In March 2024, 22% of home buyers opted to waive their purchase agreement’s inspection contingency. Purchasing a home without receiving a professional inspection beforehand is actually advisable in some scenarios, such as when you’re:
- Shopping in a hotly competitive market
- Purchasing a new home that is covered by a builder’s warranty
- Experienced enough to confidently perform your own home inspection
These are exceptions, of course. Under most circumstances, professionally inspecting a home before committing to spending several hundred thousand dollars on it is absolutely vital. Doing so will ensure that the home is structurally sound, physically safe, and not due to become a dreaded “money pit.” And if a home inspection does reveal substantial issues, that puts the buyer in a better position to negotiate a lower price – or at the very least have the seller complete necessary repairs before closing day arrives.
Home inspection is routine, and the process is accordingly quite straightforward. Here is what you can expect during this important step to buying a new home.
Select a Home Inspector
If you aren’t already acquainted with a qualified home inspector, then you may seek one out yourself. Look for an inspector who is certified, backed by good reviews and references, and experienced in the area you are buying a home in. Alternatively, your real estate professional should be able to recommend an inspector they have already worked with before (which is just one of many advantages of hiring a local agent).
The cost of the inspection will depend on several factors, including the home’s size, age and location. With that in mind, a competent inspector typically charges about $350.
Decide Whether to Accompany the Home Inspector
The home inspection process shouldn’t take all that long. Around two to four hours is normal. The process may take longer if you request to accompany the inspector during it, however. Many inspectors decline to allow their clients to tag along, as doing so would slow their work and distract them. If this is the case, then your inspector should at the very least offer to walk you through the home so they can point out specific areas of concern or interest.
Let the Home Inspector Work Their Magic
A professional home inspector looks for any signs of necessary repairs, as well as any defects that may have existed since the home’s construction. They will scrutinize the home’s exterior, foundation, roof, attic, basement, plumbing, electrical system and HVAC system, as well as seek out any safety or structural issues.
Note that a standard home inspection isn’t exhaustive by default. You must specifically request to have a home’s appliances or swimming pool inspected. Likewise, mold testing, lead paint testing and asbestos testing are all typically add-on services.
Review the Inspection Report
Upon completing their examination of the property, the inspector will produce a full report summarizing their findings. It will include descriptions (and most likely photographs) of any serious concerns the inspector might have regarding the property. It may also detail which areas are in greatest need of repairs.
Once you have studied the inspection report (and asked the inspector any follow-up questions you might have), you are at liberty to proceed with the home purchase without raising any issues with the seller. If the home has minor issues, then you may either negotiate a lower price or request the seller to address said issues before closing. But if the inspection report reveals major red flags – such as a foundation issue, defective electrical system, or pervasive insect infestation – then your real estate agent may (rightly) advise you to cut your losses and move on.
Are you shopping for a home in the greater Detroit Lakes, MN area? Then we welcome you to contact Action Realty of Detroit Lakes today. Ensuring that the home inspection process goes smoothly is just one of many ways we secure our client’s success. We’ll do everything to make certain you arrive at the closing table in the best possible position!