Whether you’re buying or selling a home, understanding home inspections can make a big difference in your experience—and your wallet. Here’s a breakdown of what you should know.
1. Inspections aren’t always requiredHome inspections are generally encouraged for buyers, but they’re not mandatory. In a competitive market, some buyers choose to waive inspections to make their offer more appealing. While this can help you win a bidding war, it also comes with risk—uncovered issues could lead to costly repairs down the line.
2. Inspection results can affect the dealIf an inspector finds problems, buyers may ask the seller to make repairs or offer a lower price to account for the issues. Inspection contingencies give buyers the option to negotiate or even back out of the deal without losing their earnest money, depending on the findings.
3. Buyers typically pay for inspectionsHome inspection costs vary, usually ranging between $250 and $500, depending ...