In 2020, home inspections started to be waived frequently to make buyers’ offers look enticing. The market is still hot, but home inspections are becoming more common during the fall 2022 market. There is a lot that goes into the process of buying and selling a home. Although not required, a home inspection is one of the most transparent ways to unearth your potential new home before you sign on the dotted line for the final time.
Here are some of the most common issues found during the home inspection process.
But first, what is a home inspection?
In simplest terms, a home inspection is a thorough examination of the current condition and safety of a home. It is conducted by a licensed home inspector and reviews areas such as:
- Heating system
- Central air conditioning system
- Interior plumbing
- All electrical
- The roof and attic space
- Visible insulation
- Interior areas such as walls, ceilings, floors, windows, and doors
- The home’s foundation and other structural components
- The basement
What does a home inspection help with?
As buyers, home inspections are great ways to get to know the bones of your potential home, ask sellers to fix any significant and costly problems before purchase, and negotiate the terms of your offer to meet your financial needs while getting the house back in order.
As sellers, home inspections are a great way to gauge the overall condition of your home, get a better understanding of your home’s value, and work with your realtor and buyers to discuss options for fixing any major issues with terms that work for both of you.
What are the 10 most common issues found during a home inspection?
1. A faulty foundation
The most common signs of this issue include sticking windows or doors, cracks in the wall, especially above the doorway, sloping floors, or visible cracks in the exterior base of the home. One of the most costly issues to fix, an update to the foundation could cost upwards of $10,000.
2. An old roof
The life expectancy of most roofs is anywhere from 15 to 20 years. During the inspection, roof issues are often noted when there are loose or crooked shingles, leaks in the ceiling, or any loose flashing. Roof repair or replacement can cost between $5,000 to $10,000 or more.
3. Plumbing issues
Faulty plumbing can be noticed in things such as leaky pipes, backed-up sewage systems, or improperly functioning water heaters. The cost to repair plumbing depends on the location and severity of the issue.
Mold, especially hidden, can be highly detrimental to the overall health of a real estate property. Mold is caused by moisture, which in most cases indicates a leak somewhere in the home. The cost to mitigate mold depends on the severity of its spread.
5. Electrical issues
Poor wiring or other electrical hazards are frequent issues found during the home inspection process. The most common wiring issues are missing junction boxes, reverse polarity, and damaged receptacles. However, repair and replacement costs are relatively low compared to other reported home inspection issues unless the wiring problem is extensive and requires a complete home replacement.
6. Heating failures
Problems like a blocked chimney, faulty furnace, or non-working controls are enormous issues that home inspectors often encounter. Failed heating systems can cost a lot to replace, especially when your home requires a new furnace. Generally speaking, fixing common heating problems is between $5,000 to $8,000.
7. Structural damage
A common issue in older homes, structural damage can refer to various problems. The most frequent sagging floor joists, rafters, and door headers. Depending on the severity of the issue, the cost could range from minor to major. Review your report in detail to better understand exactly what structural issues are at play.
8. Pest infestations
The ever-so-devious pests come up often on home inspection reports. From rodents to termites, pests can cause serious problems in a home, especially when left untreated. The cost of pest removal depends on how much area the pests have destroyed and exactly what is needed to remove them.
9. Drainage Trouble
Surface grading around the exterior of a home can cause severe drainage issues. Extensive drainage issues can lead to mold and mildew growth, a leaky basement, or foundational issues if not tended to properly. The cost to fix surface grading is based mainly on the size of the area.
10. General cosmetic issues
Often seen by the naked eye, cosmetic issues are not something that most would think to see on a home inspection report. However, as a seller, it is vital to take care of cosmetic issues to show the buyer and inspector that you care for the property at all levels. Lack thereof could signal other issues to be found below the surface.
If you’re in the market for a new home or hoping to sell your home this year, it is important to consider all the factors that go into a home inspection. To learn more about the home inspection process or begin the home buying or selling process, contact us today.