Despite the economic challenges posed by the pandemic, experts have noted there has been a marked increase in the residential real estate market. According to the Census Bureau, the number of homeowners in the United States increased by over 2.1 million in the last quarter of 2020. This is terrific news considering the hardships faced by people who are house poor.
However, a little education can be helpful when you are buying a house. There are plenty of things you might miss on an open house, especially if you’re buying your first home. You may want to save up for the cost of a home inspection.
What is a Home Inspection?
A home inspection is a process in which a government licensed inspector goes through all the essential facets of a home to ascertain its condition. Inspectors assess the house based on different criteria. These criteria are important whether you are selling your home or flipping a house.
The most important factors that the cost of a home inspection covers includes livability, safety and the property’s resale value. Livability refers to whether occupants of the structure can comfortably stay in the residence. Safety factors include the presence of toxic substances like lead, the risk of flooding and whether or not the house has enough fire prevention features. Finally, resale value determines how much the home should be worth. The condition of a house can make the price drop steeply if the structure is shoddy enough.
Mobile home inspection works the same way as with permanent structures. The only difference is that the inspector would also assess how much likely the mobile home would survive being moved out of its current position. A mobile home’s resale value can also fall quicker because of its construction.
Keep in mind that a home inspection is by no means an exhaustive process. Basic home inspection prices will often only cover a visual assessment of the easily accessible areas of a property. If you want a more in-depth analysis on the status of a residential property, you should be prepared to pay a higher home inspection cost.
How Long Does a Home Inspection Take?
A home inspection is by no means a complete exhaustive process and the entire procedure can take a lot shorter than you think. How long a home inspection takes depends on several factors, the first being the size of the property in question. The larger the home you want to get inspected, the longer the process is going to take.
The condition of the property will also affect the length of the home inspection process. If the home is new and reasonably well-built, the inspection may proceed faster than expected. But if the house is in disrepair, the inspector may want to proceed with caution for the sake of safety.
Finally, your presence may determine the length of the process. Homeowners and home sellers alike are encouraged to be present when a home inspection is being conducted. This helps you better understand the content of a report. A home inspector may want to point out flaws in the structure in detail and take things slowly so you can see what they’re talking about.
All in all, the average home inspection cost will cover a period of anything between two to two and half hours, depending on the factors above. A more in-depth inspection can add another hour to that time.
Why is a Home Inspection’s Cost Worth It?
You may be hesitant to pay for a home inspection cost when you are buying a home, especially if you are saving money during the pandemic. However, a home inspection is absolutely critical whether you have just bought a house or are planning on putting one on the market.
First, a real estate agent will insist on a home inspection because their professional assessment of your property’s value depends on the results of the report. The price tag of your home can depend entirely on what your home inspector discovers. Second, selling property without going through a home inspection can leave you open to lawsuits if anything untoward happens to the occupants. Whoever buys your home may also file a lawsuit because you misrepresented the condition of the property.
All in all, a home inspection costs anything between $200 to $500, depending on the size of the property. Compared to the cost of a lawsuit, you’re better of paying a home inspector.
Who Pays for a Home Inspection?
Finally, you may be wondering who pays for a home inspection?
The one most likely to shoulder the price of a home inspection is usually the seller because they have to determine the resale value of their property and protect themselves from aforementioned lawsuits. But that doesn’t mean a new homebuyer shouldn’t pay for one either. If you have just bought a new house or about to finalize purchasing one, you may find it prudent to pay for one yourself. This can help seal the deal and determine if the seller has been completely honest with you about the property’s condition.
The cost of a home inspection is overshadowed by its benefits. You may find it daunting to add a few hundred dollars to the expenses of selling or buying a home, but the price will be worth it, especially if it helps keep you safe from legal or physical harm.