Chicago Home Inspections
Summary
Chicago home inspections are crucial before buying an investment property. They typically include checking the foundation, exterior, interior, plumbing, and electrical systems. It is important to include a sewer scope to check for any water backup issues. Skipping an inspection can lead to costly repairs. Home inspections should be performed within five days of going under contract, and it is recommended for buyers to be present during the inspection. The inspection report can be used to negotiate repairs or seller concessions.
Highlights
💡 Home inspections are crucial before buying an investment property in Chicago.
💰 Home inspections cost around $400 to $800, plus an additional $300 for a sewer scope.
🏠 Inspections include checking the foundation, exterior, interior, plumbing, and electrical systems.
💧 Sewer scopes are important to check for water backup issues.
🛠️ Skipping an inspection can result in costly repairs.
⌛ Inspections should be performed within five days of going under contract.
🤝 The inspection report can be used to negotiate repairs or seller concessions.
Key Insights
💰 Home inspections can be an out-of-pocket cost ranging from $400 to $800, depending on the scope of the inspection. An additional $300 may be required for a sewer scope. Buyers should budget for these costs when purchasing an investment property.
🏠 Home inspections typically cover various areas of the property, including the foundation, exterior, interior, plumbing, and electrical systems. Buyers should ensure that all these aspects are thoroughly inspected to identify any potential issues.
💧 Including a sewer scope in the inspection is crucial, as it helps detect any water backup issues. Neglecting this step can result in unexpected and expensive repairs in the future.
🛠️ Skipping a home inspection is highly discouraged, as it can lead to unforeseen and costly repairs. A client’s experience of water backup in the basement cost them $10,000, highlighting the importance of thorough inspections.
⌛ Buyers typically have a five-day contingency period to perform inspections after going under contract. It is crucial to schedule inspections promptly and be present during the process to ask questions and gain a better understanding of the property’s condition.
🤝 The inspection report can be used as a negotiating tool. Buyers can request repairs or seller concessions based on the findings. This allows buyers to address any issues before finalizing the purchase and potentially reduce their overall costs.