The cost of buying a house can quickly add up, between realtor fees, mortgage rates, lawyer costs, and, of course, the home inspection. As a result, many people consider waiving the inspection as a way to save on this expense. But this can be a risky decision that could lead to major issues down the road, including costly repairs and replacements.
One important thing to remember is that a professional inspector should be used regardless of whether the property is new construction or a previously owned home. Even brand-new homes can have flaws that need to be addressed, and a co-op or condo may also have maintenance issues that need to be worked out with the building management.
Typically, the average house inspection cost between $400 and $500. The exact price will vary depending on the type of home and its overall square footage, as well as the age and complexity of its systems. For example, houses with pools or those constructed from a unique material like logs can require extra time and equipment to inspect properly.
Another factor is whether the home is single-family or multi-family. Multi-family houses are more complex than their single-family counterparts and often have a higher number of units. This means they can take longer to investigate, and there is a greater likelihood of finding issues that need to be addressed.
In addition, some inspectors offer specialty inspections that can increase the final price of a home inspection. These can include radon, mold and allergen, and termite inspections. These additional inspections can be a good investment, as they can help identify potential health and safety concerns in the home.
When it comes to a home’s structure, a house inspection will examine the roof, exterior walls, foundation, and the structural integrity of the home. The inspection will also look at the plumbing, electricals, and HVAC. The inspector will note any major problems found and provide a detailed report of his findings.
After the inspection is complete, a buyer can use the information provided by the inspector to make an informed purchase decision. If any major issues are uncovered, the buyer can ask the seller to make the necessary repairs or negotiate a lower purchase price.
It’s also possible for sellers to make improvements that will increase the resale value of their home. This can be done by installing new appliances, fixing leaky pipes, addressing mildew and mould, or adding energy-efficient features. While these improvements may not give a 100% return on investment, they can still be an excellent way to get the most out of your home sale.
In a highly competitive housing market, buyers may be willing to waive the home inspection in order to get their offer accepted. While this is rare, it does happen in certain situations. If you’re thinking about skipping the house inspection, it is recommended that you consult a real estate professional to discuss your options. They can offer advice and guidance on your home-buying journey, including helping you find a great mortgage rate.