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Here Are Our Two Observations About Home Inspections:
1. The home inspection is the most underrated step of a real estate deal; and
2. A home inspection is the most important part of a real estate deal.
Most of the time buyers choke on the idea of hiring professionals to conduct home inspections. Undoubtedly, it adds an additional expense that does not appeal to the buyer.
But it is equally important to inspect the home to ensure it is structurally sound. Plus it helps protect your investment.
Home inspections are serious business and conducting one should be done using meticulous detail. Some buyers may consider doing it by themselves to save money, which is not a good idea. Home inspectors are trained people and have the license to do the work.
The average cost of a standard home inspection ranges from $300 to $400. Keep in mind that inspector fees are not regulated by any law, and the U.S. Department of Housing (HUD) doesn’t regulate home inspectors.
With that being said, you can expect that an experienced or more qualified inspector is likely to charge you more than someone with less experience.
The exact amount of the home inspection fee will vary based on certain factors such as the expertise and qualification of the home inspector, area of the apartment, age of the home, location of the building, and additional services.
One of the major cost drivers for home inspections is the square footage of the house.
Keep in mind, however, that termites and asbestos are not included in standard home inspections. You will have to pay the inspector an extra fee to include these services. You can customize your service package to suit your needs, including adding special services.
Asbestos: $150 – $800
Radon: $200 – $700
Termite: $80 – $120
Septic: $300 – $600
Mold: $200 – $600
The length of time it takes to complete a home inspection depends on the size, age, and overall condition of the house but, on average, the whole process may take two to three hours. During their time on the property, study the home’s structure closely.
The inspector usually jots down notes in a notebook. After the thorough inspection, the inspector drafts an inspection report and will provide you with a copy in approximately 24 hours or a week’s time.
Ask family or friends who’ve recently purchased property who they used to conduct their home inspections. This is one of the best options as you may get first-hand feedback from them as well.
Your broker is another great resource for providing inspector referrals. They make deals quite often and know people from the market.
Sometimes people are not comfortable asking for referrals from an agent, family, or friends. In that case, do research online. During your online search, read online customer reviews as well to get a sense of whether or not you want to hire the inspector.
An extra step you can make is to compare the inspection reports from different inspectors. This can help give you peace of mind that major issues are identified, plus you can compare the thoroughness of the inspectors.
Contact multiple companies and ask them to share prices as well as reports of previously conducted inspections.
The thing about home inspections is that the more you invest, the better results you are likely to get. You need to hire an experienced inspector who will do a thorough job. So instead of saving a few dollars on the home inspection, allocate money in your budget separately for it. You’ll be happy that you did.