It’s March 2022 and inventory is low when buyers are submitting offers on homes. In my experience, multiple offers are standard in many areas. Some buyers are foregoing performing a home inspection with the thought that maybe the seller would be enticed to accept their offer if no inspections were requested. A strategy certainly…but not necessarily a good one. It is certainly not a strategy that this REALTOR® would recommend.
Typical Types of Inspections
- Standard Home Inspection. All inspectors are different, but the standard home inspection should include electrical, plumbing, HVAC, roof, infrastructure. It’s hard to pin down a price on home inspections because of size and age of homes, but it’s not unusual to find prices ranging over $500 just for the standard home inspection.
- Fireplace Inspection. No, this doesn’t come as part of the standard home inspection. Fireplace inspections require a special license. You should always get a Level 2 fireplace inspection whenever a house transfers ownership, especially if the house has a wood burning fireplace. The cost of a fireplace inspection is about $250 but the cost of having to replace a fireplace can run into the thousands.
- Radon Inspection. Depending on the area where you live, radon gas, which is colorless and odorless can be present. The cost for a radon test is between $150 – $200. Remediation, if it’s present runs about $1,000 or more. You can find more information about radon here at the EPA website.
- Mold Inspection. One of the more challenging and confusing inspections but should be completed especially if someone has upper respiratory illness. Costs can run from $100 for a tape sample to $500 for an air quality test.
- Well Inspection. Depending on your loan type, a well inspection may be required. Well inspections can get pricey when you add on additional functions. Bacteria only, bacteria and chemical, radium, flow tests. Costs can range between $150 – $600.
- Septic Inspection. I can’t imagine buying a house with an untested septic system. Because of the cost of replacement, this is one inspection you don’t want to avoid.
- Wood destroying organisms. Commonly referred to as a termite inspection, this is also an add on, or a separate inspection. Some loan types require this inspection and thankfully the cost isn’t that much. In my experience it’s about $50 – $100 just for the inspection.
- Structural Inspection.
Current home inspection reports can run dozens or more pages. Admittedly, there are a lot of CYA items but that’s to be expected in our litigious society. Additionally, the report is usually categorized to include sections of repairs that should be done now, and regular maintenance items that can be done later.
One of the questions buyers will often ask is whether the home “passed inspection.” The inspector should be reporting on the objective results that he or she saw, and it’s up to the buyer and their agent to proceed from there. There is no pass/fail indication in the home inspection report.
As a REALTOR, I never suggest that any of my buyers forego a home inspection…it’s just too important. Remember, even if the seller doesn’t fix everything on the home inspection, you can always use it as a checklist of things to take care of going forward.
2022 market conditions aside, buyers need to seriously consider the consequences that might arise when you waive a home inspection.
Coldwell Banker Realty