The home inspection is an integral part of the house-buying process. If you’re buying a home in the Lake George, NY area or elsewhere, you’ll want to have a professional home inspection done before you close the deal. Keep reading to find out what to expect from the home inspection before, during, and after.
Before the Home Inspection: Your Offer is Accepted & You Hire the Inspector
The inspection will take place after the seller has accepted your offer, but before you buy the house. In order to allow for negotiations with the seller, you’ll want to schedule the inspection for as soon as possible once you’re under contract, usually within five to ten days.
Choose a professional home inspector who is currently working in the field. Don’t rely on a retired friend of a friend, or an individual who works in construction or another related industry. If you need recommendations, you can lean on me or your real estate attorney for suggestions.
Home inspections typically cost between $200 and $500 and take about two to three hours to complete. It is recommended, although not required, that the buyer be present at the home inspection.
During the Inspection: What’s Checked & What’s Not
In short, the home inspector does a visual examination of the entire house to identify potential problems they can see. They suggest fixes, and summarize everything in a well-written report.
Major aspects of the home checked include the plumbing system, the electrical wiring, door and window frames, smoke and carbon monoxide detectors, the foundation, the roof, the HVAC system, and more.
Although you will get that report in the end, being present for the inspection will allow a chance to ask questions in the moment – and to get a look behind the curtain, so to speak, at the house.
Note, there may be additional costs or inspections. For instance, a radon test is usually separate, and inspectors don’t typically check features like swimming pools or chimneys. Also, if the house is especially old, you may want to go with an inspector who has experience with “historic” homes.
After the Inspection: The Report & Negotiations
The home inspection could reveal anything from mold in the basement to a pest infestation in the attic. Sellers might be legally obligated to make certain repairs, depending on location. For everything else, issues that arise are negotiable, and you’ll want to choose your battles carefully when asking the seller to reduce the price to accommodate repairs.
A good rule of thumb is, if it will cost under $100 to fix and doesn’t pose a serious safety or health issue, then plan to take care of that yourself. If a floorboard is squeaky or the bathroom faucet drips, let that go. If the roof is leaking or asbestos is discovered, yield to negotiations.
A Final Word of Advice
Some competitive buyers today might consider waiving the inspection to make their offer more appealing. I would advise against this action. There are countless horror stories of buyers who did just that, only to run into major house repairs. Paying a few hundred for an inspection now very well may save tens of thousands of dollars later.
See my recommended home inspectors and other preferred vendors >>