It’s common practice for a buyer to order a home inspection on the property they’re negotiating for. Because of the benefits they offer, home inspections are now considered a normal part of the homebuying process, especially for those who own their home already. But if you’re a first-time buyer, you may be looking for more information on why inspections are needed when buying a house.
What Are Home Inspections?
During a home inspection, an expert analyzes a home on the buyer’s behalf. They will check every system, structure, and dark corner of the home for any issues you’ll want to know about before you go through with the purchase. This isn’t designed to “catch” the seller hiding any flaws in the home but is meant to inform the buyer about their new property.
Why Have a House Inspected?
A home inspection is purely intended to provide the buyer with as much knowledge as possible about the property they’re about to buy. It protects the buyer from purchasing a home with faulty wiring or heating, which they will be stuck fixing if the purchase is closed.
Armed with this knowledge, a buyer can ask for the seller to repair the broken heating before the sale, or to make a seller’s concession to cover the cost of repairs. Some buyers choose to pay for the repair themselves and leverage a better purchase price from the seller instead.
What Is Included in a Home Inspection?
A legitimate home inspection service will carefully go over every inch of the house. This means they will look not only at the structure of the house (floors, walls, roof), but utilities like heat, electricity, and gas.
You might choose to join the inspector when they visit the property. Many buyers feel that being present for the inspection helps them better understand their new home, maybe even better than their current home. This is not only because of the professional tour through the vital parts of their home, but because of the honest exposure to any issues firsthand.
What Is NOT Included in a Home Inspection?
A home inspection will not issue any kind of pass/fail rating, make an appraisal or assign any sort of value to the property, nor will it advise you whether or not to buy. Home examinations are impartial, but intended to help you, as the buyer, better understand what you’re getting into.
After your inspection, an inspector should still be available by phone or email to help you understand any questions you might have regarding the inspection.
How Much Does a Home Inspection Cost?
Among the costs associated with purchasing a new home, home inspections are a small portion of the grand total. A typical home inspection costs between $250-$400, though it costs more to inspect large, high-value, remote, and other otherwise difficult-to-inspect homes.
Different inspection companies charge different rates. An inspection may take anywhere from 90 minutes to four hours– more for complex properties. But if you take advantage of that time with an expert on your home, you could reap the benefits for years.
No matter where you are in the homebuying process, The Federal Savings Bank can help you get the financing you need for your next home. A pre-approval can be a big help to you in a hot market. To speak with one of our loan officers about your options, give us a call at +1 877-788-3520, or explore our resources for new home buyers. When you’re ready, apply online!
Subject to credit approval. Terms and conditions may apply. Property insurance is required for all loans secured by property.