If you’ve ever bought or sold a home, chances are you’ve taken part in a home inspection. This common practice is one of the many steps in the homebuying process and can have a major impact on the sale price of the home. Depending on what it reveals, the home inspection might even be the make-or-break moment in the sale.
Whether you’re looking to buy or sell, a simple home inspection could have a big impact on your future. Here are a few important things to keep in mind about the home inspection process.
Home Inspections Are Not Mandatory
Though common practice, undertaking an inspection is not a requirement to buy or sell a home. It’s not uncommon for sellers to waive inspections as a condition of sale in today’s booming housing market. While this makes for a quick and easy sale, homebuyers should think carefully before buying a house without an inspection. Unforeseen issues that would have been revealed an in inspection could end up costing thousands in potential repairs after closing.
Inspections Can Affect Asking Price
Home inspections offer peace of mind for buyers who are making the substantial investment of buying a home. If an inspection turns up previously unknown or undisclosed issues, buyers can ask the seller to make it right or reduce their asking price. If the inspection was part of the written purchase agreement, big enough issues could even let the buyer back out of the purchase entirely.
Inspections Aren’t Free
Home inspectors charge a nominal fee for their services—usually anywhere between $200-$500 per inspection. As the inspection benefits the buyer, this fee is usually rolled into closing costs. Though another fee in the homebuying process may seem like a burden at first, inspection fees are a small price to pay for the headaches they can help to avoid in the long run.
Pre-listing Inspections Are a Plus
Sometimes sellers will conduct an inspection before the property is even listed, affording ample time to address any issues. Like a traditional inspection, sellers are required to fix any major problems revealed in a pre-listing inspection. A pre-listing inspection can save precious time for sellers looking to streamline the transaction.
For the best experience during a home inspection, it’s important to hire an inspector you can trust. For all your home lending needs, trust the mortgage experts at First Ohio Home Finance. Our mortgage bankers are ready to assist you with care and attention, 24/7. Contact us today to get started.