You might be surprised to learn that a home inspection can vary widely, depending on your home's square footage. It can also vary from inspector to inspector. Understanding why you need a home inspection, who should be conducting the inspection, and what an inspector looks for during an inspection will help you know what to expect.
Whether you believe it or not, buying a home is a HUGE DEAL. It is probably the single largest investment you’ll make throughout your lifetime. So, to deter any surprises, you’ll want to learn about the home you are about to purchase (as well as ensure your current home is ready for selling). This is where the home inspection comes in. As per the American Society of Home Inspectors, a home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation.
How Much Does a Typical Home Inspection Cost?
Home inspectors are in a professional service business; because of this, the home inspection costs can range by location and by individual provider. In general, you’re looking at spending approximately $200-$500 for a 2,000 square foot home.
In the Hampton Roads area, we see an average of about $353 for a home inspection. The typical range for an average home is between $301 and $426. On the low end, you may pay around $200 for a very small house, or up to $520 for a larger home.
While you might be hesitant to put out the money for a home inspection, it’s important to remember that home inspectors are always certified and have the necessary training to ensure that homeowners and families are kept safe. A home inspection provides you with essential information about the state of the home and gives you peace of mind, whether you are buying or selling.
Home Inspections Help The Buyer
When you have extended an offer to purchase a home, but no inspection has been required, it is always a good idea to request one. A home inspection gives you an inside glimpse of how well the home’s systems work and highlights any places that may require repairs.
As a buyer, you’re going to want your home to be inspected thoroughly to include, but not limited to - the heating and cooling systems, plumbing, electrical, foundation, roof, siding, and windows.
If for any reason, the inspectors deem the house unsafe after inspections, the lender will more than likely require those items to be fixed before providing funds to close. The buyer and the seller can negotiate who handles and pays for the repairs. Any issues identified during the inspection will need to be scheduled and fixed prior to the closing date.
Home Inspections When You Are Ready to Sell
If you have been mulling over the idea of selling your home, the cost of a home inspection will likely be worth it. There could be maintenance items that have been deferred, ignored or even conditions of the homes you decided to live with because you weren’t too concerned about them. However, now that you’re thinking of selling your home, you need to make sure that your home is in pristine condition for the prospective buyer to get funding.
By performing the home inspection beforehand, you have the luxury of time and gain some control over costs to repair any issues. You can hire licensed professionals to get the job done prior to listing your home.
When you fix safety and maintenance issues before you list your house, it helps you set and hold to a higher sales price, and the new homeowner has confidence they won’t have to pay for any repairs in the short-term. Your house will be move-in ready, which is vital to many of today’s buyers.