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Getting a professional home inspection is an extremely important part of the home buying process. Although this is another expense in an expensive process, homebuyers should never ignore them. Inspections can reveal issues with the property that buyers may not have noticed or that the current owner is not even aware of, which can affect the home’s final sale price.
The average cost of a home inspection is $ 340, with costs ranging from $ 200 to $ 500.
Home inspection cost
What is a home inspection?
A home inspection is a thorough examination of the condition of a home. With a systematic approach, a professional home inspector will assess the physical condition of a residential property to determine its overall safety, functionality, and structural integrity.
Professional home inspectors check HVAC, electrical and plumbing components as well as windows, doors and insulation. After examining a home for potential problems, the professional will provide a detailed report on the condition of the property. In a home buying scenario, they will give this report to the buyer to make sure they know the condition of the home before it is sold.
If you are buying a home, an inspection is the best way to protect your real estate investment.
Home inspection cost per square foot
The size of the home is an important factor that determines home inspection costs. Professional inspectors often charge based on the square footage of the home, as this largely determines the scope of the work and the time they will spend on the inspection.
Home inspections cost as little as $ 200 for an area of ââless than 1000 square feet (a mini-house or a condo, for example). Costs increase as the size of the home increases, with an inspection of an average 1,500 square foot single-family home costing between $ 300 and $ 400 and a larger multi-family home inspection costing more than $ 500.
Cost of inspecting a new home
It might seem counterintuitive, but you should buy a home inspection even if the home you’re looking to buy is brand new. It is important to know that the home is structurally sound before you buy. And if you do have a problem, home builders have the resources to make the repairs they want and are more likely to complete them than a homeowner.
A pre-inspection of drywall which covers a walkthrough before builders install drywall will cost between $ 100 and $ 300. A home inspection after the home is completed costs $ 400 on average.
What is included in the cost of a home inspection?
Each home inspector focuses on different things, so do your research ahead of time to find out what they cover. To cover your bases, find an inspector who will examine several components, including:
- Exterior structures
- Electrical system
- HVAC system
- the Windows
Your inspector will provide you with a report detailing the problems encountered during the inspection as well as photos. You can choose to repair them after you buy the home or negotiate for the seller to complete them before the sale.
How to hire a home inspector
Ask friends and family for the home inspector’s recommendations. You can also search online databases to find reputable home inspectors who have the appropriate training and experience (preferably with lots of positive reviews as well). Once you find one, give them a call for specific pricing and availability.
Ask lots of questions during the hiring process and make sure you understand what their inspection and experience covers. Make sure the inspector is familiar with residential construction, especially the applicable building codes. Keep in mind that hiring an inspector is an investment and could save you time and money on future home improvement costs.
Common problems encountered during a home inspection
Home inspections often reveal issues that even the most experienced homeowner can ignore. This allows buyers to negotiate the price of a home before the sale closes, and sellers to sort out issues before they put their home on the market.
Problems encountered during home inspections run the gamut, but typically include mold and outdated electrical systems. The costs of repairing these problems vary widely depending on the extent of the damage.
Frequently Asked Questions (FAQ)
Is a home inspection worth it?
Although home inspections are not mandatory, they are highly recommended. If your inspection reveals costly underlying issues with the property you’re about to buy, like roof damage or mold, you could save thousands of dollars in the long run. An inspection can help lower the final selling price of the property or, if there are more issues than you can handle, convince you not to buy. Most buyers think the inspections are worth the additional upfront cost.
What happens if my home inspector misses something?
Contact your inspector if you discover a major problem after moving in that he did not include in the report. Reputable inspectors often have liability insurance to cover the cost of the damage, but you will need proof that the damage was pre-existing.
Who pays for a home inspection?
The buyer usually pays for the inspection. The inspection is not part of the closing costs.
How long does a home inspection take?
Home inspections take an average of two to three hours. The timing depends on the size of the house and the extent of the inspection.
Are there other specialized inspections to consider?
Experts suggest homebuyers consider additional home inspections, including:
- Asbestos test
- Radon test
- Mold test
- Lead test