The Smart Way to Go
For the typical home buyer, a home inspection should be considered an essential stage in the purchasing process. It arms you with a detailed report from a true expert who has gone through an extensive checklist of virtually everything that could go wrong with the property and eat into your pocketbook. This includes the roof, grading, plumbing, electrical, heating/cooling, and so forth. To make a long story short, the home inspector acts like a physician giving a physical, without the annoying waiting room.
Timing is Everything
Many home buyers have the mistaken idea that they need to wait until after they’ve made their purchase to get a home inspection, as an exercise in due diligence. This is not the case, and it often makes more sense to get it done before your purchase. This approach will give you crucial details about the material facts of the property you have your eye on. It can be a particularly wise move on purchases where negotiations are expected, and the home has been on the market for a while. In these cases, you will be able to prepare a firm offer.
Don’t Get Spooked
So you got your home inspection, and it turns out there’s some knob and tube wiring. Time to run the other direction, right? Not so fast. It’s important to take the information you gain from an inspection and use it to your advantage. There are often some very good deals available on homes that have small amounts of knob and tube, or a tiny bit of asbestos, or an oil furnace, for example. There are fixes for all of those problems, and you can work that into your offer. If you really think about it, five grand for a new furnace isn’t the end of the world if you’re getting a $20,000 discount on a $1 million home. Similarly, knob and tube wiring can be repaired by a good electrician for about $20,000.
How to Arrange a Home Inspection
Ask us about home inspections.
You’ve read this far, so you’re obviously convinced that a home inspection is a good idea. You can find a home inspector online at HomeStars, through an online search, or via reference from your realtor. As always, it’s wise to get quotes from multiple inspectors. Go with someone who you feel good about and has a positive demeanor. Larger companies charge about $50 for an inspection, plus an additional $50 if you want to keep the binder of information they have developed about the property. Most inspectors are independent contractors, however, and charge in the range of $350-$450.
For more information about home inspections, email us at email@example.com or call us at 416.222.1212.