Home Inspection Tips When Buying A House
July 15, 2009
Buying a house is never easy and you’ll likely come across some snags during the process. One of the most common problems that can delay closing on a real estate deal is a home inspection full of problems.
I recommend that everyone get a home inspection.Ã‚Â I thinks its always worth paying for since you want to know exactly what you are getting when you put your signature on a six figure deal.
Home inspections typically cost anywhere from $250 to $500. Most home inspectors can do a termite inspection as well, but they’ll charge a little extra for it. I also recommend inspecting for termites no matter where you are or what type of construction the house is.
If you personally know someone in the real estate business, ask them for a referral for a good, thorough home inspector. Another option is to check out Angies List reviews of local inspectors. There is a small fee for the service but here are some Angies List promo codes.
You must prepare yourself when the inspector comes back with his report. Remember that no house is perfect (even new construction), and some home inspectors take it upon themselves to talk you out of the deal. In a weird way, it’s their job to make you re-think what you are doing. Your job as the homeowner is to analyze what defects are minor and major. Here are some deal breakers:
- Foundational issues. Is the foundation sinking? Are the footings properly installed? How many cracks are in the foundation?
- Major termite damage. Unless the seller is willing to pay for the repairs, this damage is costly.
- Major plumbing or electrical issues that will cause walls and/or floors to be ripped open. Is the plumbing and electrical up to code?
- Roof issues. Is the roof older than the seller thought? Does it have more wear and tear than its age indicates? A new roof is a big expense for a new homeowner.
- Major mold growth. If you have over 100 square feet of mold growth in a particular area, or multiple rooms are affected, I would stay away from this property, unless you already planned on ripping out drywall.
You may get the inspection report back with a 100 red flags, but 95 of them might be minor stuff. Make sure you can filter out what is a deal breaker, and what can be fixed easily by you or the seller. Don’t let a home inspection ruin the deal unless there are major red flags like the ones specified above.
Tomorrow we’ll finish out the series on home buying by taking look at closing costs.Ã‚Â You might also want to check out the posts on mortgage pre approval, mortgage interest rates, down payments, and home equity lines of credit.
All posts by Erik