Understanding the Home Inspection Process

As you head into the home stretch of your home-buying journey, you may find that the anxiety and excitement of the search means you’re looking forward to concluding business and moving into your new home. There’s only the inspection left, and possibly some negotiations to iron out a few small kinks. It may even be the case that you’re thinking of skipping the inspection and saving yourself a nice little sum. After all, you’ve looked at the house and everything seems to be in order. This might be one of the biggest mistakes you make. 

Home inspections are one of the most critical stages in the buyer experience. It gives you valuable information about the home you’re about to buy. Given that buying a property is one of the most significant purchases you can make, you need as much information as you can, some of which may not be apparent to the untrained eye. Being unaware of faults or defects puts your investment and home value at risk.

If you’re looking for more information about home inspections, what it is, how they work, and benefits and cost, here’s everything you need to know about inspections when buying Glen Rock, NJ real homes. 

What is a Home Inspection? 

Simply put, a home inspection is a thorough examination of the condition of a home, including its physical structures and major systems. The inspector looks at every element and goes over every nook and cranny of the house to determine its actual condition. Professional inspectors look at the structural elements (foundation, roof and walls),  electrical features (lighting and outlets, plumbing (pipes ), and heating and cooling systems (HVAC). They’ll then furnish you with a home inspection report that identifies and highlights flaws found in the home and typically includes details about the age of the home’s systems. This comprehensive written report is a crucial and objective piece of information that will help you make informed decisions about how to proceed with your investment. 

Once a home is in escrow and under negotiations, usually, the buyer schedules and pays for the cost of a home inspection. It’s important to have a home inspection conducted as soon as you’ve entered the escrow stage as by this time you are now under the clock and typically it will be a month before the completion of the transaction.  

How much does a home inspection cost?

There is no set price for home inspections, and it often varies depending on the location and the size of the property for purchase. However, in New Jersey, buyers can expect to pay within the region of $400-$600. 

Benefits of Conducting a Home Inspection

Having an inspection done on a Glen Rock, NJ home can save you money down the line if you choose to proceed with a purchase or it can help you dodge a bullet if you find a major flaw that you’re not willing to contend with. Protect yourself and ensure you are well informed of the actual and current condition of the home you’re buying. 

Here’s a quick rundown of the benefits you can expect to receive from completing a house inspection:

• Identify safety risks: An inspection is a standard way to uncover hidden issues and risks to you and your investment. Inspections uncover potential deal breakers, such as pest infestation, mold and fungi issues, structural weaknesses, condition of roofing, doors, and windows, and water damage. 
• Approval for homeowners insurance: Mortgage lenders require homeowners insurance, which requires at least a 4-point home inspection. Not only does having the inspection done provide you with details on the property, but it also satisfies your insurance company’s requirements. 
• Plans for future expenses and repairs: The report provides a detailed rundown of what should be tackled immediately and highlights potential future challenges. It acts as a guide you can refer to and plan around once the deal is finalized if you feel the findings are manageable. 
• Provides a bargaining chip: Home inspection reports present potential opportunities for further negotiation. Knowing the property risks, especially significant findings, allows you to revisit your terms and lower the sale price before the purchase is finalized. 
• Get an unbiased assessment: Professional inspectors, a service provider you’ve chosen, are trained to spot current and potential problems relating to a house’s structure. While the seller’s historical information and feedback are important, an inspector’s comprehensive evaluation gives you an accurate, objective report on how the house stands at present. 
• Gain peace of mind: Opting not to do a home inspection can be stressful if issues start showing after you’ve purchased. Knowing that you know as much as possible about a property and are prepared to take on whatever is required lessens stress and anxiety. 

How it Works

When buying a Glen Rock, NJ home, it’s common to include a home inspection as part of the contingencies, giving you, the buyer, the right to inspect the home before closing. During the actual inspection, it’s recommended that you are present, or depending on your relationship with your broker, you can delegate this task. You can “shadow” the inspector, take photos and notes about findings, and have them point out observations as they go along. 

What happens during a home inspection?

Items covered in home inspections vary based on the property and design. However, typically a home inspection report includes information on the following: 

• Roof
• Insulation
• Foundation
• Pests and insects
• Windows and doors
• HVAC 
• Fire alarms and detectors
• Appliances
• Walls and ceilings
• Septic tanks and pipe leaks
• Window alignments
• Wiring, electrical panels, and outlets
• Gutters

You may need to pay for specialized inspections, such as an earthquake standard compliance radon inspection or wind mitigation, subject to challenges in the area. 

Details you’ll likely read in the report include signs of mold or mildew, faulty plumbing or foundational cracks, and electrical problems. Reports on findings can range from 15 pages to well over 80 pages, depending on the home’s quality, size, and contents. Expect that problems found should come with annotated pictures, a summary of the problem, their assessment and functionality rating, and recommendations. 

An average home inspection takes between two to four hours, depending on the property size or additional circumstances. The duration of an inspection of homes for sale in Glen Rock, NJ varies based on the home size, thoroughness of the inspector, number of defects, and the helpfulness of the homeowner in preparing the home and providing information. 

What happens after a home inspection?

If the property is in top shape with no serious issues that would cost a considerable amount to fix, then the buying process can proceed. However, if the inspection uncovers serious defects, the next stage in the process would be discussing the findings thoroughly with your agent and raising any issues with the seller. 

Armed with the information contained in the report, you can:

• List your priorities: Identify the major problems highlighted in the report and focus on these when requesting improvements or repairs.
• Estimate the costs: Research and find out the cost of repairs so that when you come to negotiating you’ll be in a position to know how much leverage you have and how much you can ask the buyer to fix.  
• Negotiation with the seller: Issues found in the inspection report can be addressed in many different ways. You certainly don’t want to pay outright for any remedial work needed on the property but this doesn’t mean that the seller needs to immediately fix it themselves before the end of the escrow period. It may be the case that the seller may not be in a financial position to do so. Instead, it may be the solution that a lower price can be negotiated from the original asking price. Whatever solutions are formulated, you’ll be glad to have a real estate agent negotiating on your behalf during this period. 

Keep in mind that an inspection report is only one aspect of the decision-making process, albeit a significant part. Weigh the findings with your own observations, the home’s history, and your real estate agent’s advice.

How to Choose a Home Inspector

Looking through the internet is the typical way most people find services, however, when it comes to finding an inspector it’s worthwhile asking friends and family members for their recommendations. Possibly, your best resource will be your real estate agent who will likely already have a network of industry-related professionals, including home inspectors, whom they can recommend to you. Bear in mind that it is also likely that these recommendations from your real estate agents are trusted professionals who have built up a working relationship with your real estate agent, often over the course of many years.  

Even with a recommendation from your real estate agent, you may still want to vet more than one inspector company. Pay careful attention to a home inspector’s experience, training, and areas of expertise. For example, if you’re buying a luxury Glen Rock, NJ home, ask potential service providers if they’re experienced in evaluating premiere properties. Often, there’s a specialization and niche knowledge required given the technology and equipment located within and around the home. The same goes for buying fixer-uppers or historical homes; choose an inspector knowledgeable about your particular property. 

Ask for references, especially previous clients whose homes were purchased ideally within the same area within the last six months. The experiences and feedback from previous clients will go a long way to assure you of the quality of the service provided. You may ask for samples of previous reports without identifying information for confidentiality. This will give you an idea of how detailed their reports are and the quality of their assessments. 

The way that home inspections are done is universal. Still, the outcome and style of reporting typically vary depending on your home’s size, age, and condition and the provider you’ve chosen. For first-time home buyers, consult your real estate agent about how to best prepare for the inspection, such as things to look out for, questions to ask, what to do, and how to document the process. 

Pro Tip: When it comes to home inspections, the key is to be prepared and informed. When speaking to potential inspectors, always ask for an estimated cost based on the property’s square footage. Provide as many details as possible, such as the number of rooms, types of systems, and free-standing structures, if any. This allows inspectors to give you a more accurate estimate so you have a rough idea of how much your home inspection will cost. 

Is a home Inspection Worth the Cost?

As you’ve seen from the benefits, we would argue that the answer is an emphatic “Yes”. When buying a house, you don’t want unpleasant or potentially disastrous surprises. At best these can quickly dampen the excitement and joy of buying and living in your new home. At worst it can be catastrophic for your finances and seriously affect your overall quality of life.  Using a qualified, professional inspector minimizes the risk of unexpected repairs and helps you make informed decisions about buying a property. Ultimately for the $400-$600 you’ll be spending, you’ll not only be properly informed in negotiations but you’ll also have peace of mind if you decide to proceed with the purchase. 

CHRIS GUBB AND THE GUBB TEAM: WE’RE HERE TO HELP

At the Gubb Team, we are always ready to assist you with all your home-buying needs. From helping you identify the right properties that meet your needs to leveraging our experience and network to provide you with the industry professionals you need like home inspectors, we’re here to make your venture smooth and successful. 

We are the leading real estate team in the Greater Ridgewood area, and our goal is to provide you with world-class customer service when buying or selling a home. Delivering a full-service we are ready to assist you in buying or selling single and luxury homes for sale. 

If you’re ready to buy or put up your house for sale in Glen Rock, NJ, work with the best-known and most trusted real estate team in the area. Contact The Gubb Team and schedule your consultation by calling us at 201-299-6261 or email us here. We’d love to hear from you.