Are you a homebuyer that’s closing on a home, but wants to make sure there aren’t any glaring repairs that need to be made? Are you a seller that wants to get out in front of the process by tackling any repairs that will need to be fixed later on? Whatever the case might be, you need to schedule a home inspection to get that process rolling. However, you might be asking yourself “who pays for the home inspection, buyer or seller?”.
See below for an in-depth guide on the home inspection process, what it entails, and how much it might cost you to have performed.
What Is a Home Inspection?
Perhaps this is your first time buying a home. Maybe you’re selling your home and this is the first time a buyer has requested to have a home inspection performed.
The answer to “what is a home inspection?” honestly depends on whether you’re the buyer or the seller.
If you’re selling a home, then a home inspection is a great tool for helping identify any glaring issues you may need to repair before selling the house. This can help drive up your asking price if you were to fix those problems.
For those of you that are buying a house, the home inspection is used to locate any issues within the home that you’re considering. Think of it as protection from buying a house from a seller that’s trying to hide HVAC issues, electrical problems, and so on.
No matter which position you’re in, a home inspection is a pivotal piece to the residential home selling process. It will encourage collaboration between the two sides and build trust.
When a home inspection is performed, everyone wins. The buyer has more confidence in their purchase and the seller gets a finalized sale.
What Does a Home Inspection Entail?
As the name would imply, a home inspector is someone that has been trained and certified to analyze various aspects of the home and report back on what they find (usually to the seller).
At the very core of their job, they just want to identify any current problems or potential problems with the house.
That includes looking at things like the HVAC unit, basement, foundation, electrical system, flooring, roof, doors, windows, attic, and so on. The process takes around 2 to 3 hours to complete.
Typically, the seller does not have to be present for the home inspection. However, the buyer (or their agent) is required to be there, as this will be a time the inspector can elaborate on what they’ve found at the moment.
Just to clarify, a home inspector does not specialize in any of the specific areas of the home listed above. For example, if you’d like a more thorough analysis of the roof, you’d need to hire a specialized roof inspector.
Their job is to assess all the different home features and how they factor into the overall condition of the home.
Who Pays for Home Inspection: Buyer or Seller?
If this answer has to be reduced to a few words, then that answer would be “it depends”, as there are situations in which either party would pay for it.
As previously mentioned, a home seller might hire a home inspector before listing their property to get ahead of the curve and fix any alarming issues that could affect the price. In which case, the seller would pay for the home inspection.
However, the more common scenario is that a potential home buyer would request to schedule a home inspection to get a written report on the property they’re interested in.
This report can be used as a negotiation tactic by the buyer. If any red flags pop up, it can be used to drop the price of the home significantly. In this case, the buyer would be the one to pay for the inspection.
How Much Do Home Inspections Cost?
Understandably, while a home inspection might make sense for your situation, you want to make sure it makes financial sense as well.
The cost of a home inspection differs upon the situation. For example, for a typical single-family home, you can expect to pay anywhere from $400 to $600 for a home inspection.
However, that price might exceed $400 if the single-family home is a larger size. There is also proximity to consider, the duration of the inspection, and so forth.
Depending on the size of your house, that price can easily hover around the $500 to $600 mark (or beyond). Be sure to give an accurate description of your home and get multiple offers before settling on the inspector that you want to hire.
If you feel overwhelmed, be sure to consult with your realtor. They’ll use their extensive network in the industry to point you in the right direction.
Embrace the Home Buying Process for Yourself
Now that you’ve seen an in-depth answer to your question of “who pays for a home inspection, buyer or seller?”, be sure to use this information to your advantage.
Be sure to read this article for more information on why buy a new home and why it’s such an important time to do so.
For more inquiries, please be sure to reach out via our contact us page and we will be happy to assist you further.