How long does a home inspection take?

While there are no set standards when it comes to the length of time it takes to inspect a home, the process usually takes about two to three hours. For larger homes or homes with additional features, this process will take longer, while for small homes and condos an inspection may only take an hour or two. A home inspection isn’t something you want to rush through. This is an important step in the home buying process and affirms the value of your investment.

Is a home inspection required?

If you’re buying a home with a conventional loan, your lender won’t require you to have a home inspection. If you’re using an FHA or VA loan, your lender usually will require an inspection before approving your loan, as purchasing a home with major issues is a financial burden that could put your ability to repay the loan at risk.

What is a home inspection contingency?

A home inspection contingency is a clause in your purchase agreement with a seller that protects your earnest money and allows you to cancel the deal if major or minor issues in the home’s condition are uncovered during an inspection.

Typically, your inspection contingency will allow five to 10 days to conduct the inspection and request any repairs in writing.

Waiving your home inspection contingency

In competitive markets, buyers often waive their inspection contingency in order to make their offer stand out. However, without the contingency, any issues uncovered during an optional home inspection would not be a contractual reason to walk away from the purchase without forfeiting your earnest money.

Other ways to get cues about a home’s condition

Even without an inspection, there are a few other ways you can get a feel for the home’s condition. First, eager sellers will sometimes complete a pre-inspection and share the results with potential buyers. This happens in markets where there are more homes available than buyers looking for homes and sellers want to stand out.

You should also take a look at the seller disclosures, which are required to include known issues and unpermitted work

When to complete a buyer home inspection

The first step in the buyer home inspection is including a contingency when you write your purchase offer.

Once your offer is accepted, the home will go “pending” and you should schedule your home inspection to take place within the next week.

Since the buyer typically pays for the inspection, there’s no reason to pay for an inspection before you’re in contract with the seller.

Home inspection on a new home

Even if you’re buying a new construction home, you can still conduct a home inspection and include a home inspection contingency in your offer. You may even be able to include in your offer the permission to conduct multiple specialty inspections throughout the build process, like a pre-concrete foundation inspection, a pre-drywall inspection of the structure and mechanics and a standard inspection once the home is completed.

While it’s less likely that a new build will have major issues, having an inspection on a new home can still provide peace of mind.

A home is a large purchase, and completing a home inspection and including an inspection contingency are smart ways to safeguard your investment and protect yourself from unexpected repairs after closing.