How Much Does a Home Inspection Cost in Chicagoland? Find Out Here!

Home Inspection Cost in Chicagoland

Everyone preparing to sell their home in our windy city asks the question, “how much does a home inspection cost in Chicagoland?” Home inspections take time, money, and nerves. Even if you’re the seller and anticipate the buyer to pay for the home inspection, you’ll still end up paying for it one way or the other, if not with money, with a nail-biter of a wait.

Why?

How Much Does a Home Inspection Cost in Chicagoland? Let Me Tell You!

Home inspections are the cause of 20% closing delays. This is why I recommend my sellers to prepare for all scenarios. Buyers pay a few hundred bucks for the inspection, but the real expense can follow after the inspection. “How much does a home inspection cost in Chicagoland?” It depends on what the housing inspector discovers. The buyer may make suggestions on repairs they want the seller to handle, or they’ll rescind the contract.

Home Inspection Cost

The Lowdown on Home Inspection Costs

First off, you need to know that the cost of a home inspection depends on your house’s square footage, the home inspector’s expertise, and the local real estate market. Unfortunately, there isn’t a fixed rate for home inspections, however generally they hover around $400 for a 2,000 single-family residence. If the home is above 2,000 square feet, it’s usually an additional $25 per 500 square feet added to the baseline price.

The price for inspections varies from inspector to inspector, depending on experience and area. It also depends on the demand for housing. If there is an influx of people buying homes, then home inspectors are in greater demand. This gives them the ability to charge more for their services. In other words, depending on how hot (or not) your local real estate market is, housing inspectors will vary their pricing to reflect demand. 

Who Pays for the Home Inspection?

The buyer, point-blank. The buyer will pay for the home inspection after you’ve accepted their offer. Once the house goes into escrow, it’s home inspection time. The home inspector will tell the buyer if there is anything wrong with the house. If they do find something, then it sets the stage for potentially further contract negotiations. Just about every buyer pays for a home inspection, so it’s not something you can refuse. Buyers rely on this process to ensure they get the home they want and stave-off potentially financially ruinous events down the road.

After the buyer receives the home inspection write up, they can request repairs of the seller, renegotiate the offer, or drop out of the deal entirely. We find most buyers will ask their real estate agent for home inspector recommendations. Most real estate agents will have a network of trusted professionals that they’ve worked with before, so this is a smart approach. 

Home Inspection Cost in chicago il

How About Costs, What Does the Inspector Look For?

A home inspector will visit the house and inspect the property for 2-3 hours. Of course, this visual inspection depends on the size of the home. Then, the housing inspector will write up the report and provide it to the buyer. This takes just a few days after the inspection.

The home inspector identifies health, safety, and major mechanical issues in a home - these are all based on state rules and regulations. Every home will be evaluated, including basements, attics, and crawl spaces. In the written report, the home inspector will make recommendations for which issues require repair. Both the physical inspection and the written report of findings are standard and come with the baseline price of the home inspection.

Here’s What it Will Cost the Seller

Okay, so you want to get down to business, eh? How much does a home inspection cost in Chiagoland?: Well, that depends. A home inspector is concerned with safety first and foremost. Then comes function. Any major repairs, such as foundation-wise or mechanical issues will be the first to be noted. These are difficult repairs (and expensive too), so the buyer wants to know these first-off. 

You probably want to know a list of most expensive and commonly seen top offenders. Take a gander:

  • Water Damage: In bathrooms or kitchens, water damage can cost several thousands of dollars to repair.
  • Mold: If there’s water damage, there is likely mold as well. Within 24-48 hours of water exposure, mold and mildew will develop and continue to grow until it’s taken care of. This is also pricey, in the $2-3K ballpark to fix.
  • Plumbing Issues: Plumbing pipes and drain systems are $$$. Signs of plumbing issues are quick to get on the home inspector’s radar. 
  • Structural/Foundation Damage: Foundation cracking and settlement can lead to major structural issues. Remember safety? Yep, any repairs required for the foundation are a big safety issue, and it can cost in the $9K + range. 
  • Roofing Issues: Another big expense are roofing repairs, which may cost anywhere from $1,000 to $10,000. If your home has these issues, you can be sure the inspector will find them. 
  • Electrical Issues: Oh boy, is this another safety issue or what. And electrical issues can be expensive to fix. 
  • Pest Infestation: Got bugs? The housing inspector is going to find this for sure. 
  • HVAC Issues: Another big expense are heating and air conditioning issues. These costs can range from $300 - $6,000.

Do you see why regular home maintenance is so important? If you maintain regular upkeep on your home, then it’s less likely major negligent repairs will happen to begin with. And for those repairs that are must-dos from time to time, such as roofing repairs, be sure to keep the receipts. 

You Can Keep Costs Low, Here’s How

After a home inspection, you may hear back from the buyer with a request for repairs. Do you accept it? It’s up to you. You can try negotiating or even refuse to move forward. You do need to take seriously those requests that pertain to function and safety.

If your buyer is asking for you to make repairs that are cosmetic in nature, cost less than $100, or relate to any unfinished landscaping projects (such as that vegetable patch that never took off), you can likely deflect these finicky requests and ask your agent to reason with them. 

Pre-Inspection—A Preventative Measure

You can do what is called a pre-inspection. For a couple hundred bucks, you can hire your own home inspector and beat the buyer to the punch. Consider this your practice run, and depending on the home inspector’s findings you can make those function and safety repairs before the “official” buyer’s home inspection.

This is a great idea before placing your home on the market. Although you have to front the costs for this one, it could ultimately save you money in the long-run, depending on what the home inspector finds. 

But, money aside, a pre-inspection can change the entire outcome of your home sale. So a bigger question is—is a pre-inspection worth it?

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Should You Get a Pre-Inspection?

Okay, should you bother with a pre-inspection? Won’t that just add dollar-signs to your question, “How much does a home inspection cost in Chicagoland?” 

Well, if you have any uncertainty, a pre-inspection may be a good idea. Afterall, you don’t want any surprises when it’s “go time,” yes? If you are pretty confident that your home is market-ready, you may not want to bother.

And this: keep in mind that whatever your home inspector finds, you must share it with buyers. There shouldn’t be any secrets here, so if you are worried what the inspector might find and hope that the buyer’s home inspector doesn’t turn anything scandalous up, then you may want to avoid a pre-inspection.

But home inspectors tend to look at the same issues, and if one spots an issue it will likely be noticed by other inspectors as well.

Consider these factors that may influence your decision:

  • Older homes. The older the house, the more likely it is that there are issues. This is particularly true for homes aged between 1950 and 1980. 
  • Repairs and maintenance. If you’ve been good at maintaining and repairing your home, then the home inspection will likely not be a big deal. You know your house inside-out, so there are likely no surprises coming your way. 
  • The market in your area. If it’s a seller’s market, you’ll have more leverage during the negotiations, regardless of what the inspection report reveals. If there’s any questions about this, simply ask your real estate agent. 

Now You Know! 

You have a lot to think about, but hopefully now you have a better idea of how much does a home inspection cost in Chicagoland. In a nutshell, the buyer pays for the home inspection, but if you haven’t been maintaining your home then the report may turn up some surprises for you. Your buyer may use this as leverage to negotiate or simply walk away from the deal. 

Don’t fear the inspection, embrace it and use it as a way to motivate yourself to secure the best price for your home, possible.

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