During the inspection period, you or your Realtor will hire a licensed home inspector of your choosing to conduct the general home inspection, creating an overall analysis or “inspection report.” This report will detail the home’s current condition, including the roof, heating and cooling, foundation, plumbing, electrical, appliances, etc. If you don’t have an inspector in mind, it’s safe to trust your Realtor’s already vetted recommendations.
The price of the home inspection varies greatly based on the square footage, age of home, city, your selected add-ons, etc. Expect to pay a nonrefundable $500+ out of pocket to the inspection company for the basic inspection on or before your inspection date. Because the home inspection is just a general sweep of the home, you also have the opportunity to dive deeper into areas of concern via inspection add-ons for an added cost, including termite, lead based paint, radon, HVAC, pool, and more.
The length of the inspection also depends on many factors, but for the average 3 bedroom, 2 bathroom, 2,000 sq ft home, expect it to take 2-4 hours. The inspector will gain access to the home for that time and no one else should be there, including you (the buyer) or the seller. It’s important that the inspector has allotted time and space to do their job uninterrupted, plus they will rely on the silence of the empty home to listen for noises. Some inspectors will allow buyers and their Realtor to join after they’ve wrapped up for a short summary of their important findings. You will need to wait for the entire inspection report to see everything they’ve uncovered.
Before we dive in, here are some important inspection disclaimers that will save you headaches and money.
- An inspection is not required. However, we highly recommend one and even call it the “cheapest insurance you can get.” It’s an affordable way to understand the bones of the property and reassure that you’re not buying a lemon. Without an inspection, you’re essentially committing to a 6+ figure purchase blindly. Would you buy a car without test driving it or book an expensive vacation without doing any preliminary research?
- Your Realtor, Lender and, oftentimes, even your parents are not reliable sources for conducting an inspection or recommending repairs. Lean on the professionals and don’t be discouraged by others' unqualified opinions.
- No home is perfect. Before viewing your report, take a deep breath and remind yourself that only select items are urgent and/or concerning. Oftentimes first-time buyers feel defeated or overwhelmed by the length of the findings, but stay positive! Focus most of your attention on any high dollar items that affect the integrity of the home, the major systems and/or the value of the home. Every single issue that comes with a home is fixable, it just depends on the price tag and your willingness to spend that (or the willingness of the seller to help you pay it).