Buying a new home is not like buying a new pair of shoes. While you might try several on to find the perfect fit, that’s about where the similarities end. And unlike that pair of shoes, it isn’t as simple as trying it on, paying, and walking out with your purchase in hand. Instead, once you find the perfect fit, there’s plenty of paperwork and then an inspection and resolution process—and that’s before you even get to closing day.
Here are a few things you should know about that inspection.
1. There is a cost
The inspection cost will vary, depending on your location and possibly other factors, such as the size of your home. In most cases, the buyer will pay that fee. However, you typically don’t need to write out a check directly to the inspector on inspection day; like many things involved in your purchase process, it’s more likely to appear as a line item on your closing day sheet.
2. It happens after your offer is accepted.
At the most basic level, a home inspection’s purpose is to inform you, the buyer, of any issues—structural, mechanical, or otherwise—in the home you are buying. Because there’s a fee associated, and because the report goes specifically to the buyer and the seller, the inspection happens after there’s a ratified offer, before closing.
3. A certified inspector will complete the inspection
You can’t just hire various trades to inspect their specialties (and doing so would be expensive). You should only hire an inspector who is trained and certified to fully review your new home from top to bottom.
What’s more, your inspector should be third-party, without ties to the seller, as they are there to look out for your (the buyer’s) best interests. They also shouldn’t offer to complete any of the discovered work for you; they need to be impartial without a vested interest.
4. The inspection should take hours—not minutes
The inspection should include every element of your home, from the roof to the foundation, with gutters, windows, floors, plumbing, electrical, your HVAC systems, and every other element of your home in between. It isn’t a quick checkbox to check: It’s important. A quality inspection takes time.
5. It’s up to you whether you attend
Most of the time, your realtor can stand in for you on the inspection, but if you can be there in person, it’s usually a good idea. Being there in person allows you to get additional details and observations from your inspector, as well as to ask any questions you might have.
6. What is resolved from the report is up to you and the seller
Following the inspection, you’ll receive a comprehensive report of any findings. Your lender will likely require an inspection and may require certain items to be fixed prior to funding your loan and closing on your new home.
However, how you resolve any findings—and whether they’re settled prior to closing or simply there for your awareness—is up to you and the seller to negotiate. In some cases, the seller may be willing to fix them prior to closing, in others you may let it go, and in others still, you might settle for a cost allowance or credit as part of the closing process.
