As a homebuyer one of the most critical steps of the purchasing process is obtaining a home inspection.
At Capital Zone Mortgage Broker, we’re here to help you every step of the way on your home-buying journey. Here, we’ve compiled the key elements of a home inspection to help you through this step of the home buying process. While each of these steps is important, they should not be overwhelming. The key steps include:
Step 1. Select a home inspector
Step 2. Schedule and attend your home inspection
Step 3. Review your inspection report
Step 4. Determine your next steps after the inspection report
With a team of professionals by your side, including your realtor and inspector, you’ll be able to make your home purchase knowing you’re aware of most large faults and with a plan to rectify them.
What is a Home Inspection?
A home inspection protects you, the buyer, from future trouble with your new home. Ideally, an inspector will discover anything wrong with the home during an inspection.
This allows you and the seller to determine how you will handle repairs before you finalize the purchase. At the very least, it gives you a better picture of the home you are purchasing and whether it is in working order or will need repairs down the road. So, even if you do wind up having to pay for these pre-determined repairs, knowledge is power and it’s best to know the full picture.
No one likes unwelcome surprises when purchasing a home. Having your home inspected in a timely fashion helps avoid these surprises, serving as a key advantage of a home inspection.
Let’s dive into the steps you’ll take during the home inspection process.
Step 1. Select A Home Inspector
There are many places you can look for home inspector recommendations, including:
- referrals from friends
- your real estate agent
- your mortgage broker
But don’t just take someone else’s word as an end-all-be-all in your hiring process. Talk to the inspector yourself to learn more about his or her process, view sample home inspection reports, and determine for yourself if you think they will provide a thorough inspection.
If you’re curious about what a home inspection should cost, it’s important to know it will vary depending on your location.
Step 2: Schedule and Attend Your Home Inspection
Your home inspection will take place shortly after the seller has accepted your offer. You will want to have the home inspected as soon as possible, usually within a 10-day window. Typically, you will include a contingency in your offer regarding the results and outcomes of the inspection. So, don’t worry about making an offer before having the home inspected.
As the homebuyer, you are responsible for setting up the home inspection. While only the inspector needs to be present, we recommend that you accompany the inspector and walk through the home with him or her. This gives you a chance to ask questions along the way. Your real estate agent may also attend the home inspection.
Step 3: Review Your Inspection Report
After completing the inspection, your home inspector will deliver a full home inspection report for your review. This report will outline both minor issues and larger issues you may want to address before closing on your home. You and your real estate agent will want to look it over together to decide what to do next.
Step 4: Determine Your Next Steps After the Inspection Report
With the report in hand, you have a few choices. You can purchase the home as-is, ask for repairs to be made at the seller’s expense or decide not to purchase the home.
If you decide to request repairs, you can negotiate with the seller on which party will pay for the repair.
When deciding what repairs to request, think about the cost of the repairs and the amount of work that will go into them. For example, if there are electrical or plumbing issues, we recommend asking the seller to pay. These fixes typically require an outside expert and impact the safety and usability of the home.
Once you agree on the repairs, keep an eye on things to ensure the work is completed to your satisfaction before closing.
If the findings of the inspection report are especially negative, you may decide you don’t want to purchase the home at all. As mentioned before, purchase contracts typically allow you an “out” if you decide the home isn’t right for you after the inspection. The key is how you word your purchase contract, so be sure to discuss this with your realtor before putting in an offer.
No matter what results your home inspection turns up, the inspection is important and hopefully not too stressful. With your home inspection report in hand, you should hopefully have peace of mind because you know the key details about the home you are buying.
