Why Home Inspections Are Important

Four reasons why inspections play a large role in your transaction.

You probably know that a home inspection is part of the buying and selling process, but do you know why it’s so important and what it could mean to your real estate success? If you’re looking to buy or sell, here’s what you need to know about home inspections and how they can affect your goals:

1. Home inspections are not required. A home inspection is generally encouraged for buyers, but it’s not required. In a hot market, buyers might waive their right to inspections to win a bidding war, but be careful because this could hurt you financially if you find yourself having to make large repairs or renovations.

2. The results can influence your deal and price. If the inspector finds issues, the buyer will often want to negotiate. They might ask the seller to make repairs before closing or even lower the price to account for them. If they have an inspection contingency, a buyer can even pull out of the deal entirely without losing any of their earnest money.

3. The buyer pays for the inspection. Home inspection costs vary by market and inspector, but they typically cost around $500 per property. Since the inspection is for the buyer’s benefit, they cover the cost out of pocket.

4. Sellers sometimes get a pre-listing home inspection. By getting one before the home hits the market, sellers can identify any problems that could hold back their sale. In many cases, sellers are required to disclose any of these issues that the inspector finds if they haven’t been fixed.

If you’re looking to buy or sell, or have any questions at all, don’t hesitate to get in touch with me by phone or email. I’d love to help you out.