The home inspection is the most important event before closing. This is why many home purchase agreements have a contingency clause that allows buyers to cancel the agreement if there are major problems during the inspection.
If you find minor problems with the house, you might be able to negotiate with the seller to have them fixed or pay the seller for them to be fixed when you move in. An inspector could also find enough serious problems to make you withdraw your offer.
This article will show you how to use the home inspection in raleigh nc for your advantage when purchasing a home.
What is a Home Inspection?
A professional home inspector will inspect your home and make sure that all the important parts are in order before you buy it. The inspection typically takes less than an hour.
After you have accepted a seller’s offer to purchase a house, a home inspection will be performed before closing. To allow the inspector enough time to inspect the house and give a report before closing, you will likely schedule the inspection immediately after signing the purchase agreement. It’s easier to schedule a follow up inspection if you have an urgent need.
The home inspection usually costs $300-$500. You, the buyer, will pay for it. This is ideal as the inspector will provide any useful information that may affect your pre-closing negotiations.
Home Inspection vs. Appraisal
Your lender will hire an appraiser to help determine the home’s value. While you, the buyer, hire a home inspector to inspect the condition of your potential future home. The appraiser reviews the property and compares it to other properties. They also look at comparable properties and determine their sale prices.
An FHA loan is required to purchase a home. The appraisal must include an inspection. The U.S. Department of Housing and Urban Development (HUD), requires that appraisers look for safety and health issues and put the loan application in hold until the seller addresses them. Prospective homeowners using FHA loans are strongly encouraged to have their own home inspection by the HUD.
How to hire a home inspector
You can ask your agent, family or friends to recommend a home inspector if you don’t know one. Online searches are also possible, but make sure you review and rate reviews.
The American Society of Home Inspectors has a Find an Inspector tool. InterNACHI also offers this tool. These websites can be used to verify referrals from others. They have certification programs as well as a code for members. To see if any complaints have been filed against the home inspector, you can also visit the Better Business Bureau (BBB) website.
States regulate the home inspection industry and establish inspector requirements. The ASHI website gives you a peek at the regulations in your state.
What questions should a home inspector ask?
It’s a good idea for you to get some clarification before hiring an inspector. These questions can be asked directly to an inspector, or to someone at the company who has multiple inspectors or is under contract.
- What’s your inspection process?
- What is the best time to schedule an inspection?
- What time will an inspector issue a final report?
- What is the best way to get the report? Do you prefer to email it or can I pick it up?
- What is the name of the inspector and what are his/her qualifications?
- Would you be willing to share some references from your company/inspector
- Is the inspector familiar with residential home inspections?
- What will the inspection include?
- What is the time frame for inspection? Is it possible to attend?
- What is the cost of an inspection?
- What is the Cost of a Home Inspection?
The average home inspection will cost $300-$500. This is because you’re hiring a professional who can take several hours to inspect a property thoroughly and then issue a detailed report.
The inspection will cost you either upfront or during the actual event. If the home has more than 2,000 square footage, the cost of inspections can vary. Before you decide on a home inspector or inspection company, it is a good idea compare prices and other details.
Special inspections may also be required, including for mold, radon, and lead. You can find an inspector that can perform both a general and one or more specialty inspections. However, make sure they have the experience and certifications to do these inspections.
What a Home Inspector Sees
During an inspection, a home inspector inspects the entire home, from the basement up to the roof. They also look for any other problems that could affect the property’s worth.
These are the main categories:
- Structure and foundation
- To ensure that the systems work properly, plumbing and electricity are essential.
- HVAC equipment, including furnace, air conditioner and other related equipment
- Kitchen, including appliances
- Exterior spaces, such as driveways, porches, and other areas beyond the residence,
- Gutter, roof and windows
- Check your attic for signs of mold or leaks
What is the average time it takes to inspect a home?
The size of the home and the surrounding area will determine the length of the inspection. It will likely take at most a few hours to inspect the entire home. The inspector must climb onto the roof and examine the HVAC system and plumbing.
You should attend the inspection to get an in-person view of what the inspector finds. The report will contain all the findings of the inspector, but a first-hand inspection will allow you to determine the severity of any structural or electrical problems in the home and whether it is worth bringing them up to the seller.
Buyer’s agents are often present at the inspection. This gives you an additional perspective on the severity of any problems discovered and the best course of action after the inspector has issued the report.
How to Read Your Home Inspection Report
Many home inspection reports are completed within days and sent electronically as PDFs and/or via an online portal.
It’s unlikely that the report will contain any surprises if you go to the inspection and speak with the inspector. It is important to review the inspection report in writing. This will allow you to share valuable information with your lawyer, real estate agent and even the seller.
The most expensive defects are:
- Leaks. It doesn’t matter if the leak is caused by a foundation crack, or faulty plumbing. It can take time and money for them to be found and fixed. This could include a new window or roof, a new gutter, or a complete overhaul of the plumbing system.
- Mold. Signs and symptoms of mold are always a concern. While minor problems can be resolved quickly, more serious issues may require extensive cleanup and repair.
- Electrical problems. As more homes are becoming home offices or gaming centers, it is more crucial than ever to have reliable and available electrical power. A dangerous and outdated electrical system can lead to serious problems in the future.
Following a home inspection: Steps
Once you’ve reviewed the report, you should discuss it with your lawyer and real estate agent (if one is available).
These are the things you’ll need:
- Prioritize. Don’t fight tooth and nail for every defect in the report. Focus on the most important ones and ask for what you want from the seller.
- Get an estimate. What price do you need from the seller? Before you contact the seller, make sure to check how much it would cost to repair a foundation crack, or to eradicate mold.
- Make a compromise. Decide beforehand what you are able to live with. Does the repair have to be done before you move in or can it wait. It might be okay, for instance, if the seller offers you money to repair the property after you move in, as there isn’t enough time before closing. You will need to coordinate with your real estate agent if the seller agrees that repairs be made.
If the seller doesn’t address your concerns, such as refusing to pay you for it or refusing to repair them, you might want to cancel the purchase contract. The inspection report can be helpful in guiding the first repairs that you make to the house if you are able to negotiate the most critical repairs with the seller.
A home inspection can be a simple way to obtain a third-party professional review of the property you are about to purchase. It can be frustrating to discover that the house you are interested in is in disrepair before you make the final payment.
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