No home is perfect. About 86% of home inspections will find something that needs to be fixed, according to a study on home inspections from Porch.com, a home improvement website.
A home inspection can cost around $300 to $500, but studies estimate it could save the buyer an average of $14,000. A home inspector will evaluate the roof, ceilings, walls, floors, windows, doors, major appliances, heating and air conditioning systems, plumbing and electrical systems, and more, according to the Inspection Support Network, a software solution for the home inspection industry.
Yet, as bidding wars heat up in a hot housing market, more buyers are waiving home inspections in order to make their offer stand out. Last June, the real estate brokerage Redfin reported that nearly 20% of buyer offers submitted by their agents waived the inspection contingency.
The following are the most common issues found in home inspections, according to a survey of nearly 1,000 home buyers:
Roofing: More than 19% of home inspections uncover roofing concerns. Home inspectors will check for leaks, venting, material condition, proper installation, and other visible issues with the roof, according to the Inspection Support Network.
Electrical wiring: More than 18% of home inspections uncover electrical wiring issues, according to the analysis. The most common electrical issues, according to the Inspection Support Network, are reversed polarity, frayed insulation, DIY wiring, over-fusing, and mismatched wiring. About 51,000 fires each year are caused in homes by improper electrical wiring.
Windows: More than 18% of home inspections uncover problems with windows. This can hamper energy efficiency and also cause issues with indoor air quality.
Gutters: Nearly 17% of home inspections identified issues with gutters. Clogged gutters can cause water to back up and lead to damage.
Plumbing: About 14% of home inspections reveal troubles with plumbing. The most frequent issues are a leaky faucet or clogged drain, according to the Inspection Support Network. DIY plumbing, cross-connection issues, and outdated pipes are also common problems found with a home’s plumbing.
Other concerns also found in a home inspection included branches overhanging roofs (13.3%); fencing issues (12.6%); water heater problems (12.2%); and air conditioning malfunctions (9.9%).
Source: REALTOR® Magazine