You've found your dream home in the perfect neighborhood. The neighbors are friendly, as are their kids and dogs, the schools are nearby and the price is even below what you were expecting. You can practically picture the fireplace mantel inside covered with family photos and smell the apple pie baking in the state-of-the-art kitchen. But wait, you have one more major hurdle: the home inspection, for which the Latin saying "Caveat emptor (let the buyer beware)" was invented.
Every house has its surprises...
Common "surprises" inspections uncover include: poor exterior grading, which can lead to basement flooding or leaking; roof leaks; improper wiring; plumbing issues; and heating system malfunctions.
Most of the issues inspectors encounter are relatively simple and can be easily dealt with. But sometimes the cost of fixing these small things can be major. One way the potential buyer can protect him or herself is to make sure, when making an offer on a house, the contract includes a home inspection contingency. This is to ensure, if a costly problem is found, you can require the seller make the repair before the deal closes, negotiate a price reduction to make up for the cost of making the repair yourself, or go look at some different houses altogether.
If a potential buyer balks at the cost of hiring a professional inspector, they should realize that it's a small price to pay, considering what you're gaining. Inspectors tend to base their fee on the square footage of the home being inspected, as well as how complicated the job is. According to Vento, the national average runs $300-$500, but can top $1,000 if the job is a big one.
Buyers can find a certified inspector through their real estate agent, although many consumers prefer to find one themselves, so they can be assured of total objectivity in their inspection. In addition to friends, neighbors and relatives, prospective home buyers can contact national organizations, such as the American Society of Home Inspectors (ASHI).
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