First-time homebuyers accounted for 35% of all homebuyers in June 2020. If you’re getting ready to join the group of first-time homebuyers, you have a lot to learn about the home purchase process.
The home inspection is one area where home sales can sink or swim. An inspector can find issues with the home, causing the deal to fall apart.
Without a house inspection checklist, you run the risk of buying a home with major issues that you have to fix after you buy it.
Read on to learn what needs to go on your checklist for inspecting a new house.
1. The Cost of Inspection and Who Pays
Homebuyers are responsible for paying for the home inspection. The cost of the inspection ranges between $300 and $600.
It depends on the inspector’s experience, your location, and the size of the home. You may want to have a mold inspection or radon test, which are add-on services that can increase the cost.
2. When Home Inspections Are Scheduled
Home sales contracts are lengthy documents. You need to have a good real estate agent to make sure that your rights are protected in the contract.
Home purchase contracts should contain a contingency clause giving you the right to inspect the home. The inspections happen within a certain period of time, usually within a week of the offer being accepted.
3. What a Home Inspection Covers
Inspectors will check the foundation of the home, exterior siding, garage door and framing, and the roof. Inside the home, the plumbing system, electrical, and HVAC systems are tested. They’ll also check appliances, bathrooms, and the laundry room.
They don’t check for anything behind the walls, such as insulation. They won’t check your electrical panel, either.
The inspector will note if the issue is a major safety issue, a small issue, or a defect that they need to deal with. There are some inspectors that will walk you through the inspection and tell you about maintaining the home.
4. After the Home Inspection
What happens after the home inspection depends on the result of the inspection. If the inspector finds that there are no major issues with the home, you and the seller can breathe a sigh of relief. The home purchase can proceed.
Should the inspector uncover critical issues, that can change the deal. You may be able to ask the seller to come down on the price of the home or address those issues before closing.
You’ll need to have a real estate agent with strong negotiation skills. Take a look at this site for an example of a real estate agent.
House Inspection Checklist for a Smooth Purchase
What does a house inspection checklist look like for first-time homebuyers? You now know what a home inspection costs and that you’re responsible for paying for it.
You also understand what the inspection covers and what it doesn’t. Regardless, it’s always helpful to have a smart real estate agent walk you through the process.
Do you want more real estate tips? Visit the Real Estate section to learn more about buying and maintaining a home.