Buying a home can be expensive. It might feel like once you’ve entered escrow, you have new things to pay for at every turn. While the fees are normal and customary, if you don’t buy a home often, you might wonder if they are all necessary.
One expense that is often discussed is inspections. What inspections do you need and how should you choose the right person to perform them. During the home inspection contingency period, you have a right to perform as many investigations as necessary to determine the condition of the property you are buying.
Typically you will want to make sure there are a home inspection and a termite inspection. Other options could include a mold inspection, geological survey, septic tank certification, roof inspection and pool/spa inspection. The type of inspection is determined by the condition of the home. Most buyers start with the basic home inspection.
During the home inspection period you will have the option to review the findings from an inspection and if you choose, terminate the contract. If you choose to move forward you may want to negotiate repairs with the seller, and this is done during the resolution period. It is important that both parties agree on the repairs or replacements during the resolution period, otherwise the contract may become void.
Even in today's hot sellers market I would never encourage a buyer to waive home inspections. If this is something you are considering to put your offer above the rest consider a "Pre-Inspection" before making an offer on a home. This is performed by a home inspector and is typically 1 hour and they can address major items like structure, electrical panel, roof, and foundation to let you know what you may be in for in terms of major repairs.
Home inspections are very important. There is no substitute for a proper inspection by a licensed home inspector. You might be handy or have a handy friend, but the home inspector is experienced in identifying problems and potential problems so you can make an informed decision about moving forward with the sale.
I have a list of preferred home inspectors in Knoxville, TN that I would be happy to share with you so that you can make an informed decision on what is probably the largest purchase of your life!