A Guide to Home Inspections
When you picture your dream home, you probably imagine how many bedrooms you want, a gourmet kitchen, or maybe even a backyard oasis. All of those attributes can undoubtedly make a dream home. Still, you might not even be aware that there are less apparent elements that can make or break your purchase. Having a beautiful front porch may seem ideal. Yet, if the wood is rotting underneath and the structure is unstable, it may become more of a nightmare than a dream. Identifying damage is where home inspections play a significant role in your buying process. Once you find a home you love and make an offer, it’s time for an inspection and appraisal. The inspection results can further influence your closing negotiations depending on the inspection result. Below are a few tips to guide you through the process.
Find an Inspector
Each state has different requirements for home inspections. In the state of Maryland, a home inspector must have a license. There are many ways to find a home inspector. Your real estate agent will likely be your best source for recommendations, and your friends and family may have some referral advice as well. Once you have a list of potential inspectors, be sure to check out customer reviews and ratings. Consider asking for a sample report to see for yourself what items are included in their inspection.
Budget for the cost
The cost of an average home inspection can range anywhere from $350 - $750, depending on the size of the home. While it may not seem like an insurmountable amount on its own, the various aspects of buying a home can quickly add up. Be sure to budget for this expense when considering how much money you need to save for buying a home. You will not want to skimp on this step or for your budget to prevent you from getting the most thorough inspection possible. Cutting corners on the assessment could cost you a great deal more in the long run if significant issues go undetected.
Schedule Your Inspection
When your offer gets accepted for a home, you will receive a purchase contract. The contract will likely include a time frame for inspection completion. Time frames for completing an inspection can range from a few days up to a week or more, depending on the market. You can expect more narrow time frames in the current competitive market as deals are closing more quickly. To set yourself up for success, choose your inspector earlier in the home buying process. That way, once your offer gets accepted, you will be able to turn around an appointment quickly.
Make a List
Be sure to get a sample list from your home inspector before your appointment. Do a walkthrough of the home you are purchasing and check to see if there is anything in your future home that you do not see on the inspection list. Keep track of additional items on your list and make a note of anything you are particularly concerned about. If you stay organized ahead of time, you will be prepared for your appointment and will be less likely to overlook something.
Although the process of having your home inspected may seem overwhelming, this step is here to protect the buyer. Ensuring your place has been thoroughly checked will give you peace of mind as you make this significant purchase and it could even bring your final price or closing costs down. As a real estate agent, I can walk you through all the steps of your home buying process. I can recommend trusted inspectors, and having been through countless inspection processes, I can help negotiate with the sellers if any issues are detected. When you’re ready to look at homes, feel free to reach out to me through my website or give me a call at (302) 545-8569, and follow my blog for more home buying tips.