Homebuying Step #6: Inspections - Learning the Condition of Your Future Home
Inspections are crucial in the home-buying process. Learn what to expect during inspections and the importance of knowing the condition of your future home.
As a homebuyer, it's crucial to know the condition of the home you may be purchasing. That's why inspections are such an important step in the home-buying process. During the inspection period, your real estate agent will schedule an inspection by a termite inspector, a home inspector, and a well & septic inspector (if applicable). These inspectors will conduct a thorough investigation of the home to identify any potential issues.
While you're not required to attend these inspections, I highly encourage you to do so. Attending the inspections will give you a better understanding of the condition of the home and any potential issues. However, if you're unable to attend, your agent can record videos of any major findings to supplement the inspectors' written reports.
Once the inspections are complete, the inspectors will provide a report of their findings. Depending on the findings, you may want to have additional inspections of specific systems, such as the roof, HVAC or plumbing. Your agent can help you identify which additional inspections may be necessary.
It's important to note that any found issues can be taken as-is or you can request the seller to address some or all of the findings. However, it's also important to be mindful of not being too nit-picky on small items while being very careful of potentially significant issues.
It's also essential to know that it's a violation for a realtor to receive any kickbacks for recommending a specific vendor or service. Any vendor your agent recommends, they only do so because they have provided excellent service for them, their clients, or fellow real estate agents.
You should budget at least $500 for inspections ($800 if the property is on well & septic). Payment is usually due before the reports are released. Some companies will let you pay at closing for an additional fee. Regardless of whether you close on the home, the cost for inspections will be due.
In conclusion, inspections are a vital step in the home-buying process. Even if it turns out that the home isn't the one for you, inspections give you the knowledge to make that informed decision. Your real estate agent can help guide you through this process and ensure that you have all the necessary information to make the right decision for you.
*Consult with a licensed real estate agent in your area for specific guidance on the laws and procedures in your state. This post contains, rules, regulations, and common practices that may be unique to the state of Oklahoma.