Buying a Home in Iowa City: Step 5: Home Inspections & Repairs
This is part 5 in a 7 part series that gives a detailed look at how the home buying process works when you buy a home in the Iowa City area. I've included links to the other parts at the end of this post.
Once you have an accepted offer it will be time to schedule a home inspection. A home inspection may include a pest inspection and a test for radon. As a home buyer it always makes sense to do a thorough home inspection, after all this is a major investment, you want to be sure you know exactly what you're getting into.
Home Inspectors generally charge based on the size and the age of the home. Costs in the Iowa City area range around $250 - $350, with additional charges for extremely old homes or very large homes. Some home inspectors combine the home inspection with the radon test and that costs an additional $100 - $125. A pest inspector will take care of the pest inspection and usually charges between $50 - $60. The home inspector expects to be paid by check or cash at the time of the inspection. The pest inspector usually sends a bill that is often paid at closing. (Especially when the lender requires the pest inspection as is the case with an FHA or VA loan).
Now to the home inspection itself. The inspector will need several hours to inspect the home from top to bottom and when he's done he will provide you with a detailed report of what he finds. Depending on the age of the home and how well it was taken care of, he's likely to provide you with quite an extensive list of various items that might need repair. At this point he'll also go through the home with you and explain which items he considers need urgent attention and which ones can wait.
The radon test needs to be done over a period of 48 hours, so you'll need to wait until you have the results for that , (and the pest inspection), before figuring out what you're going to ask the seller to do in the way of repairs. And just in case you're thinking about saving the 100 bucks for the radon test - This is Iowa, we have the highest radon levels in the country, doing a radon test is definitely recommended!
When you have all your information together it's time to put together a remedy request for the seller.
The point of the home inspection is to give you the opportunity to find major deficiencies in the property that aren't visible by just walking through the home. For instance problems with the foundation, the roof, the heating and cooling system, water heater, plumbing or electrical system. 
Very often buyers are overwhelmed by how extensive an inspection report is and particularly first time buyers think that if it's on the inspection report then that must mean that the sellers are on the hook for it. That's not quite the way it is. The purchase agreement is very clear in stating that the inspections are there to check the home for major deficiencies. The idea is to protect buyers from buying a home to find out later that it needs costly repairs. There are many items on an inspection report that are just general maintenance issues. Part of my job is to help you figure out which is which, although a lot of the time it's just basic common sense.
In the current market where sellers are not making a whole lot, (if anything), when they sell their homes it's important not to push the seller to a point where's a chance of the deal breaking down. If you bear in mind that you can't get blood from a turnip and keep your requests reasonable when writing up a remedy request it will work in your favor in the long run. As a rule of thumb I advise clients to ask for the big stuff and if they can fix it themselves with minimum effort, then it probably doesn't belong in the remedy request.
So on that note I'll finish part 5 of my series: Home Inspections & Repairs.
Just a few more steps and you'll be closing on your new home. Here's the link to the next step: Step 6: Preparing to Close
Buying a Home in Iowa City: For your reference: links to all steps in my 7 part series:
Step 1: getting pre-approved for a home loan
Step 2: choosing the right area to live
Step 3: Finding the Right Home
Step 4: Making an Offer
Step 5: Home Inspections and Repairs
Step 6: Preparing to Close on Your New Home
Step 7: You're Closing on Your New Home
If you're new to the home buying process - a first time buyer or maybe relocating to the Iowa City area - all this information may throw up more questions than answers...There are a couple of solutions for that. You can either leave me a comment and I'll respond to that, or you can contact me directly either by phone or email, whatever suits you best.
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