If you’re a first-time home buyer, you may not know what to expect during a home inspection. A home inspection is the best way to know the condition of your home before you buy it. A home inspection protects you as the buyer from any unexpected issues with your home or property. While a home inspection is generally not required when buying a home, it is in the buyer’s best interest to have a home inspection before committing to purchasing a home.
When does the home inspection take place?
Once you find a home you love and make an offer on it, you want to start thinking about a home inspection. If the seller accepts your offer, your realtor will help you with a purchase agreement. Your purchase agreement should include a contingency clause that allows you to back out of the offer, ask for repairs, or renegotiate the price to compensate for repairs.
When you make an offer on a home, you are making the offer based on the knowledge you have prior to a home inspection. If you are not a licensed contractor or home inspector, you (and the seller) may be unaware of damage that isn’t visible during a walk-through of the home.
Home inspection tips for first-time home buyers
Once you are ready to proceed with a home inspection there are some things you should know as a first-time buyer. You don’t want to purchase your home and realize later that you missed issues or that you have more repairs than you anticipated.
Don’t be tempted to waive the home inspection
You may be tempted to skip the home inspection. There are a few reasons why home buyers sometimes consider waiving a home inspection. There are over 28 million Americans planning to buy a home in the next year, according to NerdWallet. But, the supply of available homes for sale is currently around 10.4 million units. In almost every area of the country, it is a seller’s market. Because of the competition for buyers, many home buyers are waiving contingencies like a home inspection. This comes with some serious risks. While it may be frustrating trying to buy a home with such fierce competition, there are other options for making your offer stand out than waiving the home inspection. Having a fully pre-approved mortgage or a large down payment can make your offer the strongest.
Don’t expect the home to be perfect
A home inspection is intended to inform you of any issues with your home and property. Many homes have some issues that show up on a home inspection report. A home inspector’s job is to inform you of the home’s condition. Their inspection should give you an idea of the age and condition of the home’s roof, plumbing, electrical systems, the exterior and interior. It will also let you know if the home has had water damage, repairs done to it, and the state of the grounds and property. Your realtor can help you evaluate which repairs are minor issues and which issues are deal-breakers.
Attend the home inspection and ask questions
Your realtor will recommend that you are present for the home inspection. Even though you will receive a report, it’s best that you participate in the home inspection. Talk to the home inspector about the issues you are concerned about. The average home inspection takes 2 or 3 hours. When the inspection is completed, the home inspection will go over his findings with you. You can ask the inspector about his thoughts on how much repairs will cost you or if you should be concerned about anything before you agree to the purchase agreement. Some inspectors will not discuss the costs of repairs, but most can give you some guidance on what repairs are difficult and which issues you shouldn’t really worry about. Don’t be afraid to straight out ask your home inspector, “would you buy this house?”
Don’t be afraid to ask “stupid questions”
One of the best home inspection tips for first-time home buyers is to ask questions! Your home inspector should be a resource for you. While the inspector is doing his inspection, it’s okay to follow him around the home and property and ask questions as you see things. They have experience that you don’t have and know that first-time buyers may not be as knowledgeable about what to look for in a home inspection. Ask as many questions as you can. This is your opportunity to learn everything you can about your home. Once the inspection is done, if you still have questions, you should be able to call your home inspector later to explain your report.
