We always recommend getting home inspections, no matter the type of property. If you’re new to real estate investing, you might be surprised at the types of problems homes can have. Even if you’ve done a hundred real estate deals, it’s highly possible you still don’t have the expertise to carry out an inspection yourself. Here’s how you can save money by paying for a quality home inspection.
What Is a Home Inspection?
First of all, it’s important to know exactly what a home inspection entails. The purpose of an inspection is to check all major systems of the property and see if they are safe and in working order. This includes roof, electrical, siding, foundation, plumbing, HVAC, fireplaces, attic, and more. The inspector will determine their best guess for the life expectancy of items like furnaces and AC units, giving you an idea of whether it’s good to go for a few years or whether it needs to be replaced ASAP. You can also get additional services with your inspection like checking for termites, asbestos, radon, sewer scopes, lead paint and lead pipes, or mold.
How Much Will a Home Inspection Cost?
Average costs vary by state and the size of the home, but they’re generally between $200 and $500. Don’t skimp on an inspection and choose the cheapest guy you can find. You’re looking for someone who is extremely detail-oriented and thorough. Use your network to find a highly-recommended inspector in your area. If you pay someone to do a shoddy job and they don’t catch every problem, you’ve just lost even more money, so get it done right the first time.
How Will a Home Inspection Save Me Money?
Of course, we can’t guarantee that a home inspection will save you money, but it’s a good rule of thumb. One home inspection might turn up nothing, but the next property you look at might end up having tens of thousands of dollars of necessary repairs that you wouldn’t know about unless you’d gotten an inspection. It all works out in the end to being a great investment. For example, maybe you’re looking at buying a house that seems like it will fix up beautifully. You can’t see anything wrong with it aside from a few cosmetic concerns. But an inspection reveals that the home is sinking and needs serious, costly foundation repairs that could cause part of the house to collapse within the next few years! Thanks to the inspection, you decide not to buy the home and you save yourself a whole lot of money and stress.
Should I Pay for Additional Services?
Always ask the inspector upfront which services are included and which cost extra! And don’t be afraid to spend a little extra if you need to, because many issues are far better to fix right away or avoid altogether. Generally, if you are even the slightest bit worried about asbestos, radon, lead, mold, or other serious problems, then you should get these things tested out even if it adds another $100 to your bill. Adding services on to a traditional home inspection is generally less expensive than paying for these services solo, so it’s a good idea to get it all done at once. Your inspector can also help you decide if this additional testing seems to be warranted or not.