Okay, you made one of the most important decisions in your life: you’re buying a home! You found your ideal home. It’s in your desired neighborhood, close to everything you need. You love its design and feel, and you’re ready to finalize the deal.
But, whoa … wait a minute! Buying a home isn’t like buying a toaster. If you discover something’s wrong with your new home, you can’t return it for a refund or exchange. You’re stuck with your buying decision. Purchasing a home is an important investment and should be treated as such. Therefore, before finalizing anything, your ideal home needs an inspection so you don’t throw your hard-earned money into a money pit.
A home inspection is a professional visual examination of the home’s roof, plumbing, heating and cooling system, electrical systems, foundation and more.
There are really two types of home of inspections. One is a general home inspection and the other is a specialized inspection. Most general inspections cost between $250 and $500. The cost of the specialized inspection varies depending on the type. If the inspector recommends a specialized inspection, take that advice. Buying a home is the single most important investment you’ll make, and you want extra assurance that you’re making a wise investment.
By having your prospective new home inspected, you may be able to:
- Negotiate with the home seller for repairs at no cost to you
- Prevent your insurance rates from rising
- Opt-out of the purchase before you make a costly mistake
- Save money in the short and long run
How Much Money Can a Home Inspection Save You?
A home inspection helps to find potential expenses beyond the sales price, which puts home buyers in a powerful position for negotiation. If there are any issues discovered during the home inspection, the buyer can stipulate that the seller either repair them before closing or help cover the costs in some other way. If the seller does not want to front the money to complete the repairs, the buyer could negotiate a drop in the overall sales price of the home. Finally, if the seller refuses or is unable to do either, the buyer has the option of cancelling the sale. This needs to be stipulated in the contract, so make sure you use a knowledgeable REALTOR®.
Perhaps even more importantly, a home inspection buys you peace of mind. Your first days and months in a new home will set the tone for your life there, and you don’t want to taint that time with worries about hidden problems and potential money pits.
To help you understand how much money a home inspection can save you, here are some numbers from HomeAdvisor to drive the point home, so to speak.
Roof – Roofing problems are one of the most common issues that home inspectors find. Most roof repairs range between $316 and $1046. To replace a roof entirely can cost between $4,660 and $8,950 or more.
Plumbing – Don’t underestimate the plumbing. Small leaks can cause damage that often costs between $1,041 and $3,488 to repair. Your home inspector will look for visible problems with the plumbing such as leaky faucets, water stains around sinks and the shower, and noisy pipes. Stains on walls or ceilings, and warped floors show plumbing problems.
Heating and Cooling – Ensuring the home’s heating and cooling system is working properly is very important. Your home inspector will make you aware of any problems with the existing system and let know you whether the system is past its prime and needs replacing. You don’t want to throw down $3,919 to replace an aged furnace. Nor do you want to spend $5,238 replacing an ill-working air conditioner. Replacing and repairing a water heater gets pricey too. Wouldn’t you rather use your savings for a vacation?
Electrical Systems – When thinking of the electrical system, no problem is better than even a small problem. Electrical problems might seem small, but they can blossom into thousand-dollar catastrophes. Make sure your home inspector examines the electric meter, main panel, wires, circuit breaker, switches, the GCFI outlets and electrical outlets, and all other parts of the electrical system.
Foundation – Your home inspector should look for excessive cracking in walls, sticking windows, unlevel flooring, cracking in footings or other indications of foundation issues. The foundation is so important that if the general inspection report shows foundation problems, lenders will often not lend money on the home until those issues are solved. Foundation issues can reach into the thousands to repair.
As you can see, a small investment of a few hundred dollars for a general home inspection can save you tons of money and future headaches. You should also consider investing in specialized home inspections if needed. Specialized inspections get down to the nitty-gritty of all the trouble spots the general home inspection might have located.
How Much Money Can a Specialized Inspection Save You?
A general home inspection can trigger a need for a specialized inspection because the general home inspector spotted something off in one of the home’s systems. In San Diego County, you may also want to have a wood destroying pest inspection. If moisture is or has been present, you may want to have a mold inspection.
Roof – Roof specialists examine the level of wear and tear of the roof. They look at vents, flashing and roof penetrations. They can tell you how long the roof will last before a new one is needed. They’ll often inspect the downspouts and gutters. The average cost of a roof inspection is about $223. Most roof inspections will cost between $121 and $324.
Sewer System – Making sure your sewer system has no problems should happen during your inspection contingency. What might look like a small problem can turn into a large problem in the future. If any issues pop up, you can negotiate with the seller about needed repairs or replacements before closing. The cost of inspection will vary. On the low side, it might cost you around $95, and on the high side, it might cost you $790. This is especially important if the home you want to buy is using a septic system. Repairing a septic tank can cost, on average, $1,435. (Though it could reach as high as $5,000.) You can see that the cost of an inspection is worth it when you catch the problem before you buy.
Heating and Cooling System – An HVAC specialist will check the furnace, air conditioner and ductwork. The repairs needed might be small or they might be big, but this small investment will save you headaches and lots of money down the road.
Foundation – A foundation specialist will pinpoint the exact problem with the foundation. A specialist should also look at the grade or slope of the ground surrounding the home. It should slope away from the home in all directions. Soil, patios and walkways should be below the weep screed. Homeowners can spend between $1,763 and $5,880 to repair their foundation.
Pest Inspection – Termites eat a home’s wood structure and can cause thousands of dollars worth of damage to your home. Other pests can turn your dream home into a nightmare. In Southern California, dry wood termites can swarm twice a year looking for areas to establish new colonies. Because of this, you should have a termite inspection every several years. You can start with your potential new home. Most inspections cost $100 or less. The good news is that most pest management companies will guarantee their past inspection if termites show up within a year.
Steps You Should Take Before You Get a Home Inspection
To help yourself save with a home inspection, you will need to:
Attend the inspection – Attending the inspection is important because it’s an opportunity for you to ask questions and see firsthand what will be in your report.
Hire a Qualified Home Inspector – I can recommend bona fide home inspectors to you. You can compare my recommendations with all inspectors who belong to the American Society of Home Inspectors and with those who are members of the California Real Estate Inspection Association. You also want to make sure your home inspector has insurance.
While the decision of whom you work with is always yours, I can help educate you to make informed home buying decisions. These can potentially safe you thousands of dollars down the road.