The difference between a four-point inspection and a buyer’s inspection is this: Insurance companies require a four-point inspection when a home is more than 25 years old. A buyer’s inspection is to reveal any potential issues of a house to a buyer.
So, if you’re buying a home, should you do one or both?
What is a four-point inspection?
If you’re being asked to do a four-point inspection, it’s because the insurance company is requiring it to assess their risk for insuring your potential new home. Your insurer is likely concerned about the liability of the older home you are looking at. However, some companies will require them for old and new homes alike.
So, they would like a professional inspector to assess:
- Roof
- Electrical System
- HVAC
- Plumbing
They want to know the type, age, and condition of these things in the house as they are the most common things for which they receive claims.
The inspector will take pictures of these items and file a report to your insurer. It should take less than an hour for the appointment. You can expect to pay between $75 to $150 for this type of inspection.
What is a buyer’s inspection?
Also known as a full inspection, a buyer’s inspection is a complete examination of the house you are looking to purchase. It is for you, the buyer, to understand the safety and condition of the home.
You’ll receive a report on:
- Heating and cooling systems
- Plumbing
- Electrical system
- Roof
- Water and sewage
- Safety issues
- Water damage
- Insect damage
- And anything else that might affect the value
Your report will contain details of the home’s condition, including any necessary or recommended repairs or other costly issues. Based on the findings, you can go on to closing, renegotiate your offer, request the seller repair some of the issues, or cancel the sale.
These will vary in cost based on the square footage of the home that’s being inspected. However, you can expect the cost to be $250 for smaller homes and $400+ for homes larger than 2,000 square feet. Full inspections will also take longer and can be a couple of hours or more.
Which one do I need?
If you’re going to buy a home and don’t have the knowledge a home inspector has, you should always opt for the full inspection.
The additional cost is well worth understanding the complete condition of the home you’re considering purchasing.
If you can find an inspector who can do all types of inspections you need, you can likely save money by bundling all the services together.
Looking to buy a home?
If you’re starting the search for a new home, our team of professionals can help you every step of the way.
We’ve helped families purchase residential and farming properties in Bolivar, Pittsburg, Pomme de Terre Lake, and throughout Southwest Missouri Ozarks.
You can take a look at our listings or you can fill out the form to the right and we can start the search together!
