A home inspection can cost around $300 to $500, but studies estimate it could save the buyer an average of $14,000 in the long run.
No home is perfect. About 86% of home inspections will find something that needs to be fixed, according to a study on home inspections from Porch.com, a home improvement website.
A home inspection can cost around $300 to $500, but studies estimate it could save the buyer an average of $14,000. A home inspector will evaluate the roof, ceilings, walls, floors, windows, doors, major appliances, heating and air conditioning systems, plumbing and electrical systems, and more, according to the Inspection Support Network, a software solution for the home inspection industry.
Yet, as bidding wars heat up in a hot housing market, more buyers are waiving home inspections in order to make their offer stand out. Last June, the real estate brokerage Redfin reported that nearly 20% of buyer offers submitted by their agents waived the inspection contingency.
The following are the most common issues found in home inspections, according to a survey of nearly 1,000 home buyers:
- Roofing: More than 19% of home inspections uncover roofing concerns. Home inspectors will check for leaks, venting, material condition, proper installation, and other visible issues with the roof, according to the Inspection Support Network.
- Electrical wiring: More than 18% of home inspections uncover electrical wiring issues, according to the analysis. The most common electrical issues, according to the Inspection Support Network, are reversed polarity, frayed insulation, DIY wiring, over-fusing, and mismatched wiring. About 51,000 fires each year are caused in homes by improper electrical wiring.
- Windows: More than 18% of home inspections uncover problems with windows. This can hamper energy efficiency and also cause issues with indoor air quality.
- Gutters: Nearly 17% of home inspections identified issues with gutters. Clogged gutters can cause water to back up and lead to damage.
- Plumbing: About 14% of home inspections reveal troubles with plumbing. The most frequent issues are a leaky faucet or clogged drain, according to the Inspection Support Network. DIY plumbing, cross-connection issues, and outdated pipes are also common problems found with a home’s plumbing.
Other concerns also found in a home inspection included branches overhanging roofs (13.3%); fencing issues (12.6%); water heater problems (12.2%); and air conditioning malfunctions (9.9%).