A home inspection is a physical examination of the condition of a property. A home inspection is usually completed during the due diligence period before closing day. The inspection of a property provides the buyer leverage against the seller. Most buyers will go back to the seller after a thorough inspection for a credit on the purchase price or request the seller to fix any repair found during the inspection. There are 5 major repairs to look for in an inspection.
- Roof
The roof of a home is one of the biggest expenses. A roof replacement generally cost between $5300-$11,000.
2. Foundation
The foundation is the most important part of a home. A poor foundation is an investors worse nightmare. A foundation repair can range from $2,000-$7,000 depending on the severity of the damage to the structure of the home.
3. Water damage
Water damage is one of the most common issues to any property. Water has the ability to travel quickly and easily to any part of the house through any leak, crack or hole causing expensive damage to the foundation, dry wall and structure of a home. Water damage repair cost between $2,000-$5,000 depending on the location of the water damage and severity.
4. Electrical
A home electrical system includes power lines, an electric meter, wiring, electric boxes and service panels. The electrical is an important part of a home. Electric damage can be minor or severe depending solely on the cause of damage. Small electrical damage usually cost between $1,500-$3,000. Medium electrical damage usually cost between $3,500-$8,000. Large electrical can range between $8,000-$20,000.
5. Plumbing
The plumbing system in a property has two parts; water supply system and drain water vent system. The cost of repairing plumbing damage varies between small and large issue. A small minor repair can cost as little as $400. A large repair can cost around $4500.
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