In today’s real estate market, most home buyers include a home inspection as a contingency in their purchase agreement.
The home inspection contingency provides an opportunity for buyers to hire a professional to thoroughly inspect the home before closing. If problems are found, the contingency gives the buyer a window of time to negotiate or cancel the purchase, penalty free.
What a Home Inspection Should Include
Home inspections, performed by a professional home inspector, are a general examination that will identify the condition of the home from top to bottom. An analysis of the home’s major mechanical systems such as furnace and air conditioning systems, plumbing and electrical components, as well as an overall status of the roof should be included.
A qualified home inspector will alert potential buyers to any safety concerns or possible issues and be able to suggest actions to take in these instances. The inspector should note whether the problem is a safety concern, a minor issue or a major defect.
Homeowners should be present during the inspection for explanations of findings and to be aware of possible hazards.
A typical inspection will last two to three hours and costs will vary but a good rule of thumb is to expect to pay from $300 to $500 depending on size and age of the home. The expense is well worth it and is much cheaper than installing a new roof.
New Guidelines for Inspections
When working with clients, I’ve seen first-hand questions and frustrations around the inspection process. To help bring clarity, a task force has been created by the Minnesota REALTORS Association. As a committee they are currently working on drafting new guidelines and best practices for home inspections.
The goal is to ensure clear expectations for the home buyer on the inspection process and to try and standardize a checklist for what each home inspection professional should cover during an inspection. Stay tuned for more information coming soon!
Buying a home is one of the most important purchases you’ll ever make; you don’t want it to turn into a money-pit. Call The Garatoni Group at 612-821-7456 and we will walk you through the home inspection contingency, the inspection process and recommend trusted home inspector professionals.