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View Poll Results: What percentage of your inspections pay for themselves?
Less than 60% 2 3.45%
60% 0 0%
70% 0 0%
80% 4 6.90%
close to 100% 31 53.45%
100% 21 36.21%
Voters: 58. You may not vote on this poll

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  #1  
Old 12/29/11, 5:32 PM
Kenton Shepard, CMI's Avatar
Kenton Shepard, CMI Kenton Shepard, CMI is offline
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Default What percentage of your inspections pay for themselves in what you find?

In what percentage of your inspections does what you find at least pay for the cost of the inspection? This thread will be read by the South African public, please don't hijack!



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Last edited by kshepard; 12/29/11 at 5:39 PM..
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  #2  
Old 12/29/11, 5:33 PM
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James E. Braun, CMI James E. Braun, CMI is online now
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Default Re: What percentage of your inspections pay for themselves in what you find?

About 99%. But there are a lot of crappy builders and inspectors in my areas, so many houses go a whole lifetime without a proper inspection. It is very common to find building defects 30-40 years old in my area. Sad but true.



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  #3  
Old 12/29/11, 5:46 PM
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James F. McKee James F. McKee is online now
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Default Re: What percentage of your inspections pay for themselves in what you find?

God Bless them...Every One!



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  #4  
Old 12/29/11, 5:53 PM
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Jeffrey R. Jonas Jeffrey R. Jonas is online now
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Default Re: What percentage of your inspections pay for themselves in what you find?

So far... 100%.

Thinking back to the home that was in the best overall condition, (a four year old, custom, upscale home), I believe I discovered at least triple my fee in actual defects, and quadruple my fee in recommended safety upgrades. No "deal killer" stuff by any means, and my client was very happy to find a home in such overall great condition. The sellers agent had a fit, as it was listed as "Perfect condition"! I took that as a challenge, and I/my client, won!



Jeffrey R. Jonas
Owatonna, Minnesota



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  #5  
Old 12/29/11, 5:55 PM
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Jeffrey R. Jonas Jeffrey R. Jonas is online now
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Default Re: What percentage of your inspections pay for themselves in what you find?

Quote:
Originally Posted by jbraun View Post
About 99%. But there are a lot of crappy builders and inspectors in my areas, so many houses go a whole lifetime without a proper inspection. It is very common to find building defects 30-40 years old in my area. Sad but true.
Very true, and in mine as well, which is why I do not subscribe to the "test of time" thoerum.



Jeffrey R. Jonas
Owatonna, Minnesota



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  #6  
Old 12/29/11, 5:57 PM
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Default Re: What percentage of your inspections pay for themselves in what you find?

I haven't done any in South Africa, wasn't our president born there?
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  #7  
Old 12/29/11, 9:52 PM
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Vincent Chinell, CPI Vincent Chinell, CPI is offline
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Default Re: What percentage of your inspections pay for themselves in what you find?

I believe when you find very little wrong with a house the home inspection has paid for itself by leaving the buyer with a strong sense of security knowing that everything has been looked at and they know what they are buying for their dollar. When you find something bad obviously the cost of the inspection was worth every dime. So yes, 100% of the time a home inspection is worth the money spent.



Vince Chinell
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  #8  
Old 12/29/11, 9:58 PM
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Default Re: What percentage of your inspections pay for themselves in what you find?

How could anyone not find at minimum $500 in issues unless they are running through the place with a checklist ?

No such thing as a perfect place.

Inspections are also an expense and a tax write off.

I have seen many advertising on websites money back if issues not found for a good reason.
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  #9  
Old 12/29/11, 10:24 PM
James H. Bushart James H. Bushart is offline
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Default Re: What percentage of your inspections pay for themselves in what you find?

Quote:
Originally Posted by kshepard View Post
In what percentage of your inspections does what you find at least pay for the cost of the inspection? This thread will be read by the South African public, please don't hijack!
If I am understanding you correctly ... this question is being asked under the assumption that my client is able to recover all or part of his inspection fee by negotiating a reduction in the price of the house equal or greater to the cost of curing the material defect, right?

If so, it does not address the more important financial benefit that comes to my clients who --- after reviewing the inspection report --- determine to walk away from the deal and look for a different house.

While it is easy to compare the reduced selling price (or the seller's contribution toward the repairs) in comparison to my fee, the client who pays me my fee and subsequently decides not to buy the house appears ... at least on the surface ... to be "in the hole" for the $400 they paid for their inspection.

But they are not.

Instead, they are ahead by the entire purchase price of the home that they would have otherwise paid for an inferior product that would have burdened them with excessive financial distress in addressing material defects, safety and health issues that could have adversely affected the quality of their lives and sustainability issues that could have affected their ability to recover their costs when it was their turn to sell the home. In this case, the client benefited by my fee exponentially.
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  #10  
Old 12/29/11, 10:38 PM
John Allingham John Allingham is offline
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Default Re: What percentage of your inspections pay for themselves in what you find?

Quote:
Originally Posted by belliott View Post

Inspections are also an expense and a tax write off.
Really? Home buyers in the US can write off their home inspection? No such luck up here.
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  #11  
Old 12/29/11, 10:46 PM
John Allingham John Allingham is offline
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Default Re: What percentage of your inspections pay for themselves in what you find?

Less than 30% for me. My houses are an average 7 years old. I do find defects but it's a seller's market so my clients typically just suck it up and fix defects themselves.

Last edited by jallingham; 12/30/11 at 11:47 AM..
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  #12  
Old 12/29/11, 10:48 PM
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Jeffrey R. Jonas Jeffrey R. Jonas is online now
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Default Re: What percentage of your inspections pay for themselves in what you find?

Quote:
Originally Posted by jallingham View Post
Really? Home buyers in the US can write off their home inspection? No such luck up here.
That's news to me also in Minnesota. Maybe he's referring to his state taxes, or the upcoming 2011 filings. It was a big "No way Jose" in 2010.



Jeffrey R. Jonas
Owatonna, Minnesota



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  #13  
Old 12/30/11, 8:20 AM
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Default Re: What percentage of your inspections pay for themselves in what you find?

I've been inspecting homes a little over 8 years, and I can't think of one where the repairs or recommendations did not excede my fee.
The best (or worst, depends how you look at it), was the second in a set of three inspections for a friend. This home (per the listing agent was in prime condition); the only problem was, the foundation was failing on the front of the home. The initial estimate for repairs (by an engineer & foundation specialist) was $55,000. That was just one issue at the home.
Like many others have stated, no home is perfect.
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  #14  
Old 12/30/11, 5:20 PM
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Default Re: What percentage of your inspections pay for themselves in what you find?

I find that nearly 90-100% of my inspection findings exceed my cost. To be honest most are exceeding by huge multipliers like 5x, 10x and some even more. Banks that winterize a home cause a ton of major issues when they think they are saving a tiny utility bill in reality they are helping to harm the overall market, but are to stupid to realize it.

Jim




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  #15  
Old 12/30/11, 5:25 PM
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Jeffrey R. Jonas Jeffrey R. Jonas is online now
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Default Re: What percentage of your inspections pay for themselves in what you find?

Quote:
Originally Posted by jkeilson View Post
I find that nearly 90-100% of my inspection findings exceed my cost. To be honest most are exceeding by huge multipliers like 5x, 10x and some even more. Banks that winterize a home cause a ton of major issues when they think they are saving a tiny utility bill in reality they are helping to harm the overall market, but are to stupid to realize it.

Jim
Completely agree. Funny how that is. Even is they set the t-stats to a very low 44f, the cost would about equal what they spend for the winterizations, and wind up with a lot less problems.



Jeffrey R. Jonas
Owatonna, Minnesota



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