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Understanding The Home Inspection Process
What You Need To Know About The Home Inspection Process in Cape Cod
Congratulations on finding a house in Cape Cod!
Once the seller accepts your offer “Time is of the Essence”. Depending on your purchase contract you now have only a few days from when you signed the purchase and sales agreement to have a home inspection.
Typically, your real estate agent made the offer contingent upon a satisfactory home inspection and obtaining mortgage financing. Communication with your real estate agent is key. Ask about your due diligence period and exactly what day this period expires.
What Is A Home Inspection?
A home inspection is performed by a home inspector, typically the job of the home inspector is to examine the conditions of the home, this process of inspection is often in connection with the sale of that property. Usually the home inspector who is conducting the inspection is trained and certified.
The inspector is required to do a visual inspection of the home along with checking to see if certain systems in the home is functioning properly. The inspector would then compile all information on the conditions of the home to place in a written report onto a home inspection software to deliver to the homebuyer and the real estate agent.
It is not the job of the home inspector to estimate market value or to let you know you got a good deal on the price of the home. This is done typically through an appraiser.
The buyer uses the knowledge gained from the home inspection to make informed decisions about their pending real estate purchase. The inspection needs to be completed within the time allowed. If there are any items found in the inspection that need to be addressed with further negotiation then all parties need to be notified as per the terms of the contract. This is why it is important to stay in constant communication with your real estate agent during this process so you don’t miss these deadlines.
Why Have A Home Inspection?
Buying a home is the single most expensive investment many of us will ever make.
A home inspection is designed to provide the home buyer with the information they need to make a more informed decision about the property.
The home inspection report should clearly identify any potential significant defects, and give the home buyer a realistic estimate of the costs of repairs so that they can be negotiated in an updated purchase contract. An inspection should also highlight any areas or features that need to be addressed in the near future which may be reaching the end of their useful lifespan. This will also help in determining if a home warranty may be a useful purchase.
What Do Home Inspections Cost?
The home buyer generally has to pay for the inspection up front, but there may be an agreement in the purchase contract for the seller to reimburse those fees at the time of closing.
Home inspection fees vary from state to state. An estimated cost of a home inspection is around $250-$400, depending on what services have been selected, where the house is located and the size of the home.
In addition to the general home inspection, there are many common services that home buyers also choose to have performed when having a home inspection. These additional services are not typically included in the general home inspection fee.
Optional Home Inspection Services:
- Wood destroying pests such as termites
- Mold Testing
- Pools, spas, barns, or other external structures
- Radon gas
- Lead base paint (homes built before 1978)
- Asbestos
- Carbon monoxide
- Docks and seawalls
- Underground sprinkler systems
- Septic
- Well and Well Pump
The sellers may not be obligated to make every repair, so make sure you read the purchase and sales contract carefully to make sure the agreement does not state that the home may be sold in “as is” condition.
The Home Inspection Process:
A home inspection should include examination of all major systems, including the plumbing, heating, air conditioning, electrical, and appliance systems. Also, the home inspector will look at the structural components such as the roof, foundation, basement, exterior and interior walls, chimney, doors, and windows.
It is recommended that the home buyer be present at the time of the home inspection. A typical home inspection can take between 1 ½ hours to 3 hours, depending on the size and condition of the home.
Remember you are paying for the home inspection. Follow the home inspector around and ask questions about the condition of your home and how to maintain it. A good and knowledgeable home inspector will be happy to discuss all these things with you as they go through the home.
The attached link will help give you a better idea of what happens during a home inspection provided by the American Society of Home Inspector’s visual home inspection demonstration video. CLICK HERE FOR VIDEO
