Selecting a Home Inspector for Home Buyers
Congratulations on your new home purchase! This is perhaps one of the biggest life decisions you will make as you take the first steps to make the American Dream of homeownership a reality for you and your family. Owning a home instead of renting is one of the smartest financial decisions you can make, as long as you go into it with both eyes open. You also need to ensure you are not overpaying for what you are getting.
So, shop around for the right home, mortgage, and home inspector by following a realistic approach. Here are some tips to help make the process go smoothly and take care of your interests as you finalize contracts and financing for your new home.
Step 1: Get Organized
With your REALTOR®, make a list of the things you need to do to close on your new home. Be sure you are working with your own professional buyer’s agent who understands the industry and laws in your area and is on your side to help you through this process.
Having your buyer’s agent working on your behalf and looking out for your best interests does not cost you extra since they are paid out of the seller’s commission. Nonetheless, they work for you and have a fiduciary duty to you and not to any other party to this transaction. Your buyer’s agent can help you find the right home, lender, and home inspector.
Step 2: Interview Prospective Inspectors
Hiring a qualified home inspector to inspect a property before closing can save you hundreds, if not thousands, off your purchase price. They can help you find defects in your new home that could lead to unexpected repair bills.
Check with your buyer’s agent when selecting an inspector. They may be familiar with several professionals and have a few recommendations. While you do not necessarily have to use the inspector your REALTOR® recommends, it is a good starting point. Be sure to interview that inspector over the phone before signing a home inspection contract. Ask your prospective home inspector about their qualifications, credentials, samples of their work, and references.
Tips
Don’t make the mistake of selecting your inspector solely based on cost. Since buying a home is one of the most expensive purchases you will ever make, this is not the time to skimp on a good inspection. The cost of a home inspection is so small relative to the price of the home you are purchasing. Thus, the extra money you spend for a quality inspection could add up to hundreds or even thousands in savings in the long run.
Home inspection is often a final bargaining tool in real estate closing. Buyers sometimes negotiate repairs by the seller or money off the final price to compensate for repair issues, such as leaks, foundation, plumbing, and more.
Do yourself a favor and pick a qualified home inspector, even if it means paying a little more for the professional inspection you expect and deserve.
Step 3: Select Your Inspector
Review your home buyer’s “to–do“ list and your notes on the home inspectors you interviewed to inspect your new property. Now, select the best, most qualified inspector, and call them to check that off your list. It is one less thing to worry about as you purchase your home.