When you go to purchase your first home one of the most important things to do is to get a home inspection. It is highly inadvisable not too, as you could end up buying a money pit & paying thousands of dollars in repairs.
This blog is going to walk you through the steps that it takes to get a home inspection and why getting an inspection protects you, as the buyer.
Step 1: Schedule The Inspection
Once you find the home that you love and your offer is accepted, the first step is going to be to actually schedule your home inspection. Your inspection will want to be scheduled as soon as possible, as you will want time to look over the report in detail.
The inspection is going to cost you anywhere from $300-$500 depending upon the size of the home and location. You will have the option to have a full inspection, limited inspection, or waive your rights of having an inspection completely (which again, is highly inadvisable!).
Your inspection will include checking the conditions of the following; the home's heating system, cooling system, interior plumbing system, electrical system, the roof, the foundation, basement and much more. Once you receive your report you will want to read through it and then discuss the report with your real estate agent. If there are any issues or concerns with the report your real estate agent will write up what is called a “Defect Notice”, which leads us to step #2.
Step 2: Write Up Your Defect Notice
This step will only take place if you are unsatisfied with your inspection report. Usually the most common problems found on a home inspection are;
- Faulty wiring
- Roof problems
- Hidden mold
- Plumbing issues
- Drainage issues
- Faulty foundation
Your job as the buyer is to determine what issues you foresee as being larger problems in the long run. The great thing about an inspection report is that they will explain the levels of each item; satisfactory, poor, recommended repair, ect.
Once you determine the issues that you would like the seller to fix, your real estate agent will write up your notice and send it over to the seller. Once the seller receives the notice, they will have what is called the “Consideration Period”, which leads us to our last step.
Step 3: Come To A Conclusion
Once the seller receives your list of requests, they will have a certain number of days to review your requests and either agree, or come up with a counter-offer. This time period is called the “Consideration Period”. The seller has to send something back to the buyer, even if they do not want to make any corrections.
After the seller decides what they would like to do, or not do, you will enter the “Settlement Period”, which is a specified number of days to reach a mutual agreement on what needs to be done.
During this period, if no agreement is met, and the seller refuses to make any repairs – you do not have to move forward with the contract. The contract will automatically terminate.
Bottom Line:
As a first time home buyer it is crucial that you get a home inspection to protect yourself. And, in the end if you are not satisfied with your inspection, you do not have to purchase the home. Making sure that you have a qualified real estate agent who understands each step of your home buying process, including the importance of having an inspection is crucial.
If you have any questions regarding home inspections, are considering buying your first home, or just not sure where to start click the button below and we can help you along your journey.
