What is a home inspection? It is when a buyer pays for a professional analysis of a home. Remember this has nothing to do with the value of the home but with the condition of the home. They will also not give the cost of fixing any problems. The buyer pays for the inspection usually around 300 to 400 dollars depending on what they want to inspect.
The standard home inspection deals with the interior and exterior of the home. Your inspector will check the foundation, roof, and other structural components. They will also check the electrical, plumbing, HVAC, and appliances. They will not usually check sewers, chimneys, or pipes.
There are additional specialized inspections for mold, radon, asbestos, sewer, and septic systems. Each specialized inspection requires different types of inspectors.
The home inspection is not required except for FHA loans or VA loans before approving the loan. A home inspection contingency is a clause in your purchase agreement and if you want one, you have a certain amount of time to complete it. If a major problem occurs, this contingency allows you to withdraw from the contract or renegotiate some aspects of the purchase agreement.