When you are buying a home there will be a lot of decisions that you have to make.  One of the most important decisions will be to have a home inspection or waive the right to have one.  A home inspection by a licensed individual can provide valuable insight as to the condition of the home, issues that are present to the untrained eye, and save you a lot of time and money down the road dealing with maintenance problems.

What is a home inspection?

A home inspection is a review of most all components of a fully functioning property in its current condition at the time of a home sale.  These inspections are performed by a qualified and licensed individual that is knowledgeable in general areas of home construction and maintenance.  This person will review items such as HVAC functionality, breaker panel and electrical outlets, foundation of the home, crawlspace, attics, plumbing, well or septic, roofing, and many other items in a home.  Though, they are not “all-encompassing”.  For example, some inspections do not include improvements or featured items that are not a part of the main property like pools or sheds.

Who pays for a home inspection?

In most cases the home inspection is paid for by the Buyer out of pocket and costs around $350. This way, the Buyer gets to select a reputable home inspection company on their own and can have the satisfaction of knowing for sure that the inspector is working for them.  In some cases, a Seller will have a home inspection completed before listing their home for sale.  This way they are aware of any defects and may have a chance to make the repairs before the home hits the market.  Or, they have a good idea of what to expect a Buyer to request in an inspection response.

When does the home inspection take place?

The home inspection must be completed in accordance with the Purchase Agreement submitted by the Buyer of a property and accepted by the Seller.  If the Buyer elects to have a home inspection and the contract states that they have 10 days to have it completed, then it must be performed within those 10 days following acceptance of the Purchase Agreement.  In addition, a Buyers Inspection Response must be submitted within that time frame requesting the Seller to make any repairs the Buyer would like.  Usually, the Buyer will attend the home inspection and often the Buyers real estate agent will as well.

What if a defect is found in the home inspection?

A home inspector is licensed to do the actual inspection of the home, but they are often not licensed per a specific trade.  If a plumbing issue is found they will often recommend that a licensed plumbing company evaluate the issue further to see exactly what is needed in order for the repair to be made.  If a home Buyer elects to have an inspection performed and defects are found, they can then request that the Seller have repairs be made or credit the Buyer in some way to later have the repairs made.

Does a brand-new home need a home inspection?

New homes are not exempt in benefiting from a home inspection.  With a new build, usually a home inspection is conducted in two stages:  pre-drywall and at completion of the home.  The pre-drywall inspection is important so that any electrical or plumbing issues found can be taken care of with minimal downtime and damage to the existing structure.  Savvy home Buyers also have a chance to record where electrical and plumbing lines are within the walls of the home for future reference.  The final inspection is performed once the new building is complete and is conducted as usual for any new or existing home.  The home inspector will check on items that can be incorrect such as new codes to be enforced, gaps in siding, grading of exterior grounds, ventilation for gas appliances, and other items.

Summary

Many real estate markets across the country are continuing to experience low inventory and Buyers are rethinking the value of a home inspection.  In some situations, it may seem like it is necessary to make an offer on a property and waive the home inspection.  Unless the Buyer is willing to take a gamble on making home repairs that can be extremely costly and venture into the unknown condition of the property, it is always best to have a home inspection.