Don’t Get Burned — Get a Home Inspection to Save Money on Your Next Purchase

Okay, you made one of the most critical decisions in your life: buying a home! You found your ideal home. It’s in your desired neighborhood, close to everything you love, you dig its design and feel, and you’re ready to finalize the deal.

But wait a minute! Buying a home isn’t like buying a toaster. If you discover something’s wrong with your new home, you can’t return it for a refund or even exchange. You’re stuck with your buying decision. Purchasing a home is a significant investment and should be treated as such. Therefore, before finalizing anything, your “ideal” home needs an inspection to protect you from throwing your hard-earned money into a money pit.

A home inspection is a professional visual examination of the home’s roof, plumbing, heating and cooling system, electrical systems, and foundation.

There are two types of home inspections. There is a general home inspection and a special inspection. Most general inspections cost between $267 and $370. The cost of the special inspection varies from type to type. If the inspector recommends a special inspection, take that advice, because buying a home is the single most important investment you’ll make. You want extra assurance that you’re making a wise investment.

By having your prospective new home inspected, you can:

Negotiate with the home seller and get the home sale-ready at no cost to you.

Prevent your insurance rates from rising.

Opt-out of the purchase before you make a costly mistake.

Save money in the short and long run

How Much Money Can a Home Inspection Save You?

A home inspection helps find potential expenses beyond the sales price, which puts homebuyers in a powerful negotiation position. If there are any issues discovered during the home inspection, buyers can stipulate that the sellers either repair them before closing or help cover the costs in some other way. If the sellers do not want to front the money to complete the repairs, buyers could negotiate a drop in the home’s overall sales price!

Perhaps even more importantly, a home inspection buys you peace of mind. Your first days and months in a new home will set the tone for your life there, and you don’t want to taint that time with worries about hidden problems and potential money pits.

To help you understand how much money a home inspection can save you, here are some numbers from Home Advisor to drive the point home.

Roof — Roofing problems are one of the most common issues found in home inspections. Roof repairs can range between $316 and $1046, but to replace a roof entirely can cost between $4,660 and $18,950.

Plumbing — Don’t underestimate plumbing. Small leaks can cause damage that costs between $1,041 and $3,488 to repair. Your home inspector will look for visible problems with the plumbing, such as leaky faucets, water stains around sinks and the shower, and noisy pipes. Stains on walls, ceilings, and warped floors show plumbing problems.

Heating and Cooling — Ensuring the home’s heating and cooling system is working is essential. Your home inspector will make you aware of any problems with the existing order and let you know whether the system is past its prime and needs replacing. You don’t want to throw down $3,919 to replace an aged furnace. Nor do you want to spend $5,238 replacing an ill-working air conditioner. Replacing and repairing a water heater gets pricey too. Wouldn’t you instead use your savings for a vacation?

Electrical Systems — When thinking of the electrical system, no problem is better than even a small problem. Electrical problems might seem trivial, but they can blossom into thousand-dollar catastrophes. Ensure your home inspector examines the electric meter, wires, circuit breaker, switches, and the GCFI outlets and electrical outlets.

Foundation — If your home inspector sees that the house is sinking, that means water is seeping into the foundation; cracks in walls, sticking windows, and sagging floor also indicate foundational problems. The foundation is so vital that if the general inspection report shows foundation problems, lenders will not lend money to the home until they are solved. Foundation repairs can reach as high as $15,880 for repair.

As you can see, a small investment of a few hundred dollars for a general home inspection can save you tons of money and future headaches. To save even more money, you might consider investing in a specialized home inspection as well. A skilled check gets down to the nitty-gritty of all the trouble spots the general home inspection might have located.

How Much Money Can a Specialized Inspection Save You?

A general home inspection can trigger a need for a specialized investigation because the general home inspector spotted something off with the roof, sewer system, the heating and cooling system, and the foundation. If the humidity is high where you’re buying your home, a pest inspection is recommended. Usually, a pest inspection will check for mold as well as pests. Most homebuyers have a Radon test done to ensure air quality.

Roof — Roof specialists examine the chimney and the flashing surrounding it. They also look at the level of wear and tear of the roof. They’ll inspect the downspouts and gutters. They can tell you how long the roof will last before a new one is needed. The average cost of a roof inspection is about $223. Most roof inspections will cost between $121 and $424.

Sewer System — Making sure your sewer system has no problems should happen before the closing because what might look like a small problem can turn into a significant problem in the future. If any issues pop up, you can negotiate with the seller about needed repairs or replacements before closing. The cost of an inspection will vary; on the lower hand, it might cost you around $95, and on the higher hand, it might cost you $790. Compare these numbers to repairing a septic tank, which can cost, on average, $1,435 (though it could reach as high as $4,459), and you can see that the cost of an inspection is worth it when you catch the problem before you buy.

Heating and Cooling System — A HVAC specialist will check the ducts for blockage and consistent unit maintenance. The repairs needed might be small, or they might be big, but this small investment will save you headaches and lots of money down the road.

Foundation — A foundation specialist will pinpoint the exact problem with the foundation. The specialist will look at the grade or slope of the home. The ground should slope away from home in all directions, a half-inch per foot. Most homeowners have spent between $1,763 and $5,880 to repair their foundation. And the average cost to re-slope a lawn is $1,705. Most homeowners paid between $933 and $2,558 to re-slope their yard.

Pest Inspection — Termites eat a home’s wood structure from the inside out and can cause thousands of dollars worth of damage to your home. Other pests can turn your dream home into a nightmare. Depending on the humidity of where you live, you should have a pest/termite inspection every two years or so. You can start with your potential new home. Most investigations are extensive and cost between $109 and $281. The good news is that most pest management companies will guarantee the past inspection if bugs show up.

Radon Test — Radon is a naturally occurring invisible odorless gas that is the second leading cause of cancer. A radon test is a good test to have done as a good habit. The cost of a radon test is low, and its cost varies from state to state—here is more information about Radon.

Steps You Can Take to Save Money Using a Home Inspection

To help yourself save with a home inspection, you will need to:

Attend the inspection — Attending the inspection is important because it’s an opportunity for you to ask questions.

Check utilities — Checking utilities lets us know the energy efficiency of your potential home.

Hire a Qualified Home Inspector — We can recommend bona fide home inspectors to you. You can compare our recommendation with all inspectors who belong to the American Society of Home Inspectors. While the decision of whom you work with is always yours, we can educate you to make a wise home buying decision.