Buying a home is a major investment and the process itself can cost a lot of money. You might consider passing on hiring a home inspector to save money but we do not recommend this.
A home inspector could save you thousands of dollars in the long run if he identifies a major issue with the home that will need attention. If you do not hire an inspector and purchase the home unaware of the issue, you will be responsible for the costs of repairing it.
The risk involved is not worth the amount of money you will save if you do not hire a home inspector before you buy a home.
So, how much does a home inspection cost?
There is no set cost for a home inspection. The prices often range from $200-400 depending on a variety of factors. Factors include the size of the home, the age of the home and the estimated time the home inspection will require for completion.
You should ask a home inspector how much he charges right away as well as his qualifications and referrals from previous realtors or home buyers.
He will explain the rates for his pricing and an estimate on how much the inspection will cost and an idea of how long it will take.
A larger home that is several decades old can require up to 4 hours or more to complete an inspection so if an inspector charges based on an hourly rate you should expect the cost to be more for a larger, older home.
However, condos and smaller homes might only require 2 hours or less to complete an inspection. More often than not, the amount of time the inspection requires will often come down to the condition of the home.
Additional costs for a home inspection can occur if the inspector performs radon tests or mold tests in the home. We recommend you include these tests in the cost of the inspection since the inspector will often charge less if he performs them at the same time as the inspection.
You should expect to pay $300 on average for a home inspection. The money spent on a home inspection before you purchase a home can save you thousands of dollars if the inspector identifies serious issues in need of repair.