When purchasing a home oftentimes you are left feeling nickel and dimed until your pockets are nearly empty. Because of this buyers are often tempted to find corners to cut, inspections to avoid, any and every way possible to try and save a few bucks throughout the home buying process. While paying for a home inspection may seem like a waste, or an easy way to save, by omitting the inspection it could cause you easily avoidable repair bills down the line that will in turn end up costing thousands of dollars more than the initial inspection fee would have been.
In general, a home inspection will be looking at large ticket items throughout the home to help evaluate if there are any damages, repairs, or replacements that need to, or should be made prior to the close of the sale. HVAC systems, plumbing, electrical, roofing, attics, crawl spaces, basements, foundation, floors, windows and doors, as well as structural components within the home are some of the main factors that will be inspected. If any of these components have damaged it could result in a hefty repair bill and in some cases could even require you to vacate the home until the repair is completed for safety reasons.
As an example, a simple plumbing job such as repairing a leaking faucet, toilet, or bathtub costs between $175-$400 on average, and goes up by about $100 per hour plus material fees for more extensive repair needs. The average home inspection in the US is currently $335. That means that for the cost of a simple faucet repair, you can have your entire home inspected and discover any additional items that may be in need of repairs. Once you’ve received your inspection report, you can then discuss the findings with your agent and then either ask the seller to fix any larger ticket items, ask for the home price to be dropped to accommodate the cost of the needed repairs, or ask for a portion of the closing costs to be paid by the seller to offset the needed repair bills. By choosing either of these three options you are saving way more than the initial $335 average inspection fee.
In the grand scheme of things, by cutting out a home inspection you are saving roughly $335, but could be risking repair bills of well over $1,000. Whether it is plumbing, electrical, structural, or in some cases even severe mold damage, you will be saving extensively by completing and paying for a home inspection. It is always recommended that when beginning the buying process you budget and plan for a home inspection prior to beginning your house search.