Appearances can be misleading. You might have found what appears to be the perfect home, but is it really? Even though a house may look perfect on the surface, numerous issues may be hidden from the naked eye, and that’s where the importance of home inspection comes into play.
Buying a home represents a significant investment and will likely be one of the biggest purchases you’ll ever make. As such, it makes sense to have a thoroughly trained professional conduct an inspection of the house before purchasing it.
What Is a Home Inspection For?
Home inspections are non-invasive visual inspections of a property performed by a licensed home inspector on all homes, old or new. These reveal details about the property’s condition that an untrained eye can miss. Sellers and purchasers may both be unaware of the problems in their property, and this can potentially lead to a buyer purchasing a house in disrepair and incurring significant costs trying to get it fixed.
It is important to note here that if you’re applying for a mortgage to purchase a home, lenders will require a property inspection before making the funds available.
Inspections identify existing problems, giving the buyer leverage to negotiate with the seller or back out from an agreement or contract.
While many first-time buyers may overlook the importance of an inspection, it is an integral part of the purchasing process. An inspection empowers the purchaser, but it is actually beneficial for both buyer and seller.
How To Find The Right Home Inspector
Professional home inspectors are the only people who can identify your property’s flaws. Before scheduling a home inspection, check your home inspector’s credentials, experience, training, pricing, and the quality of their reports.
Types of Home Inspections
Home inspectors usually perform two types of inspections: general and special. The home’s age and condition will determine whether you need general or specialized home inspections.
General inspections cover your home’s exterior and interior. Once the home inspector is done, they may recommend specialized inspections that will include checking for asbestos, radon, termites, and molds and inspecting the chimney.
How Much Does A Home Inspection Cost?
The cost of a house inspection in Colorado typically ranges between $250 to $350. These prices may vary depending on the property’s location, age, and size.
General home inspection costs range from $100 to $500, depending on your home’s size. On the other hand, specialized home inspections vary in price from $25 to $500, depending on the type of inspection.
There are also costs for a re-inspection once repairs are done. Re-inspections are necessary to verify that the problems identified in the initial inspection have been addressed. These will be limited to the areas that have been tagged as requiring repairs. The average cost of a home re-inspection varies but is generally between $50 to $100.
How Do Home Inspections Work?
When you make an offer to buy a house, it is common to include an inspection contingency. This gives you the right to inspect the home before closing, and if you find significant problems with the property, you can pull out of the offer within a specific length of time without penalty. However, the issues must be significant and severe enough for them to allow you to back out of the offer.
While inspectors have different abilities and experience, they all tend to be thorough and knowledgeable. A good inspector will check a home’s components and produce a report detailing their findings.
A home inspection typically takes between two to three hours. You should be present for the whole home inspection process so you can get detailed explanations from the inspector and ask any questions you feel are necessary.
You will also understand more clearly any issue your inspector finds if you actually see them rather than relying on photos from the report. The home inspector should:
- Classify each problem as a minor, major, or safety concern
- Identify which items need replacing and repair
- Point out which items are still suitable now but will need close monitoring
A good house inspector can also tell you what routine maintenance should be done, which is an excellent help for first-time buyers.
Home Inspection Checklist
Here’s a checklist that will give you an idea of what to expect from your home inspection:
The inspector will check the exterior of the property. They may crawl into spaces under the house and use a ladder to inspect the roof and upper areas of the house. Some of the exterior places an inspector will check include:
- Exterior walls
- Garage or carport
Interior inspection involves checking the nooks and crannies of your home, from the ceiling to the cabinets under the sink and everything in between. Your inspector may check the following aspects of your home’s interior:
- Water Heater
- HVAC System
- Kitchen Appliances
- Fire Safety
- Laundry Room
What Happens After a Home Inspection?
You have several options once you receive the results of your home inspection:
- You can walk away from purchasing the home if the problems are too severe or expensive to resolve.
- You can ask the seller to fix the problems, reduce the price, or cash credit at closing.
- You can get estimates to fix the problem and create a plan to repair it once you have the property.
While a home inspection may cost you some time and money, it will be worth it. An inspection can help you identify problems that the seller might need to correct before you move in. Alternatively, you can use the report as a basis for not buying the property and backing out of any promises, agreements, or contracts.
Home inspections are also a great way to learn more about home maintenance and make sure your home is safe and sound. No matter the situation, a home inspection will save you thousands of dollars in the long term.
However, home inspectors can’t see the future, and no inspection can foresee with certainty the problems that may occur in the future.
Get financing for your home today.
Before you get to the home inspection stage, you need to know your budget and have your finances ready. Cedar Home Loans has you covered. We offer Breckenridge home loans, refinancing services, and expert knowledge of the area to help you purchase the home of your dreams. Contact us today and get financing for your home.