Are home inspections a waste of time and money? I think the real question here is how do you want to protect your investment? Purchasing a house is a big deal and a big investment into your future. Hidden damage can end up being costly. With no landlord to call the expense and the time will be on you. While a home inspection is an elective, most people will opt to pay for an independent home inspection for a number of reasons.
One of the biggest reasons that buyers opt in to getting a home inspection is because hidden damage can become very costly. Another advantage to conducting a home inspection is that your Real Estate Agent will make the purchase of the home contingent upon a satisfactory home inspection report. If the report is not satisfactory and/or the seller does not wish to fix things found within the home by the inspector, this gives you the opportunity to walk away from the purchase of the home and have any earnest money or good faith money released back to you without penalty.
A home inspectors primary role is to make sure the home is sound and safe, to the best of his abilities. Remember, a home inspector cannot see through walls to ascertain damage within them, but he will conduct an inspection of the home's HVAC system, all interior plumbing as well as electrical systems. He will check the roof, attic, floors, windows, doors, the foundation, basement if applicable and structural components of the home to ensure its safety and longevity. When his inspection is complete (generally 2-4 hours) he will create a written report. There will probably be some minor things written on the report, and some will elect to not even fix them being so minor. More serious issues should be dealt with prior to the purchase of the home and only you can decide if you want to continue with the purchase of the home without remedy, or ask the homeowner to complete the repairs and be provided with written receipts and documentation that the repairs have been completed. The inspection report and the willingness of the homeowner to remedy any conditions found to be problematic will allow you to make an informed decision on whether or not to move forward with the purchase.
Remember, there is no such thing as a perfect home and it is rare that an inspection report comes back squeaky clean. It is, however, the duty of the inspector to note any defects or problems that he is trained to see and note. Everyone has a different opinion on what is a serious problem in a home and only you can make that decision.
A home inspection protects you from purchasing a home that contains damage or defects you wouldn't see when touring the home. It will avoid costly repairs, after the fact, that you will in fact be stuck with repairing since you own the house. The homeowner does have the responsibility to disclose material defects with or without a home inspection, but the only way to truly protect your investment is to know with as much certainty as possible what issues are present in the home.
The cost of a home inspection varies, and is the responsibilty of the buyer, not the seller. A home inspection is worth its weight in gold compared to the expense of a problem with the home after you purchase it.
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