Home Musings

It’s now about four years since the first rumblings of an overpriced property market began to deflate pretty much all house prices. All area’s related to a property transaction are still very depressed and the property market is expected to remain in the doldrums for the foreseeable future. As a direct consequence most potential house purchasers are seeking every opportunity to make savings in the course of finalizing their house conveyance, including sourcing discounted legal fees, title insurance and home inspections.

As the real estate market continues on it’s downward spiral, the property market is perhaps in the worst state it has ever being in living memory. In this bear market, trying to sell your home for a reasonable price can be very difficult if not impossible resulting in some home owners ending up in negative equity and in foreclosure. This ongoing depression in both the residential and commercial real estate market has lead to a large number of full time and temporary real estate professionals and financial brokers having to leave the industry and to take up employment opportunities in other fields.

For some home buyers who are in a position to purchase a property, the cost of a house survey is an extra expense that some buyers are avoiding, resulting in some buyers skipping the home inspectors services.

In today’s competitive market there are plenty of home inspectors competing aggressively on price for limited business in this shrinking market. Most home inspectors promote their home inspection services in local free news letters, on their websites and through local real estate agents. Asking friends and family by word-of-mouth is the best way to find an experienced home inspector.

In general, home inspection companies have a fairly simple pricing structure, this is based on the square foot size and of the property, number of bedrooms, living rooms and the types of services within the property. This pricing structure is the norm across the home inspection profession. When the purchaser first contacts the home inspection company, the communications that ensues allows the purchaser to get a better idea about the competence of the home inspector.

The main concern for most home buyers should not be the cost of the inspection alone, but the professionalism of the home inspection company, and the standard of the inspection report that will be provided following the inspection.

The home purchaser should always obtain at least three quotations from local home inspectors before deciding on any home inspection company. Any home inspector who has been recommended to the home buyer by the estate agent who is selling the property should be avoided. Home inspectors are likely to be less critical of a home, which an estate agent is selling, especially if the home inspector receives ongoing referral business from that estate agent.

When at least three quotations have been received from local home inspection companies, the home buyers should spend some time checking out and comparing the home inspection services, testimonials and sample inspection reports.  The average fee charged by a home inspector for a  2000 square foot property is about $275 to $375.  Expect to pay higher prices in most our our major cities. Home inspectors would be also expected to spend about two to three hours inspecting a typical house before writing up their home inspection report.