It goes without saying that buying a house is expensive and takes a fair amount of due diligence to make sure the decision is a sound one. A big part of the due diligence is the home inspection. Even though it is an extra cost, it is well worth it for peace of mind. Here is what to expect with a home inspection.
Home inspectors are a private professional business, so costs can vary, depending on location, services, and square footage. Typically, home inspections can cost around $400-$500 for a 2,000 square foot house. For homes larger than 2,000 square feet, budget around $25 per extra 500 square feet. It won’t hurt to round up to the next 500 square feet to make sure you can cover the costs. These are the general rules of thumb.
Additional services will cost extra depending on the location and age of the house. These can include radon detection, asbestos tests, lead paint tests, or mold tests. Each of these tests can cost up to $150. Keep in mind, these tests are not required. However, if the inspector feels the need to suggest these tests, you should take their advice.
To be on the safe side, budget between $500-$1,000 to cover home inspection costs depending on the size of homes you are looking at.
Absolutely.
A home inspector’s job is to warn you about safety or repair concerns and document the home’s current condition. In many cases, inspectors have found problems with a house that the sellers were unaware of. As a buyer, a home inspection report can also be used for negotiating the home price to accommodate repairs. After the inspection, buyers and sellers can work out who will pay for repairs—and on what timeline—in order to proceed with the home sale. It benefits both parties to exercise some flexibility in these negotiations. Additionally, sellers can get a home inspection prior to listing their home to help determine if the house has any problems that need to be addressed to make it sell-able.
Even if you are an investor or flipper that plans to buy the property to gut, renovate, and flip the house, it makes sense to get an inspection to get a list of the home’s current issues. Redfin offers a great breakdown of how an inspection benefits both buyers and sellers.
In the wake of the COVID-19 outbreak, plummeting interest rates have driven up home buying interest. With that, buying a home has become very competitive, especially in a hot market like Boise.
In order to secure the winning bid, around 20% of winning bids around the country have waived home inspection contingencies to win bidding wars. This strategy, while risky, presents an expedited closing timeline, which is attractive to both buyers and sellers in a market with less inventory.
So to answer that question: It depends.
Consult with your real estate agent to get their advice. Waiving the home inspection can help you win the house. But you may not know the entire story and history of the house, so proceed with caution.
If you are ready to buy or sell your house, give the expert agents at Build Idaho a call at 208.219.7683. Our agents are local experts and our mission is to make the process of buying and selling your home as smooth and painless as possible.
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