What Is a Home Inspection & How Much Does It Cost?

It can be extremely exciting to buy a new home, especially if it is your first home. You want everything to go off without a hitch. A home inspection is critical part of the home-buying process, one that you definitely do not want to skip. And while it is one more thing that costs money when you are buying a home, it can save you a world of pain in the end. With this in mind, let’s take a look at what a home inspection costs and why you need one.

 

What Is a Home Inspection?

First things first. A home inspection is performed by a certified home inspector to determine if there are any problems with the home you want to purchase. To do this, the inspector will walk through the home and look at every aspect of its structure and the systems in it. This is a visual inspection that will include viewing things like the:

  • Foundation
  • Roof
  • Doors and windows
  • Ceilings (for water damage and mold)
  • Electrical system
  • Plumbing
  • Heating and cooling systems

This inspection can take several hours, and you can be present the entire time. This will give you a good chance to see your potential new home in detail and ask the inspector questions as they arise. The inspector will not recommend that you buy or not buy the house, but they will tell you what you can do to fix any problems you discover.

 

What a Home Inspection Costs

A home inspection typically costs between $300 and $500, with the national average being $337. This is money that, as the buyer, you will pay out of pocket, so be sure you have enough money on hand. Of course, the cost of your home inspection will depend on the state in which you live. You will likely pay less if you live in Florida, as opposed to if you live in New York City or California.

 

In addition, if your inspector suspects there may be issues with structures they don’t inspect in detail, such as the chimney or inside the walls, you may need to pay for additional inspections. An example is bringing in a termite inspector.

 

Why You Need a Home Inspection

When you are buying a home, you can’t look up reviews and ratings on this monumental purchase like you can before you buy something from Amazon. All you have to go on is the word of the seller and any past inspections that may have been done. In most cases, the seller is not out to lie to you about the condition of the home, but there may be issues that even they aren’t aware of.

 

If any issues exist and you don’t catch them in a home inspection, you could lose a whole lot more money than the home inspection costs you would pay out. The cost to you could be in the thousands of dollars if you end up with a leaking foundation and a flooded basement.

 

What Must Be Fixed After a Home Inspection

If the home inspection raises any issues, you may be wondering what the seller is required to fix. While it varies from state-to-state, most lenders require repairs to be made to anything that affects the living conditions in the home. That means repairs must be made to things such as the HVAC system and the roof. In addition, any renovations that were done without the proper permit must be brought up to code.

 

With this in mind, you can think of a home inspection as a safety net. What if your home inspector misses something? After all your home inspection costs include a thorough inspection of the property. However, prior to the inspection, you will sign a contract that will limit the inspector’s liability. In addition, it can be difficult to prove the issue was there when the inspection was done, especially if some time has passed since you moved into the home.

 

The Bottom Line About Home Inspections

The cost of a home inspection is worthwhile, whether you are buying a resale home or a new construction home. Yes, even a newly built home can have issues because things can go wrong during construction. So, regardless of what type of home you are buying, pay the home inspection costs and know you’ve covered all your bases.

 

Connect with one of our experienced team members to discover more about home inspection costs and the home buying process.

 

Looking for more Foundation tips and learning? Return Home here.

Published 02.24.22

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