What You Need To Know As A First-Time Homebuyer In 2020
What is the Cost of Purchasing a Home: Is It Different for a First-Time Homebuyer
Buying a house is exciting; however, it can likewise be quite a demanding and lengthy process. The worst thing that can take place after you’ve signed your closing documents is an unforeseen and significant expense due to issues in the house that you weren’t warned of throughout the buying process.
This is why making sure to have a home inspection is so important, even more so for a first-time homebuyer, and why most real estate agents advise homebuyers to hire a licensed (depending on the State) home inspector when they are buying a home.
Some buyers decide to save a couple of dollars by skipping this step. While hiring a home inspector is an additional cost, doing so can assist you in avoiding pricey repair work, saving you money and time in the long run.
Let me tell you from experience; you do NOT want to be on the wrong side of a painted pig purchase!
How Much It Costs to Buy a Home for First-Time Homebuyers
This reminds me of the marshmallow experiment they did with kids several years back, essentially asking kids if they can delay gratification for a certain amount of time by not eating the marshmallow in front of them to get two later. Many flaws, don’t get me started, but this situation is very similar in that you are spending a small amount of money today to save a large amount of money down the road potentially.
What is the Cost of a Single-Family Home Inspection and Written Report for a First-Time Homebuyer
According to the HUD, or the Department of Housing and Urban Development, the national average home inspection fees, or the average cost of a home inspection and report:
Costs vary dramatically, depending on the region, size, and age of the house, scope of services, and other factors. A typical range might be $300-$500, but consider the value of the home inspection in terms of the investment being made. Cost does not necessarily reflect quality. HUD Does not regulate home inspection fees.
Surprisingly enough, this average home inspection cost range provided by the Department of Housing and Urban Development was pretty accurate, at least for the Greater South Puget Sound and it’s surrounding counties and cities!
In my experience as a licensed and certified professional home inspector in Olympia Washington, a single-family residential home will have an inspection cost of roughly $400 to $500, depending on size, location, and age! You can find a home inspection cost calculator here, on spsinspections.com, to get a feeling for what it would cost to have your house or prospective home inspected professionally.
Are There any Additional Fees Above the Total Home Inspection Prices
Maybe yes, maybe no. Haha, but in all sincerity, the previous was a correct answer to this question! Allow me to elaborate for you. Home inspecting is not the type of industry that is strictly regulated by any particular local governing body, per se. As such, it is left to the home inspector to decide the prices he/she would like to charge for their services.
Many times when you hire a home inspector, you are charged depending on the size or square footage of the new home you are buying. There are also a couple of other ways house inspectors go about determining the property inspection cost, but we will not get into them here.
In addition to the average home inspection prices, most inspectors will provide at least one or two ancillary services for their customers for an additional fee, typically $50 to $150, depending on the service. This could consist of offering mold testing services to your clients, private well water testing services, and ala carte inspection services among MANY more.
Moisture intrusion damage and the possibility of mold growth
Is the Home Inspection Report Included in the Price of the Inspection Services
No home is perfect (yes, this even includes new and recently built construction). A good home inspector will usually discover some issues needing attention or problems that the buyer and seller should be made aware of. Going to the following link will take you to view some sample home inspection reports from SPS Inspections – premier provider of home inspection services in Thurston County and the Greater South Puget Sound!
Once there, feel free to download the sample inspection reports, or view them as a PDF right in your web browser!
How Long Does a Home Inspection Take
Although the exact length of time a home inspection lasts will be determined by several factors, from the quality of home inspector you hire to the standards of practice they follow.
Whether your inspector performs services above and beyond their scope of work, or if they fail even to meet the bare minimum, an average home inspection will last two to three hours. We find if you plan for the inspection to be three hours, this will usually be enough time for the inspector to evaluate what they need to.
This is also going to depend on what type of building is being inspected.
Chances are, a condo inspection or an apartment inspection are not going to take as long to complete as a single-family residential inspection or a multi-family home inspection.
Resources and Programs for the First-Time Homebuyer
If you are a first-time homebuyer, take a moment to pat yourself on the back for getting to this point in life for one, and then it would be a good idea to read on because, for all of you who are first-time homebuyers, there are many programs out there to help you obtain your first home!
From Fannie Mae to Freddie Mac, Federal Government subsidy programs, and guaranteed loans to help you with your first-time homebuying process! A great place to start your own research would be the main website for the FHA, the Federal Housing Administration.
The following are links to a couple of first-time homebuyer programs that may be of use to you in some way!
Other Articles of Interest
- FHA Loan Requirements And Minimum Property Standards for Lending
- Behind The Scenes: Understanding Foreclosures
- What Are Real Estate Purchase Agreements, Home Buying Contracts, and Inspection Contingencies
- Real Estate Owned: Everything You Need To Know About REO’s In 2020
- How Millennial Home Buyers Are Changing the Real Estate Industry
We Would Love to Hear What You Have to Say!
Many small businesses rely on engagement and interaction from the community to help support and sustain them over time – SPS Inspections is no different.
As a local small business, we rely on what our clients and the community have to say in order to understand what works and what doesn’t.
Your comments are tremendously appreciated!