When buying a home, having the property inspected is very important. But how much does a home inspection cost, and do you really need one?
Why home inspections are essential
Buying a home is unlike most other types of purchases you’ll ever make and probably the most expensive. And when you are buying a home, you can’t simply check customer reviews to ensure the property will be a good purchase. This is why hiring a home inspector is so important and something that could save you a lot of cash in the long run.
What is the cost of a home inspection?
Average home inspection costs can range from $300 to more than $800 for a basic inspection. But the cost for a home inspector to thoroughly check a property can be more if special inspections are required.
The property size is also a factor that could change the cost of a home inspection, and older houses can be more expensive too. With older or larger properties, the home inspector will have to spend more time and do more checks increasing the cost.
How much will a special home inspection cost?
A specialty inspection might be required if there is a risk of radon or some indication of a termite infestation. This could add $200 to the cost of a home inspection, though this will depend on if there is a need to bring special equipment or run lab tests.
Additional inspections will depend on the home’s location and any concerns you or the inspector might have. If you are buying a home in an area like California, where earthquakes are a concern, you might ask your home inspector to check the earthquake strapping. Homes in the Midwest might need checks on the safe room to ensure protection during hurricanes.
What does a home inspector look at?
The inspector will have a checklist of more than 1,500 items that they will look at to ensure your home is in good condition. They will look at things they have access to without dismantling, cutting, or even digging to carry out their checks.
The main areas of the home that they look at include:
- Exterior – checking for rot and damage.
- Structure – are the foundations sound, and are the doors and windows free of problems?
- Roof – is there damage to the flashing or shingle that could allow water to enter?
- Grounds – are there any signs of problems with grading or septic tank issues?
- Interior – checks on HVAC, plumbing, the electrical system, framing, and insulation.
Some properties deserve more special attention. For example, abandoned properties that have been vacant for an extended period.
How long does a home inspection take?
For an average-sized home, an inspection can take 2 or 3 hours. Larger homes with more square footage and homes with more features or systems will take more time. Smaller homes will be inspected faster and might cost less.
If you buy a home with many bathrooms, two water heaters, and multiple heating systems, don’t be surprised if you have to pay more for the inspection.
However, the inspector should provide a report with photos included in the price. Also, your price shouldn’t affect how careful and complete the inspection has been.
How to use a home inspection report
The home inspection report will give you a clear picture of everything the home inspector discovered.
The home inspection will give you a clear independent indication of the property’s condition. With a home inspection contingency, you could ask the seller to make repairs before closing, renegotiate the price, or walk away with your earnest money.
However, not every issue that is highlighted in the report warrants any of these actions. Some of the problems might be cosmetic or future problems that need to be addressed at some point. This information helps you as a homeowner but shouldn’t be a cause of negotiations with the seller.
The bottom line
It can be tempting to waive your right to a home inspection when making an offer during a bidding war. While this might make your bid look better, it is very risky. If you have your offer accepted, you might later regret the decision when significant problems are discovered.
Though a home inspection could cost $500, it is money well spent if it means you avoid thousands of dollars of expenses down the road.
Bill Gassett is a nationally recognized real estate leader who has been helping people buy and sell MetroWest Massachusetts real estate for the past 35 years. Bill is the owner and founder of Maximum Real Estate Exposure. For the past decade, he has been one of the top RE/MAX REALTORS® in New England.
