The purpose of a home inspection is to identify any concerns, defects or issues that may not be readily visible or known. Buying a new home is such an exciting experience! While the experience is thrilling, it can also be a little overwhelming. There is a lot to consider when buying a new home and perhaps the biggest thing to think about is the home inspection. Home inspections tend to intimidate home buyers. Generally, this relates to first-time home buyers but it can apply to experienced ones as well. Home inspections play a critical role in the home buying process. Even though they come off as being a little scary, the purpose of home inspections is really quite beneficial.
Purpose of Home Inspections
Home inspections aren't required for the sale of a house, however, they are highly recommended. Real estate agents should always suggest that the buyer get a home inspection done on their new potential home. An inspector may spend anywhere from 2 to 3 hours at a property for an inspection. The buyer should be present so they can ask any questions along the way.
The primary purpose behind having inspections is to ensure that any possible issues, defects, or problems about the property are documented. This is where the process becomes a bit intimidating for buyers. An inspection report can easily be around 50 pages of bulky text. To some people, it may seem as being excessive. Sellers may accuse the inspector of being extreme about certain issues causing concern of completing the sales process. However, that is not true! All of these pages are a detailed summary of what the inspector finds at the property. The documentation serves as a means to provide the buyer with a full understanding of their potential new home.
Buyers use of Home Inspection Report
With this knowledge, buyers can make informed decisions. They can determine whether or not they wish to proceed with the purchase of the home. It is important to note that if the buyer pays for report, they own the report. The buyer can at their discretion share the report with the seller. Generally, if a buyer is still interested in purchasing the property, renegotiations may begin. The buyer and seller will need to come to an agreement for the sale to proceed.
Home inspection reports detail different things at the property. Typically, these range from serious problems to minor issues. Serious safety issues may pose a problem and may need to be resolved quickly. Depending on the issues that are found, the buyer and seller could come to an agreement the repairs. The agreement will need to be in writing to go forth with the sale of the home. Below are some common things that home inspectors look for in Texas as per TREC when conducting an inspection!
6 Areas That Home Inspectors Cover in Texas as per TREC
- Structural Systems
- Electrical Systems
- Heating, Ventilation, and Air Conditioning
- Plumbing Systems
- Appliances
- Optional Systems
These are the areas that a home inspector will focus on while performing a house inspection. While it certainly feels like a lot, and it is, it isn't meant to scare off anyone. Most homes, though not all, are repairable. Home inspectors are licensed individuals who have a duty to unbiasedly inspect a property. Their focus is safety concerns as well as any issues that could be a problem at a later time. This creates an abundance of information for a home buyer to analyze. The buyer will need to determine what the next steps should be for them in their home buying process.
Negotiation Process After Home Inspection
Even though an inspection report is exclusively given to the home buyer (provided they are the ones paying for the inspection and potentially buying the property), a home buyer can choose to share certain details of the inspection report with the seller. In doing so, it allows for negotiation to take place between the buyer and seller. Even though the purpose of home inspections is to give a buyer detailed knowledge about the property, it can also provide a seller with information that they might not have thought about either.
There are a few things that happen during the negotiation phase that comes after the inspection. From a practical standpoint, the buyer and seller should come to a mutual agreement about how to address more serious issues at the property. Whether the buyer does some work at the property or the seller agrees to do work, no matter what both parties should have an understanding of what should be done, if anything, in order to move forward. This is the best scenario as it allows the buyer to show good faith in participating with any possible repairs and not laying it all on the seller.
Alternatives to Repairs from Home Inspection
However, not all scenarios will go the right way. A seller might be unwilling to do any repairs at all which would leave the buyer responsible for anything they feel is an important issue from the report. Nothing is truly predictable which is why it is important for a buyer to examine their inspection report and determine what critically needs to be addressed.
Ultimately, the buyer should use their home inspection report as a means to negotiate the work between themselves and the seller. Additionally, it can also lead to the seller proposing a lower sale price to give a form of a credit to the buyer in concerns to certain issues at the property. This is usually done with issues that the seller isn't willing to fix and thus the credit serves as a way to prepare the buyer to possibly get the issues addressed in the future.
Cost Of A Home Inspection
Home inspection costs vary from state to state, however, the current generic average price range is somewhere between $300 to $600. While this price seems pretty steep, it is important to remember that the purpose of home inspections really is critical. The knowledge that a home buyer gains about their potential new property can prepare them for properly caring for their new house. It gives them insight into things to look for in the future or to possibly address immediately.
Home Inspections Are An Investment In The Future
Buying a new home is never a cheap experience. It may very well be the biggest decision that someone will make in their life. This huge investment is a big step in being a responsible homeowner. Overall, it is an exciting time for any type of home buyer, first-time buyers, or seasoned buyers. Regardless of which type of home buyer someone is, the investment in a home is still an important one. Home inspections are a part of that investment.
With the purpose of home inspections being to provide buyers with critical information about a property, it also aids in the overall investment. The information gained from the inspection will give the buyer a more detailed look into their new home. Over time, they can also refer to the inspection report and in the long run, it helps them maintain their new home in a much better manner than someone who didn't get a home inspection done.