Whether you're an experienced buyer, and more importantly, it you're a first time homebuyer, I think the home inspection is the best investment you can make when considering buying a home.
Most inspections run from $350.00 - $500.00, but can be more for larger homes. What you get for that $350.00 - $500.00 can either verify that you are making a great investment in a new home, or it can keep you from buying a problem property that you will never be able to afford to maintain and keep.
(1) Assuming you are already working with an agent, that agent will most likely suggest a home inspector. But you should still ask questions, and you can choose another inspector if you want. Ask to see a copy of a sample inspection report so you will understand what the inspector is going to check. That report will point out existing problems, and give you a good idea of what repairs might lie ahead. Suppose the home has 20 years shingles that are 17 years old? Will you have $20,000.00 available to put a new roof on in a few years? What if the HVAC system is on it's last leg? Do you want to come up with $6-12,000.00 for a new furnace in a few years after moving in? What about a cracked foundation, or leaking concrete basement wall? Those repairs can cost several thousand dollars as well. Spending that $500.00 up front is looking like a great investment.
(2) Don't rely on " Seller Disclosures", and don't be fooled by statements like " Price takes condition into consideration", or something similar.
(3)Home inspectors have experience and trained eye. They can spot things many buyers would overlook. Get as much as you can from that $500.00 +- investment.
(4) Once you're under contract with inspection contingencies, you're agent will guide you and probably suggest you schedule inspection sooner than later. This allows time to evaluate and negotiate. It's also common courtesy to the seller and listing agent if you decide not to buy based on the inspection, so they can get house back on market.
(5) Do inspections during daylight hours whenever possible.
(6) In addition to home inspection, you should also consider additonal inspections like termite, well, septic, and radon.
(7) Don't be afraid to research and ask questions. In Virginia, home inspectors don't need to be licensed. DPOR does offer a state certification. You can also investigate to see if they are members of an organization like www.ASHI.com or www.NAHI.org. Members of these often must follow certain standards, follow a code of ethics, and meet certain experiance requirements, and might even need to pass an exam, and attend continuing education classes.
(8) Both buyer and buyers agent should plan on attending the home inspection. This is your opportunity to learn about the house and will help you better understand the inspection report. Many inspectors will encourage buyers to walk with them as they do the inspection so buyers can see the different systems and learn where they are and how they work, and point out any needed repairs that will be on the report.
(9) Plan on spending 2-4 hours at the house with the inspector. You might not need to climb up in attic or crawl in crawl space, but inspector will let you know what he finds there. Many times inspector will ask you to poke your head into attic in order to point out bad venting, fire retardent plywood, damaged trusses, lack of insulation, etc.
(10) That inspection is good for that day only. You should plan on paying the inspector the day he does the inspection.
(11) The inspector may suggest that you consult with a professional in another field, like plumbing for example if there is low water pressure. Decide on what inspections you're going to want done before you even start shopping for a home.
One thing is certain, if you buy a lemon, you won't be in the mood to make lemonade.
Jeff Pearl / Lic in VA
Remax Distinctive - McLean VA
703-727-4876
Homes / Land / Farms / Historic
Equal Housing
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