Why should you get a Home Inspection?
Buying a home can be a costly task, in fact, it seems like every week a new expense is tossed at you so it is only reasonable to be evaluating if there are some things you can skip. However, a private home inspection is not one of them.
A home inspection protects your interests and ensures that you do not buy a home with any problems lurking under the seemingly perfect home. Even a newly built home can have wiring, plumbing, or foundational issues that can cost you a great deal of money to correct down the road. A home inspection offers you leveraging power in your contract and protects your investment.
What Does a Home Inspection Cover?
In Tulsa, Oklahoma, you can expect to pay on average $265 to $480 for a home inspection of a 2,000-sq. house. This is the typical size of property that needs inspected, but if you are looking at a luxury home then you would expect the price to increase as the home inspection will require more time.
On average, home inspection companies in Oklahoma charge between $221 and $400 for a home inspection. If you do not know of a home inspection company offhand, your real estate agent should be able to offer you several names of inspectors they have worked with and trust.
A typical home inspection will start with an outside examination of the roof of a home and then be completed with a thorough analysis of the foundation. Along the way the home inspector will take a close look at every major system in the home including the electrical system, plumbing system, septic system if applicable, and heating system. Many home inspectors will also take a look at all major appliances in the homes such as the water heater or HVAC system and offer you reasonable guesses on their lifespan.
You can expect an inspector to spend two to three hours in the home, and it is wise to schedule the home inspection for a time that you can attend. This is a great way to learn firsthand about the flaws of your home so you can better address them later once you own the home. Almost all homes will have an array of flaws, but you should only be concerned about any major structural or system issues.
Add-Ons You Should Consider with Your Home Inspection
Many people choose to also add-on termite/pest inspections along with their home inspection and some lenders may require you to have a Termite inspection. Sometimes a home inspector can provide this service at the same time as a home inspection, but sometimes you will need to purchase this separately. I personally use Montgomery Exterminating for Termite inspections or Pest Control.
It is a good idea to consider a pest inspection because insects if present can cause significant damage to the structure of a home. If pests are found you can ask for full extermination measures to be taken before you purchase the home. Termites cause Billions of dollars in damage every year.
Benefits of a Home Inspection
At the end of your home inspection you will receive a detailed report about everything that was found within the home. You need to carefully analyze this material and see if there are any deal breakers such as a septic tank that needs replaced or structural deficits in a home.
Anything minor you can set aside, but major issues should be brought to the table. After you sign an intent to purchase, you have an assigned amount of days to get a home inspection.
During this period, you can bring problems to the table and ask the seller to fix them. For example, if water damaged carpet is found or old wiring that needs to be brought up to code, you can then ask the seller to pay for the repairs before you close on the home.
Alternatively, if the seller does not want to pay for repairs you can ask the asking price on the home be reduced in consideration to your new additional repair costs.
If the seller refuses to make any changes you demand you then have the option to back out of your sale contract in good faith. If there are major problems with a home that were hidden, you can also choose to leave the sale contract in good faith if the problems are overwhelming and make the home no longer appealing to you. In 2012 The American Society of Home Inspectors did a survey and 88% of those asked said they had more confidence in a property that had a Home Inspection. Even Forbes wrote 10 reasons you shouldn’t skip Home Inspections.
Do I Need a Home Inspection Done in Addition to a VA Appraisal or FHA Appraisal?
If you are a first-time home buyer or purchasing a home with the help of a VA loan you may be questioning whether you need a separate home inspection; the answer is a resounding yes. A VA or FHA appraisal are simply appraisals. Their intent is to look at the overall value of a home and are simple appraisals that do not look deeper into the integrity of a home. In order to fully protect yourself, it is in your best interest to have a separate home inspection conducted.What’s Your Home Worth Mortgage Calculator Advanced Home Search
Do you need a Realtor? Do you have Questions? (918)730-7075 Tom Coleman Broker Associate at Keller Williams.
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