Some Of The Most Common FAQs About Home Inspections Answered

Q. Can’t Anyone Perform Their Own Home Inspection?

A. Home inspections should be performed by a professionally trained and licensed industry expert. We know what to look for, because not all red flags are as obvious as you may think. Although, at this time, the state of New Jersey does not require home inspections, some financial institutions do. Plus, you should simply want it for your own peace of mind.

Q. How Long Does the Inspection Take?

A. To put it simply, plan your schedule to allow for the home inspection to take 2-3 hours. However, it’s a good idea to ask your inspector about your individual property. Some jobs are more complex and you should be able to plan your day accordingly.

Q. What Happens if My Property Fails the Inspection?

A. There is no pass or fail grade when it comes to this type of inspection. The information is intended to let you know what areas of concern exist before making an investment. It may also provide you with a bargaining tool during the negotiations phase. Ultimately, it’s meant to give the potential buyer an idea of how much needs to be done to the property and they can decide if they want to move forward with the purchase. The financial lender may require some of the problematic areas to be addressed before agreeing to lend any funds. For pre-listing inspections, it lets the current homeowner and seller go into the process aware of the true current condition.

Q. What Happens if Problems Are Found?

A. There are a couple of options available when issues come up during an inspection. You can demand these repairs be made as part of the home buying agreement, or you can negotiate a lower price and take care of the work by hiring your own specialists. Of course, you may ultimately decide you’d rather not get involved and walk away from the deal completely. Home buying deals are contingent on the outcome of the home inspection. Your lender may require these repairs be made before agreeing to loan you money, and it would be between you and the seller to decide who is paying out of pocket for the work to be completed.

Q. What’s a Re-Inspection?

A. Once the work is completed that was outlined from the original residential or commercial inspection, you should be able to feel confident it was done properly. Plus, your lender may require that the work be checked out. This is a good way of following up and ensuring the workmanship was high-quality and that the issues were all addressed.

Q. Who Pays for the Home Inspection?

A. Almost always, the cost of the home inspection falls on the potential buyer. Since this process costs a few hundred dollars, it’s usually not until you’re completely sure this is a piece of real estate you’re serious about buying, based on the outcome of the inspection.