s physical structure and systems. You can negotiate with the seller to lower your home’s sale price or make repairs before closing. If there is a major problem with the property, you may decide to cancel the sale.
A home inspection is not the same as a home appraisal. An appraisal is a valuation of the value of your property. Mortgage lenders use appraisals to determine the value of the property. An appraiser does not look at the details of the house, but instead looks at the local property values and the home’s overall condition.
Usually, a home inspection in chandler takes place after the buyer accepts an offer. The home is placed into escrow after both parties have signed the purchase agreement. This can be done before or after the appraisal.
What Does a Home Inspection Cost?
The home buyer usually pays for the inspection to protect them from buying a house with serious problems. A home inspection will cost between $300 and $450. However, this can vary depending on many factors, such as location, age, and size.
The House Inspection Process: What Buyers Need to Know
Home inspection has more aspects than what happens on inspection day. You can take steps as a buyer to ensure you have all the information you need before and after the inspection.
The Home Inspection Contingency
A home inspection clause is a clause that is added to a realty contract. It states that the buyer’s purchase is contingent upon the inspection results. Home buyers can cancel the sale or negotiate repairs based on inspection results.
You will be given a time frame for scheduling and conducting the home inspection. This is in addition to any follow-up evaluations. If there is a plumbing problem and the inspector recommends that a plumber be consulted, the buyer will need to find a plumber and get the information needed to move forward with the sale or cancel it before the deadline. This process usually takes buyers between 1 and 2 weeks.
Buyers can withdraw from the sale if there are any inspection-related issues. This is one of the best ways to protect yourself against unexpected costs after moving in.
The Home Inspector
Although it can seem daunting to choose an inspector, most real estate agents have connections with certified home inspectors and can recommend them. It is important to ensure that the inspector is licensed, insured, and only performs inspections, not repairs or renovations. This will ensure they don’t try to force you to make costly repairs in their favor.
You should always ask the inspector what the inspection entails and how long it takes. Also, be sure to fully understand all that they will inspect. You can also discuss any additional inspections you might need and ask them if they can do all. A price should be agreed upon.
Day of Home Inspection
While your home inspector is an expert, there are still things that you as the buyer can do to make sure the process runs smoothly. We recommend that buyers attend the home inspection as soon as possible to see the damage and ask questions. These in-person conversations with inspectors will provide more information about your home and property than what is on the inspection report.
Don’t focus on the defects as you walk through the house. Many times these minor repairs are not major. Instead, examine the severity of the problems to see if you can find any issues that could prevent you from selling the house.
The Home Inspection Report
You will receive a written report after the inspection detailing the property’s main features and any issues that need attention.
A good inspector will take time to explain the findings and walk you through the report. They may also include any minor damage or wear they find in your home. They are required to note every defect, so you will probably see a lot of problems in your report. However, this does not necessarily mean that every issue should be considered a concern. They will help you identify what might be dangerous or a red flag.
Asking For Repairs Or A Discount
You may be able ask the seller for a reimbursement or to reduce the price if your home inspection report shows significant damage.
While you cannot expect the seller to fix every problem in your home, you can use information from the inspection report to show the extra expenses you would incur due to those repairs. It is best to only negotiate major repairs. The buyer will likely be responsible for any damage described as normal wear.
You can also negotiate a lower sale price if you can pay for the repairs yourself.