Who Pays for Home Appraisals?
The buyer usually pays the fee at closing, although the seller can opt to pay it up-front. Typically, appraisals cost a few hundred dollars, although the property value, location and size can impact that cost.
How Long Do Home Appraisals Take?
A typical property assessment takes a few hours — and if you’re a buyer, you’re encouraged to stick around since it’s a great opportunity to learn more about the house! The reports can be expected within seven business days, though a busy market can slow turnaround times. The appraiser provides the final report to the lender, who will share it with the buyer.
What Is a Home Inspection?
A home inspection is an examination of the condition of a home that helps identify any damage or repairs needed before the sale of a home. While it’s important for you to pay attention to potential damage in each home you visit, a home inspection is conducted by a certified home inspector.
What to Expect From a Home Inspection
A home inspector does a thorough examination of your home that includes looking at its exterior and interior. They’ll take a close look at the home’s structural integrity, the roof, plumbing and electricity, and many other features of the home. Here’s a detailed home inspection checklist that highlights the types of things your home inspector will look for.
How Long Does a Home Inspection Take?
Home inspections usually take two to three hours, but the time to complete the inspection depends on a number of things, like how large the property is, the condition of the house and inspection requirements by state.
How Much Does a Home Inspection Cost?
According to HomeAdvisor, the national average cost of a home inspection is around $325. The cost will differ depending on things like the size of the home, age of the home and any required testing for mold, asbestos or radon. Ask your inspector upfront how much they’ll be charging you.
Who Pays for a Home Inspection?
Typically, the person planning on buying the home pays for the inspection, however, the cost of a home inspection may be included in the negotiation phase or closing phase of the process. In this case, the seller would be covering the cost. Whatever the case, make sure you and the seller communicate who is paying for the home inspector and who is conducting the inspection.
Keep in mind that the appraisal and home inspection are important to ensure you’re not paying more than the home is worth. You can choose to be involved in the appraisal or inspection and ask as many questions as you’d like.