Home Inspection

We always recommend paying for an inspection of a property. The price will vary depending on the size of the house but is usually between 300-500 dollars depending on the inspection company.

Follow-up or Additional Inspections

If something is determined to be wrong or needs to be inspected by a specialist, you will be responsible for paying these fees. These can include HVAC contractors, structural engineers, plumbers, electricians, and pest inspectors, just to name a few. Remember, you are paying them to determine the seriousness of a problem and get a quote. Once the problem is determined, you can add it to the request for repairs and the seller can then decide to fix the problem, offer a credit to you in lieu of fixing the problem, or dig their heels in and say they won’t do either.

Some buyers request having additional inspections to put their mind at ease. Keep in mind that any and all inspections must be completed during the due diligence period in order to protect your earnest money deposit.

Appraisal

Every time you get a loan for a home, an appraisal must be ordered by the lender. This allows the lender to determine that the property is worth equal to or more than what you are paying for it. This protects the lender’s investment and lowers their risk. An appraisal is always ordered through the lender. You can expect to pay several hundred dollars for an appraisal. To determine the exact amount, you can ask your lender during the prequalifying process.

Category: Buying