The Homebuyer’s Guide to Home Inspections
YAY! Your offer on your new home has been accepted and unless you waived your inspection period, your Realtor says it’s time to schedule your home inspection. Let’s break down everything regarding the home inspection phase of the home buying process starting with the basics.
What is a Home Inspection?
A home inspection is a safety and quality assessment conducted by a certified home inspector on a property that is going to be sold.
Do I Have to Get a Home Inspection?
A home inspection is not required, however it’s your opportunity as a homebuyer to make sure that the home you are purchasing is in acceptable shape.
At What Point in Time Do I get a Home Inspection?
Unless you chose to waive your home inspection, your Realtor will work with you and a certified inspector to schedule your home inspection after an offer has been accepted on the property. In Illinois, you have up to 5 business days to conduct a home inspection on the home after an offer has been accepted.
How Much Does an Inspection Cost?
The cost of an inspection is based off of the square footage of the house, but you can typically expect to pay anywhere between $400 - $700 on a home inspection. Smaller homes will be on the lower end of that price range, while larger homes will be on the higher end of that price range.
How/When Do I Pay for the Inspection?
Inspections are what we call an “out of pocket cost” when buying a home, and it is paid for at the time of service. Your inspector will send you a link to submit your inspection payment.
How Long Does an Inspection Take?
The length of an inspection varies based off of the size of the house, but are typically anywhere between 2-4 hours. Smaller homes may take a little less time where as larger homes may take a little more time.
What Does a Home Inspector Look At During a Home Inspection?
A home inspector will look at the interior and exterior parts of home like the foundation, structural components, roof, HVAC, plumbing, and electrical systems.
Should I Attend the Home Inspection?
It’s always recommended that you as the homebuyer attend the inspection. This will give you the opportunity to ask the home inspector questions regarding any findings in the home.
Will My Inspector Give Me a Recap of the Inspection?
Yes! Your inspector will send you a copy of the inspection report that captures anything that was discovered during the home inspection.
Will the Seller Pay to Remediate Anything Found in the Inspection Report?
Work with your Realtor to see if there is any room for negotiation when it comes to items found in the inspection report.
