Home Inspections: The process & how long it all takes
Intro
Approximately 90% of homebuyers hire a home inspector before purchasing a property. Inspectors give buyers peace of mind and identify a property’s major and minor defects. This crucial stage in the purchase process also saves consumers money and time. In this blog, we will explain what to expect, how long a home inspection takes, the importance of this stage in the homebuying process, and more!
Purpose of a home inspection
From packing to labeling to unpacking and re-organizing, moving can be fun for some and exhausting for others. Then… there’s the new home, which needs maintenance, attention to capital expenditures, and sometimes a bit of TLC.
There’s a mystery underneath that roof, but home inspections allow us to find out more about the property’s condition than anyone else before signing a contract.
The main reasons buyers hire home inspectors in New York are:
- Peace of mind. A thorough home inspection can remove uncertainty about the home’s structural soundness and safety.
- Renegotiate. At this stage, the seller has accepted your initial offer. If you have an inspection contingency, you can renegotiate the initial offer, citing inspection findings.
- Plan improvements. Knowing what is in good condition, fair condition, deteriorating condition, and disrepair allows homebuyers to budget and prepare for future home improvements or renovations.
What Affects the Duration of a Home Inspection?
Most home inspections in New York last around 90 minutes. This typically allows the inspector enough time to walk a property’s exterior, interior, roof, and basement or cellar.
The duration of a home inspection, however, depends on several key factors:
- Property size. Properties with more interior square footage, rooms, and levels take longer to inspect than smaller properties. Each property floor, level, and room must be carefully examined. This is especially true for bathrooms, kitchens, basements, and roofs.
- Property type. Single-family, multifamily, condo/co-op, and commercial spaces each have different inspection duration periods ranging from 1 to 4 hours. For example, many New York condo and co-op apartments are smaller than 1,500-2,000 square feet and do not contain mechanical rooms, allowing for a speedier process.
- Age of the property. Although newer buildings and homes experience issues, older homes are more likely to have outdated electrical systems, aging mechanical systems, asbestos, mold, and other defects. The more issues detected, the lengthier the inspection since your inspector will investigate each major issue’s potential cause and expansion.
- Number of Inspectors. Some companies send multiple inspectors to larger properties to assess the interior and exterior simultaneously.
- Additional Inspections. All home inspectors discover something unforeseen. Some findings require additional inspections/tests for:
- Mold
- Radon
- Lead in water
- Thermal Imaging
- Termites and other insects
- Pool inspections
What happens after the inspection?
The Report
After an inspection, the home inspector uploads all photos, findings, and recommendations to an inspection report. The report outlines every section and item that was inspected. You will receive a copy within 48 hours, but some inspectors offer same-day reports.
Inspection findings can be used to renegotiate the price and/or terms of the transaction. Utilizing the inspection report and feedback from the property walkthrough, a renovation estimate can be generated for specific items of interest. For example, if a deal is being renegotiated because termite damage is found, the estimated remediation cost can be reduced from the offer price.
In a seller’s market, many owners aim to sell properties “as-is,” meaning they are not looking to make any repairs or renegotiate after a home inspection. The report can still create a to-do list for future repairs if the deal is not being renegotiated. This list can help you stay on top of maintenance items and overall upkeep of the property.
Too much to handle
Sometimes, inspection reports reveal issues that will cost 5-6 figures to fix. If the price or terms cannot be negotiated, some buyers will decide that the project is too expensive or risky to undertake.
If your deal has an inspection contingency and there is no further room for negotiation, you should be able to back out.
Time-saving tip: Connect with a New York Real Estate Attorney when you begin seeing properties. This will give you a head start on the fast-paced offer-to-contract phase.
In New York, deals with inspection contingencies do not become legally binding until the post-inspection terms are agreed upon and a formal sales contract has been signed with each representative’s attorneys.
Will Inspection findings impact the closing date?
Most pre-closing repairs handled by the seller are minor and can be completed well before the closing date, thus having no impact on that date.
Homebuyers and their attorneys do not usually prefer home sellers to handle major repairs prior to closing. As with many construction projects, these repairs take weeks to complete which may delay the closing process.
Most parties prefer a price reduction or a credit at closing to cover repair costs instead of the seller making the repairs. This allows the deal’s initial closing date and the property’s current condition to remain in tact.
The financing and title search processes usually impact the closing date more than inspection findings.
Outro
Purchasing a home without an inspection can leave a homebuyer uncertain, which is why nearly nine out of 10 homebuyers choose to hire an inspector. A 90-minute inspection can save hours in negotiation, years and decades of headaches, and thousands of dollars in repairs for unforeseen property damage.
By learning how long an inspection takes, what it entails, and how the findings can be utilized, you will be prepared to tackle New York’s competitive Real Estate market.
If you have an accepted offer on a property and are not sure what to do next, consider contacting a reputable home inspector.
Thanks for reading!
