A thorough examination of a property's condition conducted by a licensed inspector, typically arranged and paid for by the buyer. The inspector checks the home's structure, roof, electrical, plumbing, HVAC, and more, then provides a written report. A home inspection is not required by lenders but is strongly recommended, as it can reveal costly problems. The inspection contingency in your purchase agreement lets you negotiate repairs or walk away if major issues are found.
Why It Matters
A home inspection is a professional examination of a property's condition, typically costing $300-$500 and taking 2-4 hours. The inspector checks the roof, foundation, plumbing, electrical, HVAC, water heater, windows, insulation, and structural integrity. They'll provide a detailed report with photos documenting every issue found — from minor maintenance items to major deal-breakers.
The inspection is your last line of defense before committing to the purchase. An inspection contingency in your contract lets you negotiate repairs, ask for a price reduction, or walk away if major problems surface. Skipping the inspection to make a competitive offer is one of the riskiest decisions a buyer can make — a $450 inspection can save you from a $15,000 foundation repair or a $8,000 roof replacement.
Real-World Example
Common inspection findings on a 20-year-old home: aging roof (5-7 years remaining life, $8,000-$15,000 to replace), outdated electrical panel ($2,000-$4,000), minor plumbing leaks ($200-$500), HVAC at end of life ($5,000-$10,000). Negotiation result: seller credits $8,000 at closing for HVAC and electrical.
Pro Tip
Always attend the inspection in person. Ask the inspector to explain findings as they go — you'll learn more about your future home's maintenance needs than any report can convey.