How much does a home inspector cost to hire?

Buying a home can be a stressful process, made all the more so by potential issues lurking behind the walls, in the ceiling, or inside the HVAC system. To help avoid bad deals, real estate agents and home manufacturing companies often recommend a home inspection by a qualified inspector before you sign on the dotted line. Many homeowners, wonder, however, if this expense is worth it - how much does it cost to hire a home inspector?

What a home inspection covers

While there are no hard-and-fast rules about how home inspection companies do their work, any professional inspector should perform a limited, non-invasive examination of your home. He should check out all essential pieces of the house including your water heater, furnace, plumbing, foundation and roof, and then provide you with a report of the results. He should not be making holes in your walls, damaging fixtures or prying up shingles. While more invasive examinations are sometimes required, they should come only with the written consent of the homeowner. As a result, it's always a good idea to be present when your inspector is doing his work so you aren't surprised by any issues later.

How inspectors are regulated

Most home inspectors in the United States don't require a special license, nor are they regulated at the state level. Many will still follow the guidelines of the National Association of Certified Home Inspectors (NACHI), which has a standard of practice for examining all aspects of a home. Their policy on roofs, for example, includes the inspection of roof-coverings, gutters, downspouts, vents, and the general structure of the roof. Some inspectors may be certified by local or state agencies, and all should carry some form of insurance, whether private operators or employees of a company. This insurance, often known as "errors and omissions," covers inspectors if a problem gets overlooked or an error is made.

Evaluating home inspectors

To evaluate your home inspector, start by doing research on their company or name online. Trusted sites like Angie's List will have local reviews which can help you avoid fly-by-night businesses or those which don't do a thorough enough job. Once you've hired an inspector, make sure you're at home to inspect the work. If the inspector has a problem with your presence (or questions) consider getting a new inspector; anyone you hire should be willing discuss what's being done, and why.

At each stage of the inspection process, the inspector should be thorough. This means running the hot water tank until empty to confirm both capacity and heat, and turning up the furnace or air conditioning to make sure there are no problems. In addition, the inspector should climb up onto your roof, at least the lowest level, to inspect shingles, rather than doing so from the ground. Expect a full inspection to take two to three hours, and once finished you should be provided with a report detailing any problems found and the potential remedies.

Cost of a home inspection

Just as their is no federal regulation on home inspection companies, costs are also unfixed. There are, however, several basic guidelines. First is the size of your home; the larger the square footage, they more you'll pay. In addition, if you have special requests - for example, you have concerns about asbestos - you'll likely need a specialized professional and will have to pay more as a result. Expect to pay at least $250 for a decent home inspection from a reputable company, but be aware that can easily push to $500 or $600 if you have a large home or need a more thorough examination.

7 Tips for First Time Home Buyers

1. Check the selling prices of comparable homes in your area. Web sites such as Zillow and Homegain can give you a general idea of what you should expect to pay. You can also do a quick search of actual MLS listings in your area on a number of Web sites, including the site of the National Association of Realtors.

2. See what you can afford. Use Bankrate’s  mortgage calculator to see what your payment would be. To get a sense of the maximum you should spend, use MSN Real Estate’s home affordability calculator (below).

3. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. To get a feel for the maximum amount you should spend, including taxes and insurance, use MSN Real Estate's home affordability calculator. In some areas, what you'll pay for your taxes and insurance escrow can almost double your mortgage payment. According to the Insurance Information Institute, the average yearly premium can range from $477 in Utah to $1,372 for unlucky Texans.

To get an idea of what you'll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate. You won't be obligated to get the insurance, but you'll have a good idea of what you'll pay if you buy. For an idea of what you'll pay in taxes, Zillow publishes property-tax information for homes all over the country. Just remember that exemptions and the intricacies of local tax law (such as Florida's Save Our Homes value cap) can create differences between what a homeowner is currently paying and what you can expect to pay as a new homeowner.

What's your home worth?

4. Find out how much you'll likely pay in closing costs. The upfront cost of settling on your home shouldn't be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowners association fees. You can see what closing costs average in your state by looking at Bankrate.com's annual closing cost survey.

5. Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor.

6. Talk to reputable real-estate agents in your area about the real-estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon?

Home affordability calculator
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7. Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there's no landlord to turn to, and these costs can drain your bank account.

So consider whether you're ready for the expense and effort of homeownership before pulling the trigger.

Home Inspection Checklist for a First Time Home Buyer

Personal Inspection

Inspect the home you are interested in yourself before moving forward in the buying process. This will eliminate houses that have significant problems. A personal inspection will help you identify issues to mention to the professional inspector if you decide to purchase the home. Look at the roof, condition of the porch, the appearance of the paint or siding, and the gutter systems on the exterior. Check windows and ceilings for signs of leaking water inside the house. Listen for noises in plumbing or any electrical issues in the home, such as exposed wiring and lighting problems. If the heating or cooling system is active when you are there, take note of the effects on the temperature in the house. Check basements for signs of water damage and flooding.

Inspector Qualifications

Hire an experienced and professional inspector. Ask the inspector how long he has been performing inspections, if you will receive a detailed written report and what type of certifications he has. Find out what locations will be covered in the home inspection and how long the process will take. Standard times for single-family home inspections are at least two to three hours, depending on the size of the home. Inquire about errors and omissions insurance. This type of insurance is for claims against the inspector if he misses something during the homes review.

Professional Inspection

Follow the inspector during the inspection and ask any questions you have. Take notes during the walk-through, as the inspector will also point out any possible future problems to you. All of the areas you looked at in your personal inspection should be reviewed by the professional inspector. She will also check the heating and cooling systems for leaks and signs of damage, test outlets and electrical systems, and evaluate the firmness and level of the floors in the home. Any additional features, such as an attic, will be included in the inspection.

Additional Testing

Professional home inspections do not necessarily include additional tests, such as checking for lead paint, radon gas, pest infestations and house mold. The inspector will recommend these types of specialized tests if he believes one of these issues exists in the home or is a known problem in the neighborhood.

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What is a home inspection?

What Is A Buyer's Home Inspection?

It is a visual inspection of the structure and components of a home to find items that are not performing correctly or items that are unsafe. If a problem or a symptom of a problem is found the home inspector will include a description of the problem in a written report and may recommend further evaluation. Before you close, you need to consider whether or not repairs are needed now and who's going to pay for them.

Why is a home inspection important?
Emotion often affects the buyer and makes it hard to imagine any problems with their new home. A buyer needs a home inspection to find out all the problems possible with the home before moving in. Once your inspection is performed, do not wait on the agent to assist you. Review the inspection and make a list of items you think the seller should address and present them to the agent in a timely manner. While the inspection is not meant to be a tool for re-negotiations, many times it becomes one. Don't let your brother or uncle or a friend do it. You are not saving any money by letting a friend look. Even if he is a contractor, it does not mean that he is a good inspector. You need a qualified, unbiased inspection, so when the inspector does find problems, they won't be easily minimized by the other parties because your uncle or friend did the inspection. Search for a professional that uses HomeGauge Services. Find a Home Inspector.

What if the report reveals problems?
All homes (even new construction) have problems. Every problem has a solution. Solutions vary from a simple fix of the component to adjusting the purchase price. If the inspector recommends further inspection by a qualified person, this means that you need to get an opinion by a qualified person before your inspection time period runs out on your real estate contract.

What does a home inspection include?
A home inspector's report will review the condition of the home's heating system, central air conditioning system (temperature permitting), interior plumbing, electrical systems, roof, attic, visible insulation, walls, ceilings, floors, windows, doors, foundation, basement, and visible structure. Many inspectors will also offer additional services not included in a typical home inspection, such as mold testing, radon testing, water testing, thermal imagery and heat/air loss inspections typically known as energy audits, without the diagnostics.

What should I NOT expect from a home inspection?

A home inspection is not protection against future failures. Stuff happens! Components like air conditioners and heat systems can and will break down. A home inspection attempts to reveal the condition of the component at the time the component was inspected. For protection from future failure you may want to consider a home warranty.
A home inspection is not an appraisal that determines the value of a home. Nor will a home inspector tell you if you should buy this home or what to pay for this home.
A home inspection is not a code inspection, which verifies local building code compliance. A home inspector will not pass or fail a house. Homes built before code revisions are not obligated to comply with the code for homes built today. Home inspectors will report findings when it comes to safety concerns that may be in the current code such as ungrounded outlets above sinks. A home inspector thinks "Safety" not "Code" when performing a home inspection.
Should I attend the home inspection?
It is often helpful to be there so the home inspector can explain in person and answer any questions you may have. This is an excellent way to learn about your new home even if no problems are found. But be sure to give the home inspector time and space to concentrate and focus so he can do the best job possible for you.

What is a Home Warranty?
A home warranty does protect you against components that fail in the future. You may have to pay a deductible (service call fee) when you have a problem. If you choose to have a warranty, be sure and qualify coverage of your problem over the phone with the warranty company before they send a repairman. If you do not, you may find out that your problem is not covered and you still must pay the deductible or trip service fee. If you have a home inspection and you know your furnace or another major component is old, you may be better off to buy a warranty before you purchase. We recommend you look closely at what is NOT covered in warranty company policies as you compare prices.

Some inspectors offer a 90 day warranty and some agents offer a year warranty. Are they the same?
No, they are different. The 90 day warranty will cover certain items for up to 90 days after the inspection is performed. It is a limited warranty they may help you with certain items that fail shortly after a home inspection. The annual warranty is much more comprehensive and while it does cover more, be sure and read what is covered and what is the deductible, etc.

4 Tips for Finding the Best Home Inspector

Buying a house is the biggest purchase you'll likely ever make. That's why you want the best possible home inspector in your corner to tell you whether that cute Colonial is your dream home … or a lemon with a rotting foundation, termites and a shaky chimney.

But first, how do you know if an inspector is rock-solid? There's a lot riding on the person you choose, after all. "You've got one shot at having the home looked at by a professional who has a professional eye and professional training to find defects," says Jim Turner, certified home inspector in Southern California.

We've grilled the experts for their top tips on how to find and vet a home inspector.

A messy frontier
There are 20,000 to 30,000 home inspectors nationwide today, estimates Turner, who is also president of the 20-year-old National Association of Home Inspectors, which has about 1,500 members. He says many inspectors were lured into the business by promises of easy money. No wonder would-be homeowners have trouble knowing whom to trust.

Unfortunately, only about half of states require any kind of certification or licensing for home inspectors. "For example, in New Mexico, there are no requirements to being a home inspector," says inspector Bill Richardson, owner of Albuquerque's Responsive Inspections and president-elect of the American Society of Home Inspectors. "You can just hang your shingle and go for it."

What's your home worth?

However, Turner adds, "Licensing doesn't solve problems with the industry." He points out that after licensing was instituted in Texas, the number of inspectors jumped several fold, as would-be inspectors signed up to benefit from the glow of respectability that a state license would give them – whether or not they actually deserved respectability, Turner says.

Tip No. 1: Don't trust an inspector simply because he or she has a state license or certification. All states that issue licenses require training, "but the training may be so minimal that it is ineffective," Turner says.

So now what? Well, move on to Lesson No. 2.

Tip No. 2: Look for an inspector who is associated with a professional inspection organization. This can help weed out the truly fly-by-night inspectors, but it won't catch all the bad actors. There is an alphabet soup of such groups, with wildly varying criteria for membership. In one, "you can send them a $60 check and you'll be a member," says Mike Kuhn, a New Jersey home inspector and co-author of "The Pocket Idiot's Guide to Home Inspections."

Look for affiliation with groups such as NAHI, the National Institute of Building Inspectors, and the American Society of Home Inspectors. These are some of the most reputable inspector associations, and their Web sites have a "find an inspector" service to locate a member in your area.

You can also study several home inspection organizations' criteria for membership: how many homes a would-be member must have inspected; how much — if any — continuing education is required; whether an exam is required for admission, etc. Each is a little different. Inspectors who are fully certified by ASHI, the nation's oldest such group, with 5,700 members, are required to have completed at least 250 paid professional home inspections and passed two written exams, for example.

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Tip No. 3: Don't just take your agent's recommendation at face value. Real-estate agents often recommend inspectors to home buyers. But that arrangement doesn't necessarily serve the home buyer well, since both agent and inspector have a financial incentive for things to go well: for the agent, a commission, and for the inspector, the possibility of repeat business from the agent. "Every single day we walk a razor's edge with that conflict of interest," Turner acknowledges. He adds, though, that "the good Realtors are going to recommend an inspector who's not going to be afraid of what he calls out."

Still, experts suggest some ways to make sure your interests are served:

Don't be monogamous. Get more than one suggestion from your real-estate agent. Turner suggests asking for three inspectors' names. Richardson says to ask for five.

Ask the tough questions. "Ask the agent flat out, 'Would you hire any of these to inspect your home, or your family's home?'" Turner says. "It kind of puts them on the spot." Also, ask the agent or others you know, "Who's the deal-killer in this area?" advises Ilona Bray, co-author of "Nolo's Essential Guide to Buying Your First Home." In other words, who's the crusty inspector with a reputation for mucking up deals because he finds all of a home's flaws. That's who you want.
Tip No. 4: Grill him. Once you've got an inspector in your sights, start sniffing around his résumé and asking questions. "We have a phrase: 'Inspect the inspector,'" Kuhn says.

Here's what to do:

Check for complaints. If your state licenses inspectors, call the licensing board, or whatever body oversees them (in Texas it is the real-estate board), and ask if the inspector is active and up-to-date. Also, "ask if there are any complaints against the inspector," Turner suggests.

Call the professional association to which the inspector belongs and do the same, though Turner concedes that these organizations don't see that many complaints – "maybe a dozen a year." The local Better Business Bureau could also be worth a call.

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