You probably know that home inspections are often part of the home buying process. Have you considered why they’re so important? Do you know what they mean for your home purchase or sale? Here’s what you should know about how a home inspection might impact your goals.
Inspections are not required. A home inspection is greatly encouraged for buyers, but it is not required. In a hot market, buyers might waive their right to an inspection to win a bidding war. But be careful: This could hurt you financially if you find yourself having to make large repairs and renovations upon ownership.
The results can influence your deal — and your price. If the inspector finds issues, the buyer will often want to renegotiate. They might ask the seller to make repairs before closing or offer a lower price point to account for them. If they have an inspection contingency, a buyer may even pull out of the deal without losing their earnest money.
You have to pay for an inspection. Home inspection costs vary by market and inspector, but typically they cost between $250 and $500 per property. Since the inspection is for the buyer’s benefit, they cover this cost out of pocket unless otherwise negotiated.
Sellers sometimes get pre-listing inspections. By getting an inspection before the home hits the market, sellers can identify any existing issues that could slow down their sale. In many cases, sellers are required to disclose issues their inspector finds if they have not been repaired.
I have many reliable home inspectors and I would love to discuss any concerns or questions you have before listing your home.
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