Risk Vs. Reward: Getting a Buyer Inspection During the Option Period

When it comes to buying a home, it is sad to see- Plumbing system
how many people complete the transaction without a- Additions (such as porches, decks, garages, or
proper home inspection. The small fee paid for thiscarports)
service far outweighs the risks of not having one- Heating and air-conditioning systems
done. It can literally save you thousands (or even- Fireplaces and Chimneys (if applicable)
hundreds of thousands) in costs after you have- Grading and drainage of the property
made your purchase.- Other items specific to the home or area
The simple fact is that not every home is what itWhen the inspection is complete you will receive a
appears to be. Just because the home looks cleanreport stating the condition of almost all aspects of
and well kept, doesn’t necessarily mean thatthe property. The report will also include a list of
there aren’t problems with it. There are manyrequired repairs. In most cases you first receive a
types of issues that may arise if you avoid thesummary report of all items that were found on the
added expense of a buyer inspection. Even ifday of the inspection. Good inspectors will also supply
you’re buying a new home or a condoa comprehensive report through fax or email on the
– you should still get it inspected!night of (or the day after).
After you have negotiated the terms of yourThe cost of the home inspection starts around $250
purchase, it is highly suggested that you have thefor an average home, and increases for larger
buyer inspection done.properties. This price pales in comparison to what you
Most states have what is called an option period, thatmay have to spend if you skip this important step.
allows you time to do this. During the option periodYou don’t want to end up footing the bill for
you still have the option of backing out of thereplacement of a plumbing or electrical system, just
contract, or renegotiating to allow for repairs. Thebecause you wanted to save a couple hundred
buyer is locked into the terms of the contract, butdollars.
should any issues arise you aren’t. This is theMaybe you are buying a new home or a condo, and
right time to have a buyer inspection completed.don’t feel the cost is necessary. Even in these
The inspection should be done by a licensed realcases you should pay to have a proper inspection
estate inspector. They will look through the house,completed. As a condo owner you may end up
find its flaws (even the cosmetic ones), and let youpartially responsible for repair costs to the building
know about them before you put your money onitself. With the new home you don’t want to
the line. There are also optional inspections such asjust take a builders word, or rely on new home
termite inspections, and septic inspections that shouldwarranty. Other issues may arise that fall outside of
also be done if it applies to the area (or the home).the warranty.
Some of the items the inspector will look at with aWhatever type of real estate transaction you are
standard inspection include:completing, it is our suggestion that you take the
- The roof structure, covering, and the atticsteps to protect yourself. A proper inspection during
- Walls, ceiling, floors, and windows.the option phase may save you much frustration,
- Electrical systemand a big bill!