What is a Home Inspection?
Buying a house isn’t as easy as just finding the perfect house, there are many things that go into a real estate transaction from start to finish. Finding the right house is only the beginning. After making an offer on a house the house will need to undergo an inspection. An inspection is an evaluation of a home’s condition. It’s an important part of the homebuying process because it lets the homebuyer make sure there are no hidden costs and repairs to make when you move in. Here are the answers to the five w’s about home inspections.
When?
Home inspections are the next step after the offer has been accepted. Typically, home inspections are done with a contingency agreement which means the contract and purchase will only move forward when the inspection is complete and both parties agree on the repairs. Inspections typically take one to three hours, depending on the size of the home. When scheduling an inspection it is important to make sure the utilities will be turned on at the time, especially for foreclosed homes. That may include electric, water, and gas services so you can test light switches, plumbing, appliances, and heating and cooling systems.
Who?
Don’t wait until signing a contract to find a trusted inspector because the best may not be available. Some mortgage lenders require pest or mold inspections too, so ask the inspection company what services they can provide. The homebuyer is expected to pay the cost of the inspection up front, which typically costs $300-$500, though that price can increase based on the size and location of the home.
Where?
What is actually being inspected? First, the inspector conducts a visual evaluation of the home, from the basement to the attic, inside and outside. The inspector will not enter any walls or pull up flooring. The inspector looks for problems that need immediate repair (like electrical wiring) or things that may need repairs in the future.The most common problems are found in the electrical work, plumbing, the foundation, the roof, flooring, windows, the structure, and heating and cooling systems.
What?
The inspector will give the buyer a detailed report on any potential defects. Do some research to find out how much these repairs may cost so they can be addressed with the seller. Negotiations can result in a few outcomes: the seller may offer to repair the issues, or the buyer have to fix them, and sometimes the seller can offer a credit toward the price of the home for those repairs. Once all of the repairs have been mutually agreed upon, the process forward toward closing.
Why?
Home inspections seem like a pain at first, since it seeks to find flaws in your potential dream home! Rest assured that the inspector is working to ensure safety, future livability, and resale value.
If you or someone you know is thinking of buying a home in the Raleigh area, contact Wilson Realty Group today: 919-378-1974. We look forward to making your home buying process a smooth and stress free experience!