Why are home inspections important?
Before getting into that, I’d like to define the kind of inspection we’re going to focus on today. The buyer’s inspection, which is the inspection the buyer will have performed once the purchase agreement has been ratified.
During the inspection period, which tends to be between 10 to 14 days, there is a lot to be done. The most important items being looked at during any inspection are safety, structural, and mechanical issues. Now is not the time to comment on cosmetic items like an off-putting paint color.
But, safety-related items like the presence of black mold or a foundation issue are highly relevant at this time. These are the kinds of things an inspection will uncover.
Another inspection buyers are commonly getting in recent times relates to the presence of radon. If a seller has not completed a radon test or the property lacks a radon mitigation system, many buyers are now choosing to have a radon inspection. The EPA recommends that any property with more than four parts-per-million of radon present should have the issue mitigated.
Homes with high levels of radon can lead to cancer and other health-related issues, so this inspection is one many buyers are having performed on top of their standard buyer’s inspection.
The average cost for a radon inspection is around $150. If a property’s radon levels are too high, then there are easy ways to relieve the issue. A radon mitigation system can be installed for about $1,500. But, this is one expense which could potentially be negotiated with the seller.
Once the inspection period is over, you as a buyer have three options. Your first option is to move forward with the property as-is, you could cancel the purchase agreement and have your earnest money refunded, or you could try to negotiate an inspection contingency with the seller.
If you do go the third route, there are a few things you’ll want to receive from the seller before closing. First of all, make sure you are given a paid receipt. This will give you assurance that the seller actually paid the contractor who took care of the inspection issue. You don’t want to live in your new home for a few months only to find that you’ve been left with a lien on the property.
Before you can close, you’re going to do one last walkthrough of the property to ensure its condition is as-expected. A home is one of the most expensive purchases you’ll ever make, so it’s absolutely worth investing some money into making sure the property is up-to-par.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
