Home Inspections and Repairs: A Buyer's & Seller's Guide
General home inspections on a property prior to purchase are heavily recommended, but not required. A typical general home inspection on an average 2,500 square foot home may cost you $400-600 depending on the size of the home and if there are any additional features to the home that need inspection such as a pool or a separate structure. Depending on the terms of your contract, this type of inspection is usually conducted within the first 15 days of contract execution. Things to expect from your general home inspection report may include, but are not limited to:
Checking all appliances to ensure proper working condition.
Checking for active leaks or water stains from previous, undisclosed events.
Gauging the age and condition of the roof, air conditioning unit(s), and water heater.
Checking all electrical outlets and light fixtures to ensure proper working condition.
Checking all windows, screens, and doors to ensure they are free of leaks, cracks, or fogged glass.
Other inspections may be conducted at this time and may include a Wood Destroying Organism, Mold, Septic Tank, Roof, Pool, Radon Gas, and/or Lead Base Paint inspection. Most inspection reports provide a photo summary of any evidence found.
Once the results from the inspection report have been revealed, the Buyer may have several options on hand to be able to move forward depending on the terms of the contract at hand. These could include:
A financial amount of repairs to be either credited to the Buyer at closing or fixed prior to closing on behalf of the Seller. This amount is typically negotiated prior to contract execution.
If the amount of repairs exceeds the negotiated financial amount mentioned above, the Buyer may choose to cover the remaining expenses before or after closing depending on the Lender’s policy if applicable.
If the amount of repairs exceeds the negotiated financial amount mentioned above, the Buyer may opt to cancel the contract without penalty.
Please keep in mind that there are several types of contracts to use to purchase a property. The As-Is contract, for example, is becoming increasingly more popular. This type of contract still allows a Buyer to conduct any inspections they wish during their inspection timeframe if accepted within contract negotiation.
You cannot put a price tag on peace of mind!