My Real Estate Blog

Are you kidding me?  There's no way I would let a buyer proceed without getting a home inspection, even if it's new construction.  The second hardest part of the crazy market a few years back was having buyers waive the home inspection contingency (the hardest was having them waive the appraisal contingency).

These numbers are shocking to me, but according to the National Association of Realtors, 77% of home buyers had a home inspection prior to purchasing their home, and  that 84%t of home buyers requested a home inspection as part of their contract.

Most inspectors charge a flat rate, but the cost can vary depending on the size of the job, the expertise level of the inspector, among many other factors. As a ballpark, an inspection for a condo can cost around $250 while a large detached home can cost around $700.  These prices are based on my experiences in the Metro DC area.

You should expect a typical inspection to take about an hour per floor and then about 45 minutes to generate the report. Smaller homes take less time than larger or older homes. You really want to be present for the inspection and so should your agent. Ask for things to be explained as you go – including how certain things work and where valves, switches, and such are.

It is important to note that a home inspection is not a gold stamp of approval that your new home will be in perfect working order. Things break and items will need repaired. Your home inspector is not liable for repairs or damages.

Two important things to remember:

1)  Your home inspector is just that.  He's not an architect, a licensed plumber or electrician.  I've run into some who thought they were running for GOD.

2)  No matter how good your inspector is, your inspection is a ONE day snap shot of your potential new home.  Something could break or go wrong two months after you close.  It doesn't mean your inspector did a bad job.  It means you were a victim of Murphy's Law.

Posted by Jim McCowan on April 6th, 2010 8:00 AMPost a Comment (0)
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