After you have placed an offer on your property, you will be asked if you would like a home inspection completed. This is where a third-party individual will inspect all areas of the property from the home’s roof to the foundation. These individuals are trained and licensed to complete this task.
Many buyers and sellers have questions about this process. To help, here are five things you should know about the home inspection.
1. It is Not Mandatory
Many buyers believe that a home inspection must be completed on the property they are purchasing. This is not true. Whether a home inspection is completed is up to the buyer. However, while it is not mandatory, it is highly recommended. This is because the home inspection is used to find current or potential issues that could cause financial burdens, major inconveniences, or larger repairs over time.
2. Home Inspections are Not Free
Home inspections are not a free expense. You can expect to pay between $300 to $500 to have a home inspection completed. You do have the option of paying for the inspection right away, including this expense with your closing costs, or requesting in your offer that this task is paid for by the seller. You will want to work with your real estate agent to determine the best option for your specific situation.
3. No Home is Perfect
Some buyers and sellers are surprised when they receive a home inspection report with several discovered issues. It is important to remember that no home is perfect and there will typically be at least one or two issues stated on the report — if not more. What you must look at is the severity of the repairs that are found. For example, worn-out window seals are a fast fix compared to mold or a leaking roof.
4. A Home Inspection Contingency is Common
It is common for many buyers to include a home inspection contingency in their offer. This simply states that if major repairs are found during the home inspection process or if the buyer and seller cannot negotiate who will complete the necessary repairs, that the buyer can walk away from the deal. This is a way for buyers to stay safe and to prevent purchasing a home with many hidden issues that could cost now and in the long-run. This contingency also allows buyers to renegotiate the offer price depending on what is discovered.
5. Sellers Can Conduct a Home Inspection Before Placing the House on the Market
You don’t have to wait for an offer to complete a home inspection. Some sellers choose to hire an inspector on their own to inspect the property before placing the property on the market. This allows sellers to make all major repairs on their own and with a professional who they desire. This can also make buyers more confident in the purchase of a home.
However, be aware that each home inspector may provide different reports. Just because you complete a home inspection before placing the house on the property and you fix all listed repairs, it doesn’t mean that the buyer’s inspector won’t find any additional issues.
If you have any questions about the home inspection or the buying or selling process, or you are ready to enter the real estate market, give a team member at AlpharettaZen a call. You will receive knowledgeable, professional care throughout every step of the buying or selling process.