Key Takeaways
- Home inspections usually cost between $300-$500, saving future repair costs.
- They typically take 2-6 hours, offering a detailed property assessment.
- Inspections can uncover issues, giving you negotiation power on the price.
- Safety checks include radon, mold, and carbon monoxide for peace of mind.
Article Summary
A home inspection is a thorough examination of a property's condition, typically conducted by a qualified professional.
Home Inspection: Explained in Plain English
A home inspection is an objective assessment of a property's structure, systems, and overall condition. Conducted by a licensed professional, home inspections identify potential issues in a property's physical structure and various systems, such as plumbing, electrical, roofing, and HVAC.
Home inspections uncover minor and major problems that could require home repairs or affect a home's fair market value.
Home inspections are different from home appraisals, which assess a home's fair market value.
A home inspection can take up to six hours while the inspector examines various aspects of the property, including its structural elements, roof, foundation, windows, doors, and insulation, as well as systems like heating, air conditioning, plumbing, and electrical.
A home inspection also checks for safety issues, including the presence of radon gas, mold, and carbon monoxide. The inspector is expected to produce a detailed report of the property's condition, including any repairs or maintenance that may be needed.
The home inspection clause of a real estate contract gives the buyer the right to have their future home inspected as part of the sales agreement. If significant issues are found, the buyer may re-negotiate the contract to have the repairs made before closing, to adjust the sale price lower to reflect the home's updated value, or, in some cases, to back out of the purchase and receive their earnest money back.
What Gets Checked: Home Inspection vs. Appraisal
| Home System | Home Inspection | Appraisal |
|---|---|---|
| Roof, Foundation, Structure | Yes | Visual only |
| Plumbing & Electrical | Yes | No |
| Heating & Cooling Systems | Yes | No |
| Windows, Doors, Exterior | Yes | Visual only |
| Safety Issues | Yes | Sometimes |
Home Inspection: A Real World Example
Imagine a first-time home buyer who makes an offer on a home, and it's accepted. The sale contract contains a home inspection clause, so the buyer hires a licensed home inspector to assess the property.
During the home inspection, the inspector methodically examines each part of the house. In the basement, the inspector identifies a series of sizable cracks in the home's foundation.
The inspector explains the defect to the buyer and calls attention to other structural damage that may be present in the home. The buyer is faced with a tough decision. The real estate contract includes a home inspection clause, which stipulates that the purchase is contingent on a satisfactory home inspection.
Given the severity of the foundation issues, the buyer asks the seller if they are willing to make foundation repairs before closing. The seller refuses, so the buyer withdraws their offer without penalty.
Common Questions About Home Inspection
Get answers to frequently asked questions about home inspections, including what to expect, how long they take, and what happens when problems are found.
