In a recent study done by Porch, they asked 1000 recent homebuyers several questions about house inspection to identify the important details when hiring an inspector. Since most of the time, an inspection is required by the mortgage lender, it’s no question that it should be done.
But how much does it cost and is it really worth it when you compare the other expenses that an inspection could eliminate?
How Much Does Hiring an Inspector Cost?
Almost half of the home buyers paid around $301-$500 dollars. The major outliers (4%) paid less than a $100 while even fewer (2%) paid more than $1000. To give you a figure, the average cost for an inspector is $377.
More than half of those home buyers hired their inspector through the suggestion of their real estate agent. This is very wise since a real estate agent would know the best inspector to do the work for a fair price.
Top 10 Issues Discovered through Inspection
These are the top 10 issues the inspectors usually discover:
- Roof – 19.7%
- Electrical Concerns – 18.7%
- Windows – 18.4%
- Gutters – 16.9%
- Plumbing – 13.6%
- Branches – 13.3%
- Fencing – 12.6%
- Water Heater – 12.2%
- Driveways, patios, sidewalks, entrance landing – 11.9%
- Aircon – 9.9%
Home buyers reported that at least one of these problems was discovered by their inspector. As expected, the cost of the repairs to be made reported by the inspector is the basis of negotiations to be done by both the buyer and seller.
More advice on making an offer here.
5 Things You Need to Know Before Buying a House
To paint a picture, here are the reported savings per item reported by the inspector:
- Heater – $1,250
- Roof – $1,000
- Foundation – $500
- Water Heater – $500
- Chimney – $450
- Cracks in stucco – $450
- Windows – $383
- Condition of detached garage – $350
- Insulation – $350
- Insect damage – $275
- Condition of fencing – $225
- Electrical – $200
- Plumbing – $200
- Exterior paint – $200
Do note that the expenses listed are the cost of repairing the damages and not totally replacing them. This then could give leverage to the buyer when negotiating, especially is the damages are worse than expected.
Savings after Inspection
The average savings that the respondents reported after making an inspection is a whooping $14,000! This is done after careful exchange of discussions with the seller, and great consideration of the repairs and other costs that the repair would entail.
Inspectors are vital is helping you make the best deal. It’s important that you choose an expert that has keen attention to every detail of a house so that you’ll not only save a huge amount of money, but you’ll also have peace on mind as your close the deal.
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