Professional home inspections: Well worth the cost
Realtors often hear the question from buyers, “I really don’t have a lot of money to spend on inspections. The mortgage company will send out an appraiser and they will tell me if anything is wrong with it,” or, “We’re getting a government loan, FHA/VA. They will inspect the house and will tell us if anything is wrong with it, so we don’t need to do inspections.”
These assumptions are wrong.
Purchasing a home is normally the single largest investment most people will ever make in their lifetime. Spending an additional $300 to $500+ for professional home inspections is well worth the cost. It will not only provide you with peace of mind, but can often save you money and headaches in the long run.
It’s important to know as much as you can about the home you are about to purchase. The best way to insure thorough, competent information is to hire either a professional wholehouse inspector or the services of individual contractors for the major components of the home, such as roof, HVAC, electrical, plumbing, fireplace/chimney, radon/mold etc.
Inspections can be made in most cases after a contract to purchase has been accepted. If the inspections reveal defects, the purchaser has a time period in which to notify seller in writing of such defects prior to the expiration of the inspection period.
“Defects” refer to habitability and safety items, but it doesn’t include the age of items, minor, routine maintenance and repair items not affecting habitability. If defects are reported in a timely manner to the seller, the seller has the right to first repair the defect or, with buyer’s approval, to escrow funds at closing for the repairs to be made after the closing.
If the seller refuses to make needed repairs or escrow money for repairs, then the buyer has a limited time to exercise an option to cancel the contract. All inspections are made at purchaser’s expense and must be paid for regardless if the transaction closes or not.
So how do you find a qualified home inspector? You can begin by asking for recommendations from your Realtor. You can also ask for recommendations from co-workers, friends or family who recently purchased a home. Then ask the following questions before making your final selection:
Ask if they are a member of a trade organization such as American Society of Home Inspectors or National Association
of Home Inspectors. Most national professional inspection organizations such as NAHI or ASHI have training and guidelines that members must follow. Ask what other credentials they may have; their years in the home inspection business; number of inspections performed; and do they carry insurance that would cover a problem that was missed during the inspection.
Is the inspector specifically experienced in residential construction? An inspector needs the knowledge and insight gained from actual home inspection experience to be able to spot and interpret signs of age, damage and faulty or unsafe mechanical operation.
Avoid inspectors who use the inspection to solicit repair work for themselves or any particular contractor.
How long does a whole house inspection take? The average time is 2 to 3-½ hours depending upon the size of the house.
Anything less may not be enough time to do a thorough inspection.
What will the inspection include? The inspection should include the electrical, heating and central air conditioning systems; interior plumbing; visible insulation; looking for moisture or leaks; roof and gutters; walls; ceilings; floors; windows; doors; foundation; basement or crawl space; and the visible structure of the house.
Be sure to ask if a termite, wood boring insect, radon, structural or chimney inspection is included, as often these are services beyond the scope of the whole-house inspector. In some situations, buyers may decide to inspect for mold and lead-based paint. You may want to hire those specific inspectors if your chosen inspector is not certified in these areas.
How much will a whole house inspection cost? Generally, it can range from $300 to $500. If you have inspections for just specific things, they could cost $75 to $100 each.
Does the inspector supply a written report? He or she should, and the report should not only detail the present condition of the house, but also give an opinion on the longevity of the other major components of the home.
Should you be present during the inspection? The home inspection is an important opportunity for buyers to get an education about their new home and to have their questions answered immediately. You may not need to be present during the entire inspection, but if you are there for the last hour or so, the inspector can point out any problems that may have been found and answer any questions you may have.
Be a wise and prudent purchaser and get inspections on whatever property you decide to buy. Don’t make a move without the assistance of a Realtor from Dayton Realtors, so contact one today.