Buying a home is exciting, primarily if you have found your dream house. The home has the correct number of rooms and features you want. The price also looks promising, and you think you want to settle on it as soon as possible. But while you may feel like skipping the home inspection, it is advisable to keep it as part of the purchase agreement.
This article tackles the basics of the home inspection contingency, how it works, and why you should never waive your rights as the buyer.
What Is A Home Inspection Contingency?
A home inspection contingency is mandatory, and the offer is dependent on the result of a thorough inspection of the dwelling. It allows buyers a period of seven to 10 days to see through the home inspection Colorado Springs and to point out any questionable or unacceptable findings in the inspection. During this time, the buyer gets time to gather any necessary information on the home before making an actual purchase.
The home inspection contingency is subject to the laws per locality and state. Since there are guidelines and requirements you must follow through, it is essential to discuss the buying strategy with your real estate agent and lender. As the buyer, it is also your responsibility to learn and understand what you can negotiate as a part of the contingency:
- Depending on the inspection results, you have the right to work on a compromise if you deem the asking price too high.
- Buyers can ask the sellers for repairs or improvements.
- They can also choose to walk away. The sales contract may indicate “a right to void.”
- Expect closing delays if you ask the seller to shoulder some necessary improvements if the contract states that the inspection finds issues in the house.
What Do Inspections Cover In General?
When applying for home financing, most mortgage lenders also require a home inspection to ensure that the money they’ll release has collateral, which is the property you’re eyeing.
Calling for a home inspector Colorado Springs is the best move you can make to ensure a proper home inspection. Buyers should be vigilant regarding houses because there could be underlying concerns that an untrained eye can miss. Home inspections generally cover the following:
- Foundation of the home, or the crawlspace
- Old or damaged roof for water leaks and intrusions
- Structural problems on the walls, ceilings, floors, columns, or beams that may have cracks and other causes that may lead to crumbling
- Possible infestations of pests
- Checking if HVAC is energy-efficient and in good working order
- Exposed wiring or broken electrical components
- Faulty plumbing system
- Steps, walkways, driveways, and patios with water pooling issues
- Chimneys and fireplaces for water leaks, airflow obstructions, wood tar that may lead to fires
- Attic insulation for adequacy may be done during the summer season.
- Structural code problems and other violations
Depending on the size of the house, a home inspection can take two hours or longer. A standard size house is about 2,000 square feet – a single-family home with one kitchen and three bathrooms.
Inspectors take careful consideration and may take days to produce a thorough and detailed report. Buyers must attend the inspection when they can explore the dwelling in detail. During this time, they can also ask questions from the house inspectors who can give important insights.
How Much Does A Home Inspection Cost?
The national average for a home inspection cost is at USD$309 and may range from USD$465 up to USD$600. It is one of the steps when getting a mortgage loan approval because the lender must also be aware of the home’s condition.
Once you contract a professional inspector, you must be clear on what to expect from the procedure. Discuss what is included in the services. If you have any special inspections that aren’t typically part of the usual routine, it’s best to let the professional know.
Is It Worth The Investment?
While it may seem expensive to some, calling for a professional to do an extensive inspection of the home is far more affordable than the problems of skipping an inspection might bring later. Note that home inspection costs can go higher depending on the findings indicated in the professional report.
It’s also possible that the first inspection could call for more specialized reviews. If an assessment leads you to spend more, the report will help you negotiate for repairs. Remember that:
- Inspections will always find a problem in new or older homes.
- You don’t have to walk away from a house you like if you’re willing to shoulder some renovations.
- Not all sellers would be willing to make fixes in the home, just as it is unreasonable to ask the seller to make all the fixes.
It’s essential to have a thorough home inspection before buying the house you like. It will save you more money in the long run and give you a higher mortgage loan approval chance. The contingency is your right to take and exercise since your life also depends on the home you’ll be living in.