What is a Home Inspection, and do I need one?

If we’re talking about a home inspection that means that a buyer has put an offer in on a home, it was accepted, and they are officially under contract. Woo-hoo! Now, they are in the option period part of the contract. This is where the home inspection comes into play.

A home inspection is a detailed report of the homes condition with the purpose of identifying any major issues. The inspection is optional and arranged and paid for by the buyer. Depending on the size and amenities of the home they usually range from $300-$500 and can be paid for at the time of service or rolled in as part of the closing costs. I always recommend that my clients get a home inspection whether the house was built in the 1950’s or it’s new construction. I could give you some pretty wild examples of why it’s important on both!

The inspector will spend several hours in the home inspecting everything from heating and cooling system, plumbing, sewer, electrical, structural, roof, fire and safety, appliances, pool, sprinkler system, etc.

When the inspector is finished the buyer can meet the inspector at the house and go over the report with him and discuss anything of concern that the inspector found. He will also give the buyer a packet of very detailed information with pictures of everything good bad and ugly going on with the house that the buyer has a contract on.

Neither side, buyer or seller is required to make repairs or take any action based on this report alone. This report is for information only. However, as the buyer, remember that some loans do have condition requirements for the home. Talk to your realtor about this as you go through the inspection report together. They will know what repairs, if any, are required for your loan.

Since the buyer should still be in option period during this time, the buyer can negotiate with the seller to have repairs done to the house, ask for a lower sales price, or back out of the contract all together.