These include hiring an agent, selecting the right neighborhood, getting a loan, negotiating the offer, and doing a home inspection. The last one, in particular, is quite important, especially if you live in a state where it's a contract contingency.
That means if the inspection reveals some problems, a buyer has the right to cancel. Now, if you're looking to buy your first home, you might be wondering, "What's the cost of a home inspection?"
Here, we'll talk about the average cost of a home inspection, plus the factors that could affect how much you pay for such a service.
What's the Average Cost of a Home Inspection?
Home inspections typically cost around $300 to $450, but you might pay more for an older home. The size of a house, as well as where it is located can also drive up the price of a home inspection.
Of course, the larger a house, the more a home inspector might charge for the service. However, if you plan to buy a house in an area where home inspections aren't in high demand then you might just pay the average price or even lower. It helps to ask a local agent who understands the current market to know whether an inspector is charging you a fair price or not.
Another thing you need to understand is home inspections cost more depending on the experience of the inspector. Those with more experience charge more, but if you're not convinced, you can always ask to see a sample report to check how thorough they are when looking for issues that could mean costly repairs down the road.
You can learn more about what a thorough inspection includes by asking around, doing more research online, or emailing local home inspection companies.
Is a Home Inspection Worth It?
Buying a house already comes with a lot of expenses. And when you think about how home inspections aren't really required by law, you might be thinking you should just save the money.
Here's the thing though, if you don't invest in a home inspection, you might have to live in a home with plumbing issues, structural problems, and so on. There are also safety hazards to consider. For instance, if you buy a home with a mold problem or faulty electrical wiring, you could be unknowingly putting your family in danger.
Also, in some cases, buyers are advised to pay more for additional inspections. These include testing for radon, termites, asbestos, etc. Now, you don't have to have all these inspections done. Again, ask your real estate agent to know which inspections are often performed in that area.
Want More Home Buying Tips?
Now that you have an idea about the average cost of a home inspection, will you be hiring an inspector soon?
If yes, don't forget to check their reviews online. You can also browse our other posts for more home inspection tips and advice.