Many lenders will require a buyer to obtain a home inspection before they provide financing, while most buyers have likely heard that a home inspection is an essential part of the home buying process. After all, it generally only costs a couple hundred dollars and can end up saving you thousands in the long run. But what happens during a home inspection, and what if the inspection uncovers an issue?
What is covered under a home inspection?
A home inspector will inspect the home’s systems (such as HVAC, electrical and plumbing) as well as the interior and exterior. They may only use a ladder to get onto certain parts of the roof if they can’t see them properly, but otherwise they will not move anything around.
They will inspect the foundation, the drainage in the soil around your home, the doors and windows, basement, chimney and make sure everything’s in good condition.
Afterwards, the buyer will receive a report and should a problem be found it will be detailed here.
What if there is a problem with the home?
If a problem is indeed found by the home inspection, you should discuss with your real estate agent. No home is perfect, and sometimes you can let tiny issues slide. However, if the problem is sizeable, you should determine the cost of fixing the problem by obtaining contractor bids for the project. Using this information, you can then request that either the sellers fix the problems themselves before you purchase the home, or that they lower the asking price by the amount you’ll have to spend on the repairs later.