A home inspection takes place after you make an offer on a home, before closing.
A home inspector assesses the condition of a home, including heating and air conditioning, the roof, the foundation, and more.
After receiving an inspection report, you may decide to close on the home, negotiate the price, ask the seller to cover major repairs, or rescind your offer.
Expect to pay an inspector around a few hundred dollars; the price will vary by company and depend on the size of the home.
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A home inspection can help you choose the next steps in buying a home. You may decide you want to close, negotiate the price, request repairs by the seller, or back out and find another place.
You aren’t required to schedule a home inspection, but doing so can save you from major problems down the line. An inspection can alert you to any problems, and you may even realize you don’t want to buy the home after all.
Table of Contents: StaticWhat is a home inspection?
An inspector visits the home to assess the condition and put together a detailed report. They won’t tell you the value of the home, but they will reveal problems or potential problems that could affect the value.
A home inspection typically takes a few hours; the larger the home, the longer the process takes.
You don’t have to attend the inspection, but you can. Walking through with the inspector gives you the chance to ask any questions and see problems for yourself. If you don’t have time to attend the entire inspection, ask the inspector if they can give you a quick walk-through once they’re done.
Don’t be alarmed if the inspector finds minor problems — if an inspection comes back with zero issues, then your inspector probably wasn’t very thorough. Pay attention to bigger problems that could cost you big bucks or jeopardize your safety.
What’s the difference between a home inspection and appraisal?
The lender schedules an appraisal, but you schedule an inspection.
Home appraisers assess the value of a home. An inspector won’t make notes about the value, but they’ll tell you about the condition of the home.
An appraisal takes place when you apply for a mortgage, and if it shows the home is worth significantly less than the listing price, then the lender may decide not to give you a loan.
An inspection takes place after the seller has accepted your offer, but before closing.
When should I schedule a home inspection?
Once the seller has accepted your offer, schedule an inspection as quickly as you can.
You’ll probably have around 30 or 60 days after making an offer to close on the home, and scheduling an inspection can take a week or two. The earlier the inspection gets done, the more time you have before closing to request repairs or negotiate the price, if necessary.
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Source:: Business Insider