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The Value of ...
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The purchase of a home is probably the single largest investment you'll ever make, and you want to ensure you get the best value for your hard-earned dollar. That's why more and more homebuyers today are turning to professional certified Home Inspectors.
A professional Inspector takes a close look beneath a house's surface, and then prepares a detailed written report for the prospective buyer on such things as the condition of the foundation, electrical service, roof, insulation, plumbing, heating and air conditioning systems. Some Home Inspectors may check for termites, radon concentrations, lead paint, mold or other environmental hazards.
Although costs will vary, you can probably expect to spend between $250 to $500 for an inspection of a single family home. And who pays for it? Well, since the benefit is almost entirely that of the home buyer, it's usually the buyer who pays the cost of the home inspection ... particularly in a "hot" real estate market, where the sellers have more leverage.
All things considered, it's a small price to pay for the peace of mind it provides, and the negotiating power it can give you - especially if it indicates that there are major repairs required, but you decide to make an offer anyway.When it comes to making your offer to purchase, your real estate professional can provide you with good advice on how to allow for a home inspection as a part of this process. Subject to the homeowner's permission, you can commission an Inspector before or even after submitting your offer to purchase. This is done by having your real estate agent prepare a conditional offer or a contingency offer that the Home Inspector's report will be acceptable to you.
This approach gives you some distinct advantages:
If the conditional offer or contingency is accepted, the property is temporarily held against other offers, yet you still have a legal escape route if the report turns up some major negative surprises, such as a bad roof or a crumbling foundation.
On the other hand, if the conditional offer isn't accepted, then the need to pay for the Home Inspector services may never arise. Your real estate professional can counsel you on the best approach to suit your market and your individual situation.
The Home Inspection should be done within a short time after the contingency contract is signed.
I have referenced Certified Home Inspector throughout as it is important to hire an inspector who has been trained and qualified for the job, preferrably registered with the American Society of Home Inspectors - (ASHI).
Established in 1976, ASHI is the oldest, largest and most respected national professional organization of home inspectors in North America.
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