Buying a new home and need a inspection? Read on!
This was the week of home inspections! One of the many steps to buying a new home is getting it inspected. Some mortgage programs such as Federal Housing Administration (FHA) or VA Loans, which are loans guaranteed by the United States Department of Veterans require home inspections for approval. Our situation was a bit different.
Due to some issues with the roof we already knew that we needed conventional financing. This type of financing typically does not require a new home inspection however, it’s still smart to have one. We went ahead and scheduled a regular home inspection. This was a four-point inspection, which is often required by insurance, and included termites. Living here in Florida, termites as well as most bugs can be a huge problem.
In addition to a traditional home inspection we also hired two additional companies. One was a well company to do a complete inspection on our well and the second was a septic inspection. The well inspection was super easy, in fact by the time we got to the house they were already done. The septic was a completely different situation. For the septic system to be inspected and certified, which is required by the Department of Health, it needs to be pumped. So, we had to pay for both, on a house that we don’t own yet.
I know this may all sound crazy and I’m sure you can negotiate for the current home owner to pay for some of it however we have interesting situation with the current owner. We ultimately decided that it was worth the investment to have everything done. Oh, what an investment it all ended up being.
How much do home inspections cost?
Let’s talk about cost. Home inspections typically cost between $300 – $500. Ours was $480, and that was due to the size of the house, the inclusion of the termite inspection and the fact that we wanted it to be a four-point.
Well inspections can get quite costly, especially if it includes water testing. So, here’s a trick, many local Home Depots have kits for water testing. Ultimately, they are trying to sell you a water purification system however they will test the water for free. Because of this we went with a standard water inspection which cost us $200 and then we mailed off our own sample of water from the well.
Lastly was the septic system. Total cost there was $405.00 for pumping and inspection which seems to be in line with the average costs between $200 – $500. A septic system needs to be pumped every 3 years, so we will need to count on the cost of that in our home budget.
All and all it was not a terrible experience. I will share more about the findings next week however I’m happy to say the well is perfect… everything else seems to be another story!