Whether you just starting your real estate search or have an accepted offer, a home inspection is one of the most important things you can do when deciding whether to purchase the home or not. Here is a list of the most commonly asked questions we receive on home inspections.
The current cost for a home inspection in the Minneapolis-Saint Paul market is between $400-$600. Single-family homes are at the bottom of that range while a duplex will be at the top end of that range. If you are buying a triplex or fourplex the cost will go up based on a number of units.
It is the buyer’s responsibility to pay for the home inspection. You may ask the seller to contribute to a portion of your closing costs as part of your offer and this could help offset the home inspection cost.
Each home inspector will complete a similar analysis of the house and provide an inspection report based on their findings. Not all home inspections are created equally so it is worth your time to read reviews, ask for referrals from your realtor, family and friends and do your due diligence. One of the most important things to do as you are reviewing the inspection report is to know the age and condition of the most expensive items in a house: windows, roof, furnace, electrical to name a few.
Different from a home inspection, a home appraisal will be completed by your real estate lender once you have completed the inspection period and are satisfied with the home.
Minnesota has seasons and so does the Minnesota real estate market. In normal years (not 2020), the market tends to slow down starting mid-October. Not this year!
We are in the middle of one of the most exciting real estate markets in Twin Cities history. August was HOT and COVID hasn't slowed things down.
Real estate is considered a "critical sector" under Minnesota's "Stay at Home" directive.