Every real estate transaction is incomplete without a home inspection. A certified inspector will examine the safety and condition of the property. When you buy a house, an inspector is a must.
What to Expect in a Basic Home Inspection
1. Exterior Evaluation
A foundation inspection is used to determine the structural integrity of a property. The inspector will also examine the walls, ceilings, and floors to determine the structural integrity of the house. The inspector also takes note of the roof’s condition (shingles, gutters and flashings), as well as the trim of the house, its doors, windows and driveways.
2. Interior Evaluation
Inspectors will check inside the building to ensure that everything is in order and compliant with code. Included are:
- Electrical and Plumbing: Inspectors check electrical and plumbing in the entire home by flipping switches and checking that fans and lights are working. The inspectors also turn on sinks, showers, and tubs to make sure they drain and work properly. They also check that the electrical panel appears to be in good condition and check for any red flags.
- Inspector tests the appliances, systems and components that are included in the house: The inspectors check appliances such as built-in microwavables, dishwashers and garbage disposals. They also inspect air conditioners and furnaces. Inspectors also inspect ductwork, fireplaces, and chimneys.
- Garage and Attic: The inspector will inspect the ceiling and garage doors, as well as the insulation and ventilation in the attic and garage.
How Much Does a Home Inspection Cost and Who Pays for It?
Department of Housing and Urban Development reports that an average home inspection costs between $300 and 500 dollars for a property with a single family. The cost of a home inspection can be affected by your location, and if you add any special components like a termite or pool inspection. These fees aren’t regulated.
Most often, the buyer pays for the home inspection in durham nc. As with many other aspects of a real estate contract, the payment for an assessment is subject to negotiation. Some buyers and sellers share the cost, while others pay the full amount.
What Happens After the Inspection?
A home inspection’s goal is to ensure that all critical components are working properly. The inspector will provide a written report to buyers and sellers that contains notes about the condition of the house and the items evaluated. The report will also include a detailed description of any items that the inspector deems to be in need of repair or remediation. Then, one of three events occurs.
- It is rare, but sometimes it happens: If the buyer is not satisfied with the results of the inspection, they can cancel the agreement.
- The buyer accepts the property “as-is”: This is most common in competitive markets, when the buyer intends to flip the house, when the repairs are minimal or when the buyer wants to close the deal quickly.
- Buyer requests repairs: In most cases we end up with option three. Buyer and agent will create a repair request, which is then sent to the agent of the seller. Buyers, sellers and agents then work together to find a path to closing that is mutually acceptable.
How Do Repairs Work?
The seller can choose from three options. The seller can either do the repairs themselves or pay for professionals to handle them. Or, they can offer a credit (or concession) to cover repair costs after closing. The buyer must agree to the path chosen before the contract will be finalized.
Concessions are a powerful tool for sellers. This is especially true if repairs need to be made that require subjective design decisions. Credit allows sellers to avoid the hassle of finding workers and selecting materials and gives buyers control over the outcome.