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How Do Home Inspections Work
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How Much Does A Home Inspection Cost?
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Other expenses may seem like the last thing you want when buying a home, but most real estate professionals recommend getting a professional home inspection to get a better idea of the condition of the property and what problems may be lurking.
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Some homebuyers may be tempted to forgo inspections in order to stand out from hot real estate or to save time or money. Bad idea. An inspection is an important way to gather information before finalizing a home purchase. Since buying a home is such a big investment—perhaps your biggest investment—a little money spent on research now can save you a lot of money in the future.
Here’s what you need to know about home inspection costs and home inspections in general.
Home inspection costs vary by geographic location. The national average price is $341; According to contractor search service Angi, you can spend as little as $199 or as much as $500 or more, depending on where you live. For example, home buyers in New Jersey pay an average of $420.
Additional factors that affect inspection costs include the size and age of the home. A large house of 2,000 square feet or more costs an average of $400, while a small condo costs about $200. In some cases, a home inspector may charge a flat rate for homes up to a certain size and gradually increase the fee for larger homes. In older homes, where wiring and plumbing may require a thorough inspection to make sure everything is up to code, inspectors may charge higher fees.
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Other factors that affect the cost of an inspection are how unique the home is and how far the inspector has to travel to get to it. In addition, less experienced home inspectors may charge more than those with less experience.
A home inspection can help you avoid potentially costly surprises, such as structural flaws or hidden damage. Although not required by law, buyers, especially first-time home buyers, can greatly benefit from having a professional inspect the property before finalizing the purchase.
But aren’t sellers obligated to disclose major defects in the home? In most states, yes. But some unscrupulous or desperate landlords may be eager to cover up problems. Or they may not be aware of hidden or emerging problems with their property – things you don’t want to deal with.
“There is no ‘check engine’ light in the house,” says Frank Lesh, retired LaGrange, IL. home inspector and ambassador for the American Society of Home Inspectors (ASHI). “Things can go wrong that the homeowner or buyer doesn’t know about.”
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A home inspection usually takes three or four hours. It’s a good idea to schedule an appointment with the inspector shortly after you sign the purchase agreement, so you have the report before the termination option expires.
It is best to attend the inspection to observe, ask questions or provide information to the inspector. Within a day or two, you’ll receive a written inspection report detailing the condition of the home’s structures and systems, often with photos of the problems the inspector saw.
A home inspector should conduct a thorough visual inspection of the property’s critical structures and systems. This process typically includes a review of the home’s major systems, such as heating, central air, plumbing, and structural components. The inspector can also inspect the appliances that will be included in the home sale, as well as any general safety hazards.
Water marks inside the structure would be one of the biggest concerns. “Water in the wrong place can make a house uninhabitable. Water leaks can cause mold and wood rot,” says Lesh. “A slow roof leak can take years to become apparent to a homeowner, while a storm leak can occur suddenly and anyone can see it.” Inspectors can tell if there are signs of previous leaks.
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Home inspectors assess the condition of the roof and check for leaks. “It doesn’t matter if the roof is good or bad—there’s no incentive for an inspector to find a problem,” says Lesh. “It is against the ASHI Code of Ethics to fix anything we inspect, so we only report what we see.”
Most electrical problems can be easy and inexpensive to repair if caught early. “However, inexpensive repairs can be fatal if not addressed immediately,” says Lesh.
For example, a faulty ground fault circuit interrupter (GFCI) costs about $10, so many people think it’s worth reporting. However, if a GFCI is not installed or does not work, electric shock can occur. Home inspectors check all available GFCIs to make
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