Home inspection is carried out to clear the safety concerns as well as to ensure investment protection. It is a vital part of buying or selling a home. It clears the actual condition of the building. Home inspection is helpful in making a fair deal. So, there arises a question: Is the cost of home inspection included in closing costs?
Let’s Understand the Closing Costs
In all real estate transactions, the seller has to pay charges to the service providers, this sum of fees is known as closing costs. The closing costs include application fees, origination fees, property appraisals, attorney fees, title insurance, etc. Usually, the closing costs are between 3 to 5 percent of the total loan amount.
Is the Home Inspection Included in the Closing Costs?
There’s no set pattern to include the home inspection cost in closing costs. It depends on the company providing services whether they include it in the closing costs or not.
Here at Linkhorn Home Inspections, we understand that Home Inspections are a vital part of the home-buying process. They help to ensure that the home you are going to purchase is in good condition and free of any major defects. All home inspections are performed by licensed professionals who have the training and experience to identify potential problems with a home.
The cost of a home inspection may vary depending on the size, region, and complexity of the home but is typically between $300 and $500. Home inspection costs are often negotiable and can be included as part of the overall purchase price of the home.
Who Pays for the Home Inspection?
The answer to this question depends on who is ordering the home inspection. If the buyer orders the home inspection, they are typically responsible for paying for the inspection. The inspection cost is typically due at the time of service.
If the seller orders the home inspection, they are usually responsible for paying for the inspection. The inspection cost is typically due at the time of service.
In some cases, the buyer and seller may split the cost of the home inspection. This is typically negotiable between the parties involved.
What is Included in a Home Inspection?
The home inspection includes a detailed visual examination of the home’s major systems and components, including the roof, foundation, framing, electrical, plumbing, heating, cooling, and insulation. The inspector will also check for any evidence of pests, water damage, or other potential problems.
The home inspector formulates a comprehensive written report that includes their findings, recommendations, and ratings. The report is given to the buyer as well as the seller.
What if Problems Are Found During the Inspection?
If the home inspector finds any problems with the home, the buyer and seller will need to decide how to proceed. The options include:
– Before closing, the buyer may ask the seller to fix the issues found in the home inspection report.
– At closing, the buyer can demand credit from the seller to compensate for the cost of repairs.
– The buyer has an option to walk away from the deal.
– a new sales price can be negotiated by the buyer and the seller that must reflect the repairs that need to be made.
Home inspection is an important part of the home-buying process. It helps to make sure that the buyer is going to purchase a home that is in good condition, and if there are any major defects, they get marked. Home inspection costs are often negotiable and can be included as part of the overall purchase price of the home.
If you have queries like whether home inspection is included in closing costs or any other like that, call us at (614) 820-5671 or fill out the form on our website to schedule our services. Although home inspection can sometimes feel like an extra rope to jump through, it can help you make the right decision, and you can save your money in the long run. Together, we can ensure that you are making your large investment at the right home!
