Buying a home is a significant investment, and making sure it is in good condition is a sound choice. A home inspection can help unveil any hidden problems that could turn into expensive headaches down the line. Let’s break this down, along with other important aspects of the inspection process, to ensure you’re prepared when it’s time for one.
A home inspection is a thorough assessment of the condition of a property that allows you to make an educated decision. Consider it similar to purchasing a used car—you wouldn’t buy it without having it inspected by a mechanic. A house is an even bigger investment, so an inspection is even more important. For more advice, contact the best realtors in Montgomery County, PA.
What an Inspector Looks For
During a standard home inspection, the inspector will review major systems like structure, electrical, plumbing, roofing, and HVAC. They’re looking for any current and potential future issues. The inspector will then provide a written report, which will give you a good picture of the home’s condition, like obtaining a medical history report.
In some cases, additional inspections are necessary. For example, if the home was built before 1978, you may need a lead-based paint inspection. Depending on the house, you may also need mold, air conditioning, or water damage inspections. These special inspections are necessary to understand the home’s condition fully.
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Who Pays for the Inspection?
The buyer is typically responsible for paying for the home inspection as due diligence. It is generally included in the buyer’s inspection contingency, which provides investment protection for them because it allows them to back out of the sale if something significant is found. Some buyers negotiate with the seller to cover the inspection cost, especially if the seller has already agreed to repairs.
A standard home inspection can typically cost between $300 and $500, but it will vary based on several factors. The size of the home, the location, and the inspector’s experience will all be a factor in the price. The bigger the home, the more expensive it will be to inspect. Homes in larger cities tend to have a higher inspection fee. The age of the home is also a factor—older homes tend to require more in-depth inspections, which are more expensive.
Specialty inspections each carry their costs. Radon inspection, for example, may cost between $145 and $715, and mold inspection typically costs $650 on average. Pest inspections are less expensive, typically in the $100 range, and the seller may be willing to cover this cost if there is an inspection contingency.
Pre-Listing Inspections: A Choice for Sellers
Some sellers opt for a pre-listing inspection to reveal and repair any issues in advance so that the selling process is smooth out and is not marred by eleventh-hour hitches. In this case, the seller generally pays for the inspection.
Negotiating Repairs: Who Pays?
Following the inspection, there can be negotiations between the buyer and seller if problems are found. Safety concerns or building code violations are usually the seller’s obligation to repair. The state laws, market conditions, and extent of the problems can affect who will pay for the repairs. If it is a seller’s market, the buyer may take on more of the repair expenses, but if it is a buyer’s market, the seller might pay for more.
When Deals Fall Through
If something major is uncovered and the deal falls through, the buyer usually still pays for the inspection. Since the inspection was requested on the buyer’s behalf, the charge usually still rests with them.
Knowing who pays for a home inspection is important to understand the home-buying process. While the buyer typically pays, there are certain circumstances under which the seller will cover the cost of repairs. A home inspection provides excellent information that will enable buyers to make safe, informed decisions, ensuring that their investment is sound. Contact us today for more information.
